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Super Micro Computer Inc. on Thursday delivered the latest upbeat signal for the chip industry.
The company, which is a partner of Nvidia Corp.
NVDA,
and offers servers that run artificial-intelligence chips, expects to report fiscal second-quarter results vastly above the consensus view. Super Micro
SMCI,
issued preliminary quarterly figures Thursday afternoon that call for $3.6 billion to $3.65 billion in net sales, ahead of the $2.8 billion FactSet consensus, which was also the midpoint of the company’s prior outlook.
Opinion (from November 2023): This Nvidia partner has seen its stock surge. But investors may be overlooking a risk.
Super Micro also now expects to post $5.40 to $5.55 in adjusted earnings per share for the December quarter, while analysts had been looking for $4.51 and the company’s earlier forecast called for $4.40 to $4.88.
The company’s release on the matter was brief, calling out “a strong market and end customer demand for our rack-scale, AI and Total IT Solutions” and noting that the company’s earnings call will take place after the close of trading on Jan. 29.
Super Micro shares were up more than 6% in aftermarket action Thursday.
The preliminary results come as the latest bit of good news for the chip sector. Earlier Thursday, Taiwan Semiconductor Manufacturing Co.
TSM,
issued a better-than-expected forecast for the current quarter while giving upbeat commentary on the future of artificial-intelligence chips. TSMC shares surged nearly 10% on the day, and the report helped to lift other chip stocks, including Advanced Micro Devices Inc.
AMD,
which finished the session in record territory.
Shares of Super Micro have almost quadrupled over the past 12 months, with the name seen as a play on the artificial-intelligence frenzy. In the fiscal first quarter, Super Micro generated more than half of its revenue from AI-related servers. The company acknowledged supply constraints on its last earnings call.
A community member started a discussion among participants in the Mantle decentralized autonomous organization (DAO), proposing to restrict the collapsed FTX exchange and Alameda Research from converting their BitDAO (BIT) tokens worth $43 million to Mantle (MNT) amid the ongoing token migration process.
On Nov. 2, 2021, BitDAO swapped 100 million BIT with Alameda in exchange for over 3.3 million FTX tokens (FTT). The trade came with a public commitment to hold each other’s tokens for a span of three years, which is until Nov. 2, 2024. However, amid the FTX fallout in 2022, BitDAO suspected Alameda of dumping the tokens and causing BIT to plummet. At the time, former Alameda CEO Caroline Ellison denied their involvement in the dump.
Related: BitDAO’s Mantle Core team proposes $200M for Web3 fund
Fast forward a few months and the BitDAO community proposed the unification of the BitDAO ecosystem, which had BitDAO as its governance arm and Mantle as its product. On May 12, community member “Cateatpeanut” initiated a governance vote to unify both under the Mantle banner, which would also mean that BIT holders would have their tokens converted into MNT. On May 19, the proposal to unify Mantle and BitDAO passed with overwhelming support from its community.
On Aug. 17, the matter of the BIT tokens held by Alameda became a subject of discussion for Mantle community members. Cateatpeanut argued that FTX Group’s BIT should not be automatically converted to MNT because of “various disqualifying factors.” According to the community member, there is no “guaranteed right of migration” for the tokens, and they then initiated the proposal.
Within the proposal, the community member asked to implement a new MNT migration smart contract that is able to restrict the automatic migration of FTX-owned tokens. The community member also highlighted that the on-chain migration contract has been paused until the conclusion of the discussion and the vote.
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