TLDR
- Super Micro Computer surged over 15% in premarket after doubling its gross margin forecast for Q4
- Super Micro reported a record backlog with over $60B in new orders during Q4
- Oklo and X-Energy gained after joining a $200M Trump administration nuclear program for AI data centers
- Rocket Lab won a $266M U.S. government contract for 12 suborbital launches
- Pegasystems fell 15% after missing Q2 estimates and warning of AI-driven customer delays
S&P 500 futures slipped Wednesday morning as investors pulled back from AI stocks ahead of major earnings reports from Tesla and Alphabet later in the day.
Despite the broader dip, Super Micro Computer was the standout mover of the session.
Super Micro Doubles Its Margin Forecast
Super Micro Computer jumped more than 15% in premarket trading after the AI server maker raised its Q4 gross margin outlook to 15%–17%, up from a prior forecast of just 8.2%–8.4%.
Super Micro Computer, Inc., SMCI
The company said the improvement was driven by a favorable customer and product mix.
Preliminary Q4 revenue came in at $11B–$12.5B, near the low end of guidance, but the margin upgrade overshadowed that.
Super Micro also reported a record backlog, having received more than $60B in new orders during the fourth quarter alone.
Dell Technologies gained 4.3% and Hewlett Packard Enterprise rose 3.2% in premarket, boosted by Super Micro’s positive outlook.
Not all AI stocks followed. Intel fell 3.3%, Micron dipped 2.9%, and Sandisk dropped 2.8% as investors rotated out of the sector.
Nuclear and Space Stocks Get a Boost
Oklo rose 4% and X-Energy gained 3% after reports confirmed both companies are joining a $200M Trump administration program to speed up nuclear power deployment for AI data centers.
Microsoft and Nvidia are also part of the initiative, which aims to reduce the time and cost of designing and licensing advanced reactors.
Rocket Lab shares rose 4% after the company secured a $266M U.S. government contract for 12 suborbital launches, with work running through December 2028.
The contract includes around $112M in R&D funding and is managed by the U.S. Space Systems Command.
Losers of the Day
Pegasystems fell 15% after missing Q2 earnings and revenue estimates. The company said AI-related uncertainty caused enterprise customers to delay purchasing decisions, slowing contract value growth in the first half of 2026.
Dyne Therapeutics dropped 10% after pricing an upsized stock offering at $20.50 per share, raising $375M and raising dilution concerns among investors.
Bitcoin slipped 0.58% to $66,033. Gold futures rose 1.21% and Brent crude climbed 3.90%.
Market attention now shifts to after-hours earnings from Tesla and Alphabet, which are expected to set the tone for the broader tech sector.
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