New opportunities for AI servers: Neocloud’s demand is rising at the end of the GB300 cycle (Nomura)
A report released by Nomura pointed out that at the end of the GB300 (next-generation GPU) cycle, demand from Neocloud (new cloud service provider) is bringing new upside to the AI server market.
A report released by Nomura pointed out that at the end of the GB300 (next-generation GPU) cycle, demand from Neocloud (new cloud service provider) is bringing new upside to the AI server market. The report specifically mentioned that Supermicro issued a positive profit warning on July 21. Its 4QFY26 revenue is close to the low end of the guidance range, but the non-GAAP gross profit margin is expected to reach 15-17%, much higher than the previous 8.2-8.4%, and it has obtained a new order backlog of more than $60 billion. The logic behind this is that Neocloud customers' demand for AI computing power is still strong, especially on the eve of the large-scale deployment of GB300, the influx of orders is accelerating. One-sentence conclusion: At the end of the GB300 cycle, the explosion of Neocloud demand has injected new growth momentum into the AI server industry. Supermicro's positive profit warning signal confirms this trend, and the significant improvement in gross profit margin is particularly critical. Positive/negative: Positive for Supermicro, AI server ODM/OEM manufacturers (such as Quanta, Wiwynn, etc.), and AI cooling/power supply chains. Supermicro's profit warning, especially the gross profit margin exceeding expectations, may not have been fully digested by the market, providing similar companies with revaluation opportunities. Catalysts: 1) The official release and shipping schedule of NVIDIA GB300 GPU; 2) Capital expenditure plans of major Neoclouds (such as CoreWeave, etc.); 3) Subsequent quarterly financial reports and order guidance from AI server manufacturers.