Loop intact
Order conversion stalls
Component / tariff costs
Super Micro AI-server volume and rack-mix reinforcement loop, and the conditions that break it
loop reinforcing
AI capex demand
hyperscaler + enterprise
Order book
record backlog
conversion gate
DCBBS modular rack
direct-liquid-cooled
Rack-scale volume
enterprise mix shift
trough
recovered
Gross margin
off its trough
recovery stalls
component / tariff
cost reversal
Non-GAAP earnings
lift
Forward revenue guide
FY27 underwritten
credibility frays
reinforcing feedback
guide + margin re-drive demand