Abstract of SMIC and LITE Earnings Notes SMCI — Raised TP to $54. Strong F4Q26 GM beat (17.6%) + higher FY27 guide ($65-72bn). Margin pop mostly transitory (mix/delays), but structural 10%+ GM target + $60bn backlog + no more dilution = improved outlook. Still key SpaceX share + broader client base (9 >bn clients). LITE — TP $961. Results inline, F1Q27 guide modest beat (~24% QoQ growth). EML sold out through 2028 (hyperscalers + NVDA). 1.6T + CPO/NPO/OCS driving multi-year growth + margin expansion. Supply tightness remains a tailwind. As said, Key is Mkt doesn’t have scale-up CPO expectations. #SMCI# #LITE#

In another world, $SMCI would look more like $DELL? If they didn't try smuggling $NVDA GPUs using hairdryers... Regardless, SMCI guiding $65-72B FY 2027 revenue off a ~$25B MC is pretty crazy the more I look at it.

$SMCI 2027 guidance was actually unholy: $65-$72 billion FY 2027 revenue guidance... vs. ~$52.4B expected, a casual +$16.1B above consensus. SMCI logged a massive $60B+ in news order from this earnings. That timeline is also interesting when they announced a plan to co-build $SPCX + xAI DCs "within a year" back in June.. But if SMCI sustain 10-15% gross margins off that ~$70B revenue guidance... I think there's a lot of room for rerating given MC is ~$20B (NFA, I have short term positions in SMCI now from this ER). Most important thing is learning about 2027 margins from call today.

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