Super Micro Computer (SMCI) Stock Jumps 6% as Traders Bet Big on Calls

TLDR

• SMCI stock rose roughly 6% on April 10, driven by a surge in call options activity
• Options volume is unusually heavy, with calls clearly outnumbering puts
• 30-day implied volatility is sitting near 87%, pointing to expectations of big moves ahead
• Put-call skew shows traders are still paying for downside protection despite the bullish tone
• Consensus EPS estimate for current quarter is $0.63, a 103.2% year-over-year jump

Super Micro Computer has had a rough 2026 so far, down nearly 21% year-to-date before today’s bounce. On April 10, the stock climbed around 6% as traders piled into call options in unusually large numbers.

Super Micro Computer, Inc., SMCI

Call volume clearly outpaced puts, and 30-day implied volatility sat near 87%. That’s a high number, and it tells you the market is pricing in some serious movement ahead — in either direction.

It’s not all one-sided though. Shifts in the put-call skew show traders are still paying up for downside protection. So while the mood is cautiously optimistic, not everyone is going all-in on the upside.

Earnings Estimates Point Higher

On the fundamentals side, SMCI is expected to post EPS of $0.63 for the current quarter — that would be a 103.2% increase year-over-year. The full-year consensus sits at $2.23, up 8.3%, and next fiscal year’s estimate of $2.92 represents a 30.9% jump.

Revenue expectations are equally punchy. The current quarter consensus is $12.35 billion, which would be a 168.5% increase year-over-year. Full-year estimates sit at $41.25 billion, up 87.7%.

Those are big numbers on paper. But it’s worth noting that the quarterly EPS estimate hasn’t moved in the last 30 days, and next year’s estimate has also been flat for a month.

In the last reported quarter, SMCI delivered revenues of $12.68 billion — a 123.4% year-over-year gain — and beat the consensus estimate by over 21%. EPS came in at $0.69, versus the $0.49 consensus estimate, a 40.82% beat.

Valuation and Zacks Rating

Despite today’s jump, SMCI carries a Zacks Rank of #3 (Hold), suggesting it’s expected to perform roughly in line with the broader market near term.

On valuation, Zacks gives SMCI a “B” Value Style Score, meaning it’s trading at a discount relative to its peers. That’s not nothing — for a stock that’s been beaten up this year, a discount valuation with strong earnings growth estimates could attract attention.

Over the past month, SMCI is still down 24.9%, while the broader S&P 500 is up 0.5% in the same period. The Computer-Storage Devices industry, which SMCI falls under, gained 26.1% over that stretch — making SMCI a clear laggard in its own sector.

The current market cap sits at $13.91 billion, and average daily trading volume runs around 37.4 million.

Despite the bullish options activity on April 10, the technical sentiment signal for SMCI is currently rated as Sell.

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