Supermicro's $1.5 Billion Miss and $7 Billion Equity Raise

Super Micro Computer said Q1 revenue would hit $5 billion—about 25% short of guidance. The company is raising $7 billion in stock to fund AI orders, diluting existing shareholders. The stock fell 9%. A big miss combined with dilution raises a hard question: are AI infrastructure orders really as firm as the market thought?