Daily Options Income Strategy | Gross Margin Doubles + Guidance Crushes Expectations! Is SMCI Seeing Continued Validation of the AI Server "Profitability Inflection Point"?

I. Market Barometer

US stocks weakened overall in the previous session, but index futures rose collectively in pre-market trading. Stocks related to AI data centers showed significant divergence driven by earnings season catalysts. $Super Micro Computer (SMCI.US)$ Following the release of better-than-expected quarterly earnings after hours, the stock price surged. With elevated option implied volatility (IV), this presents a highly attractive window for option sellers to collect premiums.

II. Watchlist Highlights

SMCI: Gross margin doubles + guidance crushes expectations; $60 billion in new orders validates the profitability inflection point for AI servers.

$Super Micro Computer (SMCI.US)$ During regular trading hours yesterday (August 11), the stock closed at $31.60, up slightly by 0.45%. After the post-market earnings release, the share price surged approximately 8% at one point. Currently, the stock still remains significantly below its previous highs.

From a technical perspective, SMCI entered a wide-range consolidation pattern after surging 19.84% in a single day on July 22 (closing at $30.56). Over the past two weeks, it has oscillated repeatedly within the $30–$32 range. The regular session closing price of $31.60 is right near the midpoint of the consolidation range since July 22. Short-term resistance lies between $32.36 and $32.58 (a dense trading zone where recent rallies failed to hold), while key support below is found at the psychological level of $30.00 and at $29.30 (the low on August 6). The post-market jump above $34 implies that if today's open confirms this move, it will break above the upper boundary of the three-week consolidation box, shifting the technical structure into a strong breakout mode.

The company released its fiscal year 2026 fourth-quarter (ending June 2026) earnings report after the market close on August 11, which was the core catalyst driving the post-market surge in the stock price.

The earnings report showed revenue of $11.12 billion (+93% year-over-year) and Non-GAAP EPS of $1.70, beating analysts' expectations of $1.59.The gross margin performance, which drew the most market attention, saw GAAP gross margin reach 17.5%, a significant improvement from 9.9% in Q3 and 9.5% in the same period last year.Net income amounted to $1.18 billion, far exceeding expectations of $631 million.The CEO explicitly stated that the improvement in profitability was mainly driven by a "more diversified enterprise customer portfolio" and broader customer adoption of modular data center architectures.

The midpoint of next quarter's revenue guidance is $15 billion, crushing the expected $11.99 billion.The outlook for fiscal year 2027 is $65–$72 billion. Non-GAAP EPS guidance is $1.01–$1.10 (midpoint $1.06), also surpassing market expectations of $0.74.

$60 billion in new orders plus record backlog have significantly improved demand visibility.The company disclosed over $60 billion in new orders for FY2026 and recorded a record-high backlog as it entered FY2027.

Wall Street analysts are significantly divided on $Super Micro Computer (SMCI.US)$ There is a clear divergence in opinions. Among the 8 covering analysts, 25% rate it a Strong Buy and 75% rate it Hold, with no Sell ratings. Mizuho Securities recently raised its target price to $35 (maintaining Hold). The average analyst target price is $39.50, with a high of $46 and a low of $35.

3. Options Premium Collection Strategy

1. Cash Secured Put

Sell 1 contract of $Super Micro Computer (SMCI.US)$ SMCI 260904 24P, estimated margin requirement (for reference only): $2,400

Opportunity Rationale:

For investors who are bullish on the long-term demand for AI servers but have not yet established positions, currently $Super Micro Computer (SMCI.US)$ Driven by the catalysts of doubled gross margins in Q4 and Q1 guidance that crushed expectations, the stock has risen. While the risk of chasing the rally in the short term has increased, the company's $60 billion in new orders and record backlog provide revenue visibility.

By selling put options, investors can earn premium income in a high implied volatility (IV) environment if the stock consolidates at high levels or continues to rise; if the stock pulls back due to short-term profit-taking, there is also an opportunity to establish a position at a more favorable price.

2. Covered Call

Hold 100 shares $Super Micro Computer (SMCI.US)$ , sell 1 contract of SMCI 260904 43C

Opportunity Rationale:

For investors already holding SMCI, the stock price has risen in the short term driven by earnings results. However, the significant pullback from previous highs suggests there may still be room for recovery, while next quarter's guidance beating expectations provides support for the mid-to-long-term stock price.

If investors are bullish on the company's long-term competitiveness in the AI server sector and the sustainability of gross margin improvement, but are concerned about a technical pullback after the recent rapid rise, they may consider selling call options. If the stock consolidates after rising, the premium income reduces the cost basis; if the stock continues to rise and the options are exercised, it effectively realizes partial profit-taking at the target level.

IV. Risk Management Advisory

Although seller strategies have a high win rate, investors must still implement proper risk management:

– Position management is everything.: The biggest risk for option sellers lies in black swan events. It is recommended that margin allocated to any single underlying should not exceed 20% of total capital. Never sell options beyond your capacity to absorb losses just for the sake of collecting higher premiums.

– Covered Call and Timely Rolling: When a covered call becomes deeply in-the-money (i.e., the stock price far exceeds the strike price), if you remain bullish on the underlying stock, you should decisively 'roll' the position—buy to close the current option and simultaneously sell a longer-dated call with a higher strike price—to avoid having your shares called away at an unattractive price.

– Cash-secured put options: Beware of 'left-tail risk': For cash-secured puts, if the stock price crashes due to fundamental deterioration (rather than a normal pullback), don’t hold on stubbornly. In such cases, exit with a stop-loss or roll the position down to buy time while waiting for volatility to normalize.

Make good use of the Options Seller Hub to understand income strategies for selling options and earnOption premiums！

Options Risk Disclosure

An option is a contract that gives the holder the right—but not the obligation—to buy or sell an underlying asset at a predetermined price on or before a specified date. Option prices are influenced by multiple factors, including the current price of the underlying asset, the strike price, time to expiration, and implied volatility. Implied volatility reflects the market's expectation of future volatility over the life of the option and is derived by back-solving from the Black-Scholes option pricing model. It is commonly viewed as an indicator of market sentiment. When investors anticipate higher volatility, they may be willing to pay more for options to hedge their risk, leading to higher implied volatility. Traders and investors use implied volatility to assess the attractiveness of option prices, identify potential mispricings, and manage risk exposure.

Disclaimer

This content does not constitute an offer, solicitation, recommendation, advice, opinion, or any guarantee regarding any securities, financial products, or instruments. The risk of loss in trading options can be substantial. In certain circumstances, your losses may exceed the initial margin deposit. Even if you place contingent orders, such as 'stop-loss' or 'limit' orders, there is no guarantee they will prevent losses. Market conditions may render such orders unexecutable. You may be required to deposit additional margin on short notice. If you fail to meet the required margin within the specified timeframe, your open positions may be liquidated. Nevertheless, you remain fully responsible for any resulting deficit in your account. Therefore, prior to trading options, you should thoroughly study and understand options and carefully consider whether such trading aligns with your financial situation and investment objectives. If you trade options, you should become familiar with the procedures for exercising options and handling expiration, as well as your rights and obligations upon exercise or expiration. Options trading involves substantial risk and is not suitable for all investors. Investors should carefully read 'Characteristics and Risks of Standardized Options' before engaging in any options trading strategy.

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