Super Micro Computer is now trading at $27.78 — down another 5% on the day. Its peer group is moving in the opposite direction.
That divergence is the standout today. DELL is up 13% on the week. STX has gained 31%. WDC is up 45%. SMCI has lost 5% over the same period. The AI server infrastructure complex is recovering. SMCI is not.
SI % of FF has risen to 13.4% of free float — up 10.8% in one week, now representing roughly 79.8 million shares. That is a meaningful acceleration. The prior two articles noted SI had been "remarkably stable" through the selloff. That has now changed. Shorts added conviction this week as the stock continued to fall.
The borrow market does not support a squeeze narrative. Availability sits at 159% of short interest — tighter than the 256% reading from 10 days ago, but well above the 52-week floor of 85%. Cost to borrow is 0.46%, up 30% on the month but still low in absolute terms. There are roughly 316 million shares available to borrow. Shorts face no meaningful pressure to cover.
The put/call ratio closed Tuesday at 0.81, 2.4 standard deviations above its 20-day mean of 0.73. It has since eased to 0.78 as of June 17 — still elevated, still above the mean. This is the third consecutive week in which put demand has run hot. The prior two notes flagged the 0.88 PCR when the stock was at $40.64. It now prints at $27.78. The options market has had the right read throughout this decline.
The 52-week high PCR is 0.89. Current positioning is not at that extreme, but it remains consistent with continued defensive hedging rather than capitulation or rotation.
The consensus sits at Hold. Wolfe Research initiated coverage at Peer Perform on June 11. Mizuho raised its target to $44 on June 1 — a level now 58% above the current price. JP Morgan's target is $32. Barclays cut to $34. None of these moves reflect the current price level. The Street's targets cluster between $31 and $44 while the stock trades at $27.78. That gap is widening, not closing.
Earnings are next scheduled for August 4.
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