Supermicro's positive profit alert dispels AI doubts, and even competitors rise along with it.

Super Micro Computer Inc., a server manufacturer, released strong preliminary results that eased concerns about the outlook for spending on artificial intelligence technology, sending shares of related companies sharply higher in after-hours trading on Tuesday. Dell Technologies and HP Inc., which compete with Super Micro in the computing equipment space, both rose more than 5%, while so-called compute cloud companies CoreWeave Inc. and Nebius Group also gained more than 4%. The VanEck Semiconductor ETF rose 2.2%, and the Invesco QQQ Trust ETF, which tracks the Nasdaq 100 index, rose as much as 0.9%. Super Micro said preliminary revenue for the quarter ended Sept. 30 was $18.5 billion to $19.5 billion. Data showed analysts on average expected $15 billion. The company also said gross margin was 12%-12.5%. Results from Elon Musk's SpaceX also boosted market sentiment. The company's quarterly revenue and profit both beat expectations, with strong growth in its AI and Starlink businesses as the main drivers.