According to the intelligence financial APP, pushed by the trend of artificial intelligence, Super Micro Computer's (SMCI.US) performance has risen more than 216% since the beginning of the year. However, analysts at Nomura Securities believe that Super Micro Computer's "good days" may be coming to an end.

Nomura Securities analyst Donnie Teng downgraded Super Micro Computer's rating from "buy" to "neutral", but maintained the target price at $930. On Wednesday, the server manufacturer's stock rose 0.49% to $899.98, reversing earlier losses.

Teng wrote: "We believe that it is difficult to see the short- to medium-term prospects of Super Micro Computer clearly, as its dominant position in liquid cooling solutions may be partly obscured by the uncertainty of artificial intelligence server orders."

The surge in Super Micro Computer's stock price is due to the company's role in providing hardware for Nvidia's (NVDI.US) graphics processors. Teng said that this advantage may temporarily turn into a disadvantage when transitioning from Nvidia's Hopper chip to the next-generation Blackwell chip, as there is some uncertainty in the orders.

Earlier this year, Super Micro Computer's stock price fell after the company released its third-quarter earnings report, signaling a tougher market environment. Although the stock price has since recovered some lost ground, it indicates limited potential for the company to exceed market expectations in the future.

This may mean that the guidance for the June quarter sales of between $5.1 billion and $5.5 billion will be met with a lukewarm reception from the market, even though Teng believes that the company can achieve a gross margin of more than 14% above market consensus.

Teng wrote: "Super Micro Computer's liquid cooling solutions put it in a leading position in the competition and should support its gross margin. However, limited order visibility caused by the above uncertainties may make it difficult for Super Micro Computer to achieve sales beyond expectations, so we believe that this may be a mixed blessing."