Thoughts on $SMCI's recent pullback and future outlook

The recent sell-off in $SMCI has been quite sharp, shedding over 20% from its highs. While the broader tech sector has seen some profit-taking, $SMCI's decline seems more pronounced. Margins were a slight concern on the last earnings call, and the competitive landscape for AI infrastructure is heating up.

I'm curious to hear others' perspectives. Is this a healthy correction offering a better entry point, or are there deeper concerns about demand sustainability or margin compression that warrant caution? The long-term narrative around AI servers remains strong, but short-term catalysts might be less clear. What are key technical levels you're watching for a potential rebound or further downside confirmation?