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That error is generally a Sharepoint error.<br />
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Is the server turning completely off or restarting?
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That error is generally a Sharepoint error.

Is the server turning completely off or restarting?

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It shuts itself off completely or shutdown. It has to turn On manually.
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It shuts itself off completely or shutdown. It has to turn On manually.

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I was thinking of the power supply but do you think could the memory is a possibility too?
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I was thinking of the power supply but do you think could the memory is a possibility too?

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Not usually even when you have bad memory it will just restart on you, theres not many things that will completely turn off your computer, except power.
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Not usually even when you have bad memory it will just restart on you, theres not many things that will completely turn off your computer, except power.

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Did you ever correct this issue?
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A newly setup SBS2003 server does this unexpected shut down with error log ID 50070. What could cause this. All hardware are new but could it be the memory? 
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A newly setup SBS2003 server does this unexpected shut down with error log ID 50070. What could cause this. All hardware are new but could it be the memory? 

Unexpected shutdown of SBS2003, with event error 50070

Small Business Server (SBS) is a line of server operating systems targeted at small businesses by bundling the operating system with a number of other Microsoft products that would normally need to be purchased or licensed separately. The most notable inclusions are Exchange, SQL Server, SharePoint and ISA/TMG (Microsoft's firewall and proxy server).

The Microsoft Legacy Operating System topic includes legacy versions of Microsoft operating systems prior to Windows 2000: All versions of MS-DOS and other versions developed for specific manufacturers and Windows 3/3.1, Windows 95 and Windows 98, plus any other Windows-related versions, and Windows Mobile.