Shares of Super Micro Computer jumped 12% in premarket trading on Monday after the artificial-intelligence server maker was set to join the S&P 500 index, highlighting the growing dominance of AI stocks in Wall Street’s benchmark index.
The San Jose, California-based firm is among the biggest beneficiaries of the AI frenzy on Wall Street.
Its shares have climbed 1,000% since the end of 2022, including a more than threefold jump in 2024, taking its market value to $50.6 billion.
As part of the quarterly rebalance of the most widely followed stocks index, Super Micro and Deckers Outdoor Corp will join the S&P 500 on Monday, March 18, replacing Whirlpool Corp and Zion Bancorp.
Deckers Outdoor shares gained 5.4% and Zion Bancorp slipped 2.2%.
Super Micro and Deckers Outdoor will benefit from readjustments at popular index funds that track the S&P 500 and have assets of about $7.8 trillion, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.
About $30.1 billion in rebalance trading will take place before March 18, Silverblatt estimated.
Money managers are on the hunt for other companies that are capitalizing on the AI boom after bellwether Nvidia’s stunning stock rally recently made it the third most valuable U.S. company.
In late January, Super Micro delivered blowout quarterly results and raised its full-year revenue forecast significantly ahead of Wall Street estimates.
(Reporting by Medha Singh in Bengaluru; Editing by Sriraj Kalluvila)
Accedi per aggiungere un commento
Altri post in questo gruppo
Closed, it looks pretty much like any other laptop manufactured in 1995.
To be sure, it’s more compact than most—making it, in the parlance of the day, a subnotebook. But it’s still comi
Closed, it looks pretty much like any other laptop manufactured in 1995.
To be sure, it’s more compact than most—making it, in the parlance of the day, a subnotebook. But it’s still comi
IShowSpeed and Jynxzi are teaming up to host a $100,000 Fortnite tournament, bringing together 100 top creators for what’s shaping up to be the biggest celebrity Fortnite match to date.
Mark Zuckerberg said on Monday that Meta Platforms would spend hundreds of billions of dollars to build several massive
Meta may not currently lead the race for AI superintelligence, but it&
Southern small-town drama has made its way to TikTok. If you’re not familiar
A preliminary finding into last month’s Air India
