Super Micro plunges as investors rotate out of red-hot AI stock ahead of earnings later this month
Super Micro plunges as investors rotate out of red-hot AI stock ahead of earnings later this month
Apr 19, 2024 by CNBC
Key Facts
- David Paul Morris | Bloomberg | Getty Images Super Micro Computer shares plunged 18% on Friday as investors scaled back their holdings of one of the market’s hottest stocks ahead of earnings later this month.
- The server and computer infrastructure company is a primary vendor for Nvidia, whose technology is the backbone for most of today’s powerful artificial intelligence models.
- While Super Micro is getting a big boost from its ties to Nvidia, the market remains highly contested, with competitors including Dell and Hewlett Packard Enterprise planning to build systems using Nvidia’s latest generation of Blackwell graphics processing units.
- Bank of America says this chip stock is ready for its AI moment and to buy it before Thursday’s event * Tesla shares have tanked 34% this year.
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