Why Super Micro Computer Stock Jumped Again Today
Super Micro Computer (NASDAQ: SMCI) stock posted big gains again in Tuesday's trading. The server specialist's share price closed out the daily session up 3.7%, according to data from S&P Global Market Intelligence.
While there wasn't any business-specific news pushing the stock higher today, the tech company's valuation advanced thanks to an analyst's belief that artificial intelligence (AI) will continue to power strong demand for servers. In particular, Super Micro stock appears to have gained ground thanks to bullish coverage on Dell stock published by Morgan Stanley analyst Erik Woodring. Super Micro stock is now up roughly 224% across 2024's trading.
Citing strong demand for servers capable of powering AI services, Morgan Stanley's Erik Woodring published a bullish research note on Dell stock yesterday. The incredible rise in demand for high-performance rack servers has helped to power incredible sales and earnings growth for both Dell and Super Micro over the last year. In turn, both companies' share prices have skyrocketed.
Source Fool.com
