Here's Why Super Micro Computer Stock Jumped 33% in July
Shares of Super Micro Computer (NASDAQ: SMCI) climbed 32.5% last month, according to S&P Global Market Intelligence. The stock benefited from momentum in the computer hardware and semiconductor industries, and it moved even higher after it released bullish preliminary earnings results.
Super Micro started the month out strong without any major company-specific news. It offers computer hardware products, such as servers, networking equipment, motherboards, and chassis. This industry can be highly cylical, but it's been on fire lately, with peers such as Arista Networks (NYSE: ANET) and (NYSE: ORCL), along with the iShares Semiconductor ETF (NASDAQ: SOXX) all gaining nearly 50% year to date. Hardware and semiconductor stocks struggled in 2022 thanks to macroeconomic challenges, but they've enjoyed a recovery in recent months.
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Source Fool.com
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