Super Micro Computer Just Hit a New All-Time High. Is the Stock Still a Buy?
Few stocks have had a better start to 2024 than Super Micro Computer (NASDAQ: SMCI). After entering the year at around $285, it trades for around $580 after a phenomenal earnings report. This comes on the back of a remarkable 2023, when the stock rose 246%.
With the stock continuing to set new all-time highs, many investors may wonder if they've missed the boat on Supermicro or if there's still time to buy. Given what management said in its conference call, there may be more room for upside.
One of the primary benefactors of artificial intelligence (AI) proliferation has been Nvidia, the world's top graphics processing unit (GPU) supplier. This hardware is used to do the calculations required to process data sets and form AI models. When a company creates a supercomputer to do this, it doesn't buy one or two; it buys thousands.
Source Fool.com
