Why Super Micro Computer Stock Blasted Higher on Monday Morning
Shares of server and storage-solution specialist Super Micro Computer (NASDAQ: SMCI), also known as Supermicro, resumed their relentless rise Monday, surging as much as 21.1%. As of 10:43 a.m. ET, the stock was still up 18.4%.
The catalyst that sent the artificial intelligence (AI) stock higher was an announcement it would be joining a major trading index.
An announcement released after market close on Friday revealed that Supermicro would be joining the S 500. The stock will be replacing home appliance specialist when the market opens on March 18. In a press release marking the occasion, S Global noted, "the changes ensure that each index is more representative of its market capitalization rage."
Source Fool.com
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