Super Micro Computer (NASDAQ: SMCI) was a top performer on the stock market in 2023 with eye-popping gains of 246%. The market rewarded the company handsomely for its impressive growth and prospects, and the good news is that it has gotten off to a solid start in 2024 as well.

Shares of the company, whose server platforms are in great demand thanks to the proliferation of artificial intelligence (AI), have shot up nearly 20% in the new year already. While there has been no company-specific news, it looks like the overall bullishness around AI seems to be lifting Supermicro.

More specifically, investment banking firm Oppenheimer's recommendation to buy AI chip stocks such as Nvidia, , and Marvell Technology seems to have rubbed off on Supermicro. That's not surprising as the growing demand for AI chips, especially those that are deployed in servers for training large language models (LLMs), will positively impact Supermicro's sales.

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Source Fool.com