Why Cloudflare, Super Micro Computer, and Other Artificial Intelligence (AI) Stocks Rallied on Wednesday
After a robust rebound so far this year, the major market indexes are taking a breather. Investors have been plagued by uncertainty and have been looking for signs that the economic recovery is still on track. Several recent developments have given them hope for a so-called "soft landing," wherein the economy narrowly avoids a recession before ultimately turning higher.
With that as a backdrop, a number of stocks poised to reap the rewards of the rapid adoption of artificial intelligence (AI) rallied today. Cloudflare (NYSE: NET) had jumped 5.6%, C3.ai (NYSE: AI) had climbed 2.7%, and Super Micro Computer (NASDAQ: SMCI) had risen 1.8% as of 1:17 p.m. ET.
A review of all the usual sources, including financial reports, regulatory filings, and analyst commentary found no company-specific news driving the gains. However, numerous tangential economic developments provided the fuel that helped drive these stocks higher.
Source Fool.com
