Shares of Super Micro Computer (NASDAQ: SMCI) were up by a remarkable 32% as of 12:15 p.m. ET Friday, according to data from S&P Global Market Intelligence.

After the market closed Thursday, the high-performance server and data storage maker published preliminary results for the second quarter of its fiscal 2024 -- which ended Dec. 31. The company dramatically increased its performance targets with the update, and investors are responding by aggressively buying its shares.

Demand for Super Micro Computer's storage and server solutions is surging in conjunction with the rise of artificial intelligence and other high-performance-computing applications. Management's updated forecast for revenue, earnings per share, and non-GAAP (adjusted) earnings per share has provided a lot for investors to be excited about.

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Source Fool.com