Why Super Micro Computer Stock Is Surging Today
Super Micro Computer (NASDAQ: SMCI) stock is making big gains in Thursday's trading. The company's share price was up 10% as of 12:45 p.m. ET, according to data from S&P Global Market Intelligence.
While there wasn't any business-specific news for the company, strong earnings for (NASDAQ: AVGO), promising developments for Oracle, and continued momentum for artificial intelligence (AI) stocks are powering big gains for Super Micro's share price today. The high-performance server specialist's stock is now up more than 200% year to date.
High-profile AI stocks have frequently traded in tandem with each other this year. When one company posts better-than-expected earnings results or secures a major new contract or partnership, that has often been enough to power substantial gains for other players in the space. On the heels of Broadcom's better-than-expected quarterly results, Super Micro Computer stock appears to be benefiting from that dynamic.
Source Fool.com
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