SMCI - Meet the Newest Artificial Intelligence (AI) Stock in the Nasdaq-100. Buy It Before Nvidia Stock According to Wall Street.
2024-07-16 04:12:00 ET
The Nasdaq-100 tracks the 100 largest nonfinancial companies in the Nasdaq Composite (NASDAQINDEX: ^IXIC) , a growth-focused index heavily weighted toward the technology sector. Super Micro Computer (NASDAQ: SMCI) will replace Walgreens Boots Alliance in the Nasdaq-100 before the market opens on Monday, July 22.
Supermicro has become popular with investors in recent months due to its role in the artificial intelligence (AI) economy. The company joined the S&P 500 (SNPINDEX: ^GSPC) in March, and shares surged 188% during the first half of 2024, outpacing the 150% gain in Nvidia stock.
Wall Street thinks that outperformance will continue. Supermicro's median price target of $1,030 per share implies 16% upside from its current share price of $886. Meanwhile, Nvidia's median price of $133 per share implies 4% upside from its current share price of $128.
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Meet the Newest Artificial Intelligence (AI) Stock in the Nasdaq-100. Buy It Before Nvidia Stock, According to Wall Street.