SMCI - Super Micro Computer Has Outperformed Nvidia Halfway Through 2024. Can It Do the Same to End the Year?
2024-07-16 07:15:00 ET
While Nvidia 's (NASDAQ: NVDA) performance has been impressive to start the year, it hasn't outperformed one stock in the S&P 500 , Super Micro Computer (NASDAQ: SMCI) . So far in 2024, Supermicro is up around 217%, while Nvidia trails it with a 172% rise.
Regardless, you're incredibly happy if you've owned either of these stocks. But could Supermicro continue its outperformance to cap off an incredible rise in 2024?
While more people are likely familiar with Nvidia than Supermicro, the two companies are clearly benefiting from the same trends. Nvidia's rise has been tied to its best-in-class graphics processing units (GPUs), which are used to train artificial intelligence (AI) models. When companies buy Nvidia GPUs, they don't buy just one or two; they buy hundreds or thousands and connect them together to create a powerful server.
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Super Micro Computer Has Outperformed Nvidia Halfway Through 2024. Can It Do the Same to End the Year?