GOOGL - Why Super Micro Computer Stock Is Plummeting This Week
2024-07-26 06:45:00 ET
Super Micro Computer (NASDAQ: SMCI) stock is sinking in this week's trading. The high-performance server specialist's share price was down 12.7% from last week's close heading into this Friday's market opening, according to data from S&P Global Market Intelligence .
Tech stocks continued to pull back this week as investors assessed risks related to geopolitical dynamics between the U.S., China, and Taiwan. Sell-offs intensified after Alphabet and Tesla published second-quarter reports that worried Wall Street. (NASDAQ: GOOG) (NASDAQ: GOOGL) (NASDAQ: TSLA)
While there wasn't any business-specific news dragging Supermicro lower, the company's valuation is getting hit in a pullback that's impacting the broader market and having a particularly pronounced impact on otherwise high-flying artificial intelligence (AI) stocks. The timing of the server specialist's addition to the Nasdaq-100 index also didn't help the stock this week.
For further details see:
Why Super Micro Computer Stock Is Plummeting This Week