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Super Micro Computer (NASDAQ:SMCI) shares climbed almost 10% Tuesday, as the server and storage technology company hit an all-time high and announced new products for use in artificial intelligence applications.
Earlier in the day, Super Micro (SMCI) said it has begun shipping its new servers that feature Nvidia's (NVDA) HGX H100 8-GPU systems for use in AI training, high-performance computing, deep learning and other high-end computing systems. Super Micro's (SMCI) announcements came in conjunction with Nvidia (NVDA) unveiling a series on new products and partnerships for AI technologies at its GTC event.
Super Micro (SMCI) shares touched a 52-week-high of $108.35 before closing at $108.25 a piece. Super Micro's (SMCI) stock price has been on a tear of late, and has risen almost 60% over the last two months.
Super Micro (SMCI), like many server and storage technology companies, has begun throwing its weight into the AI sector. In February, Seeking Alpha contributor Kingsley Park Research said that Super Micro (SMCI) is "central to the AI boom" and undervalued as it had just completed a large order with Facebook parents Meta Platforms (META), and has secured a spot as a top partner with Nvidia (NVDA).
Super Micro's (SMCI) stock performance and product advancements added support for Seeking Alpha's Head of Quantitative Strategy Steven Cress' ranking of the company as his top tech stock pick for 2023. Cress cited Super Micro's (SMCI) position as a "tech leader that offers diverse systems, designing the newest tech innovations to optimize products" among the reasons for his upbeat take on Super Micro's (SMCI) opportunities this year.
Wall Street analysts currently have a buy rating on Super Micro's (SMCI) stock, while Seeking Alpha authors also give the company's shares a rating of buy. Seeking Alpha's Quant System, which historically outperforms the stock market, is more upbeat, and gives Super Micro (SMCI) stock a consensus strong buy rating.