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Super micro computer The stock closed up more than 18% on Monday after the company was selected to join the S&P 500 index.
Shares of the server and computer infrastructure company have risen more than twenty-fold over the past two years, a record rise driven by the industry-wide artificial intelligence boom.
Shares of Super Micro are now up 278% this year after rising 246% in 2023 and 87% in 2022, which was the worst year for technology stocks broadly since 2008. The company's market cap has risen from nearly $4.5 billion in End of 2022. To nearly $60 billion at Monday's close.
It will replace Super Micro whirlpool In the S&P 500 index starting at the market open on March 18, according to the changes announced in the index as of Friday.
Goldman Sachs analysts gave Super Micro shares a neutral rating and a 12-month price target of $941 in an investor note on Monday.
Super Micro's revenue more than doubled to $3.66 billion in the quarter ended December, and analysts estimate sales will more than triple this quarter. The company is a major seller of construction NvidiaArtificial intelligence servers.
— CNBC's Michael Bloom and Kev Lesswing contributed to this report.
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