The stock market as investors prepared for the Federal Reserve’s next decision on rate hikes.
Overall, S&P 500 was slightly up 0.1% to 4,299, while NASDAQ increased 0.2% to 13,259.
Tweet of the Day
Supermicro Computers (SMCI) has been one of the top stocks of 2023.
I thought $SMCI could be "this decade's Dell Computer" back in November.
Here is my take at the time:https://t.co/AuB2L5RmRi
— David Sharek (@GrowthStockGuy) June 9, 2023
Chart of the Day
Here is the one-year chart of Supermicro Computer (SMCI) as of June 7, 2023, when the stock was at $240.
Supermicro Computer is a Silicon Valley-based manufacturer of server and storage systems for enterprise data centers, cloud computing, artificial intelligence (AI), 5G, and edge computing.
Supermicro Computer is seeing high demand for its IT rack systems, especially for AI applications. Last quarter, the company set a record for GPU leading-edge design wins, and is on track to produce up to 4000 racks per month in capacity.
In the earnings release, the CEO commented,
“Supermicro continues to see record levels of engagements in our new generation product lines, especially for AI applications…We secured several new and large design wins and are deploying some of the word’s most leading GPU clusters….we expect to gain share and expand scale ease we emerge as the true leader for rack-scale Total IT Solutions.”
– Charles Liang, CEO of Supermicro
Just before earnings were announced, management warned it wouldn’t hit analyst estimates due to a shortage in key components. But in the earnings call, management says availability has improved and GPU system shipments will ramp significantly.
SMCI is part of our Growth Portfolio and Aggressive Portfolio.
