Shares of data center specialist Super Micro Computer (SMCI), also known as Supermicro, rose Monday in heavy volume. SMCI stock cleared two buy points despite a lack of news.
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In morning trades on the stock market today, SMCI stock broke a downward trendline and then cleared a double-bottom base. Those entry points were at 306.52 and 317.50, respectively.
SMCI stock ended the regular session Monday up 7.4% to 322.19.
The next buy point for SMCI stock is 357, its record high, reached on Aug. 7, according to IBD MarketSmith charts.
SMCI Stock On Two IBD Lists
Supermicro sales have gotten a lift from major cloud service providers investing in systems for generative artificial intelligence. The San Jose, Calif.-based company works closely with AI chip providers including Advanced Micro Devices (AMD), Intel (INTC) and Nvidia (NVDA).
On Nov. 1, Supermicro handily beat Wall Street’s targets for its fiscal first quarter ended Sept. 30 and smashed estimates with its outlook.
Supermicro manufactures enterprise computer hardware optimized for applications such as cloud computing, artificial intelligence, data storage and telecommunications.
Further, Supermicro is on the IBD 50 and Tech Leaders stock lists.
Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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