Zinger Key Points
- Super Micro Computer shares rise as it is set to join the Nasdaq-100 Index and Equal Weighted Index.
- Wall Street expects Taiwan Semiconductor to report a 30% profit growth, boosting Super Micro stock.
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Super Micro Computer Inc SMCI shares are trading higher Monday after Friday’s announcement that the artificial intelligence server company will become a component of the Nasdaq-100 Equal Weighted Index.
Last Friday, Nasdaq said Super Micro will join the Nasdaq-100 Index (NDX) and the Nasdaq-100 Equal Weighted Index (NDXE) before the market opens on Monday, July 22, 2024. In both indices, Super Micro will replace Walgreens Boots Alliance Inc WBA.
Also Read: Super Micro Computer Stock Soars as AI Server Demand Boosts Market Confidence
Super Micro stock also got a boost from Wall Street expecting leading contract chipmaker Taiwan Semiconductor Manufacturing Co TSM to report a 30% growth in second-quarter profit on Thursday.
Super Micro stock gained over 201% in the last 12 months. Investors can gain exposure to the stock through SPDR S&P 500 SPY and iShares Core S&P 500 ETF IVV.
Price Action: SMCI shares were up 3.19% at $939.00 premarket at the last check Monday.
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