@MarketRebellion 's Jon Najarian, author of "It's Not an Option", stops by the studio to share his market takeaways as 2024 comes to an end. On the individual stocks, he points to the volatile year for Supermicro (SMCI) as one of the year's biggest movers.
Super Micro has had a wild year, first getting caught up in the optimism about artificial intelligence before being dragged down by problems with accounting that saw its auditor resign.
Super Micro Computer (SMCI 1.12%) stock lost ground over the last week of trading. The company's share price closed out Friday's session down 13.3% from the previous week's close, according to data from S&P Global Market Intelligence.
Super Micro Computer (NASDAQ:SMCI) shares have been on a wild ride thus far in 2024.
While worries about slowing AI spending and higher rates have weighed on the broader market, SMCI's biggest issue is more specific.
Few companies started off 2024 with a bang like Super Micro Computer (SMCI -3.07%). It rose more than 300% until it peaked in March.
The server maker has been on a roller coaster, getting caught up in the excitement about artificial intelligence which helped shares lift to a March high, but worries about accounting dragged them back down.
Super Micro Computer (SMCI -4.64%) has been one of the hottest stocks to own during the past month. Since plummeting to $18 a month ago, the stock has rallied in a big way -- almost doubling in value, closing at over $33 on Dec.17.
The Super Micro Computer (SMCI) stock price has had a roller coaster this year. It initially surged to a high of $122 in March this year, up by over 345% from its lowest point in January.
The developments surrounding Super Micro Computer (SMCI -4.64%) have become some of the most fascinating chapters in the broader artificial intelligence (AI) story.
Upgraded SMCI to Strong Buy due to cleared regulatory uncertainties, compelling valuation metrics, and strong technical setup, creating an exceptional risk-reward opportunity. Super Micro Computer's recent NASDAQ extension and new auditor appointment address delisting concerns, validating its impressive 181% YoY revenue growth and compliance with export regulations. Nvidia's explosive demand for Blackwell GPUs positions SMCI for significant revenue growth, leveraging its leadership in liquid-cooled server technologies and deep partnership with Nvidia.
A day after hitting an all-time high, Broadcom (AVGO) is one of the worst performers in the S&P 500 on Tuesday. Meanwhile, Supermicro (SMCI) continues to deal with the fallout of its accounting investigation and is slated to be removed from the Nasdaq-100.