Starting the year close to $146 and ending it just under $500, the stock of the semiconductor blue-chip giant and Jim Cramer’s dog’s namesake, Nvidia (NASDAQ: NVDA) was one of the biggest stock market stars of 2023.
Indeed, a $1,000 investment in the company at the beginning of last year would have, by late December, become approximately $3,500 and, by mid-February 2024, about $5,000.
This year, however, another stock captivated investors with its incredible rise – even bigger and faster than Nvidia’s last year – Super Micro Computer, Inc (NASDAQ: SMCI).
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Supermicro has surged rapidly this year as it increasingly shifted its focus on artificial intelligence (AI) – a strategy that has proven successful for NVDA and Amazon (NASDAQ: AMZN) and that Alibaba (NASDAQ: BABA) is trying to capitalize on – and as it made key partnerships with major technology firms including Intel (NASDAQ: INTC) and Nvidia.
SMCI stock price chart
SMCI stock began 2024 at approximately $285.45 and rose 241.75% year-to-date (YTD) to $975.52 at the market’s closing on February 22.
The surge wasn’t entirely unbroken, and Supermicro, after breaching $1,000 on February 15, retraced significantly and appeared to be entering a strong downtrend as concerns surrounding Nvidia’s at the time pending earnings report depressed multiple technology stocks.
Still, despite not reclaiming the yearly highs, SMCI is also 3.23% in the green in the latest 5 full trading days and closed the last session with a staggering one-day gain of 32.87%. The extended session, however, hints at a possible correction as, by press time, Supermicro shares are down 4.87% – $47.52.
What would $1,000 in SMCI be worth now?
Given that SMCI’s total 2024 rise, by press time, amounts to 241.75%, a $1,000 investment at the start of January would have experienced a similarly staggering growth.
By February 23, the Supermicro shares acquired at $285.45 would be worth $3,417.48, meaning that any traders that made such a call shortly after New Year’s Day would have netted a hefty profit of $2,417.48 – more than double their original investment.
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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
