This year is barely two months old and has already offered much excitement for investors in the stock market and the crypto market alike. Not only is Bitcoin (BTC) again above $60,000 and the S&P 500 index again reaching new all-time highs, but some major companies have already recorded three-digit surges.
At press time, Super Micro Computer (NASDAQ: SMCI) certainly stands out as the biggest star among the big tech stocks, as it started the year at approximately $285.45 and surged above $1,000 on February 15.
Still, the technology giant has failed to cling to the share price above $1,000 and has retraced since. Additionally, despite coming very close on February 22 at $975.52, SMCI has failed to reclaim the level.
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Asking the same question as many investors, Finbold decided to consult OpenAI’s flagship artificial intelligence (AI) platform – itself a major factor for SMCI stock’s stellar performance – ChatGPT, on whether Supermicro shares might reclaim $1,000 in 2024.
ChatGPT predicts whether SMCI will rise again above $1,000
After catching up on Supermicro’s 2024 comings and goings, ChatGPT was asked a series of questions on whether SMCI stock will again climb above $1,000, why it may or may not do so, and when investors could hope the milestone could be reached.
In an exciting development for SMCI bulls, ChatGPT believes there is a genuine possibility that Supermicro shares will find themselves again above $1,000 in 2024. The AI, however, believes this will happen relatively late in the year – in the third quarter – and will likely be tied to an earnings report.
When pressed, ChatGPT admitted that it believes that while a SMCI surge is possible, there is, nonetheless, only a 50:50 chance of the prediction coming to fruition.
Similarly, when pressed to explain exactly why it settled for Q3 2024 and not earlier, the AI pointed out that many technology firms prefer to line up major announcements with industry events, which, ChatGPT stated, tend to be organized in the second half of the year.
It also explained that its assessment of market patterns, as well as the AI’s desire to offer enough time for SMCI to consolidate and back its gains with technological development, led to a Q3 date.
Finally, ChatGPT stated that Supermicro’s shares are likely to surge due to the company’s place in a crucial and rapidly developing industry with its focus on areas like artificial intelligence and data centers.
The AI also acknowledged that SMCI’s surge back above $1,000 might not happen in 2024 as the technology sector is both highly dynamic and very competitive and there is persistent risk of a downturn – particularly in the wake of a surge as extensive as many big tech firms such as Nvidia (NASDAQ: NVDA), Advanced Micro Devices (NASDAQ: AMD), and Microsoft (NASDAQ: MSFT) have been seeing of late.
SMCI stock price chart
While a possible failure to reclaim $1,000 in 2024 might be a disappointment for those traders seeking to get in on the SMCI action only now, it remains indisputable that Supermicro shares have already recorded an almost incredibly strong performance since January 1.
Even about $150 below its yearly highs – at $866.12 – Super Micro Computer’s stock has risen a total of 203.42% year-to-date (YTD). The more recent performance has also been rather strong, and Supermicro shares are up 48.44% in the last 30 days.
The latest full session – Thursday, February 29 – also hints that SMCI stock’s current rally isn’t over, as the company closed 6.07% in the green and subsequently rose another 1.30% in extended trading.
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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.
