Super Micro Computer shares surged as the server maker got a shoutout in Nvidia's earnings call
The Dow surged by over 570 points Thursday afternoon, buoyed by strong earnings from Nvidia $NVDA (NVDA), which briefly hit a 52-week high of $152.89 per share earlier in the day. Meanwhile, shares of Super Micro Computer (SMCI) rose over 14% after Nvidia mentioned its partner during an earnings call on Wednesday.
Considering Super Micro’s previous accounting issues, investors might feel reassured that the partnership is strong enough for the company to be featured. As a reseller of Nvidia’s GPUs and other components, Super Micro incorporates Nvidia’s technology into its servers to support AI workloads. The two companies have a long-standing relationship, and both CEOs—Charles Liang of Super Micro and Jensen Huang of Nvidia—are Taiwanese immigrants.
In the afternoon, the Dow Jones Industrial Average gained 572 points or 1.3%. Meanwhile, the tech-heavy Nasdaq $NDAQ and S&P 500 jumped 0.15% and 0.6%, respectively. The Russell 2000 Index, which is viewed as a barometer for small companies, added more than 1%.
Nvidia’s (NVDA) shares hit a 52-week high early Thursday morning, dipped several hours later, and then rose again. The chipmaker’s revenues for the quarter ended in October were up 17% from the previous quarter’s revenues of $30 billion. Nvidia reported net income of $19.3 billion, and earnings per share, or EPS, of $0.78. The company’s quarterly data center revenue was $30.8 billion, up 17% from the previous quarter, and up 112% year over year. According to Nvidia CEO Jensen Huang, the company’s Blackwell chip contributed significantly to its earnings growth.
Bitcoin’s rally shows no signs of slowing, with the leading cryptocurrency surging past the $98,000 to hit a new all-time high. According to data from the crypto tracking platform CoinGecko, Bitcoin reached $98,310 on Thursday. This ascent follows the debut of Bitcoin ETFs (exchange-traded funds) options earlier this week—a landmark moment for the cryptocurrency industry.
– Britney Nguyen contributed to the article
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