(Bloomberg) — Super Micro Computer Inc.’s impressive surge came to a sudden halt on Friday, as a sell-off threatened to disrupt what was shaping up to be the server maker’s most successful week ever.
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Although the stock initially climbed, it later reversed course and dropped by as much as 20%, marking its largest intraday percentage decline since August. Despite Friday’s setback, the stock had previously soared by over 35% throughout the week, putting it on track for a double-digit weekly gain. If it ends the session lower, it would end a nine-session winning streak, the longest since 2016.
Despite the drop, the recent gains highlight Super Micro’s emergence as a leading player in artificial intelligence. The stock has risen in 18 of the past 20 sessions and has more than tripled in value this year, following a 246% gain in 2023.
“When things are really ripping like this, it isn’t institutions wanting to hold something as a…
2024-02-16 14:15:02
Original from finance.yahoo.com