Nvidia Partner Super Micro Is S&P 500’s Biggest Loser In 2024

Date:

Super Micro Computer (SMCI), once of the biggest market winners in 2024, has round-tripped a huge advance and has become the S&P 500’s biggest loser this year.

The AI server maker crashed nearly 33% Wednesday after auditor Ernst & Young resigned, citing a lack of confidence in the board’s integrity. Super Micro stock kept falling Thursday, down 12%.





X



NOW PLAYING
Nasdaq Hits New High Again; Reddit, Alphabet, Eateries In Focus



The Nvidia (NVDA) partner, once of the biggest market winners in 2024, is up just 2.4% as of Oct. 31.

While there are many S&P 500 components that are down far more this year the Super Micro, SMCI stock is the biggest loser for the benchmark index.

Super Micro Joined S&P 500 Near The Top

That’s because Super Micro joined the S&P 500 before the open on March 18, just after the AI server maker hit record highs, capping a massive 295% run that start Jan. 19. SMCI stock seemed to stage an abbreviated climax top on Feb. 16, but then pushed to new highs on word that it would join the S&P 500.

However, since joining the S&P 500 with a 100.07 price, the trend has been relentlessly lower, especially since mid-July. Growing concerns about Super Micro’s accounting, including a short-seller report and reported Justice Department probe in the weeks before the auditor exit triggered Wednesday’s 33% crash to a nine-month low.

At Thursday’s close of 29.11, Super Micro stock was down 72.8% since joining the S&P 500. That’s the biggest negative for the index, exceeding Walgreens Boots Alliance (WBA), down 63.8% so far this year.

Meanwhile, Nvidia stock is up 168.1% as of Oct. 31, the S&P 500’s second-best performer.

Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.

YOU MAY ALSO LIKE:

Why This IBD Tool Simplifies The Search For Top Stocks

Catch The Next Big Winning Stock With MarketSurge

Best Growth Stocks To Buy And Watch

How To Invest: Rules For When To Buy And Sell Stocks In Bull And Bear Markets

Election 2024: What Trump Vs. Harris Outcomes Mean For Stocks, Federal Reserve

Share post:

Popular

More like this
Related

Equity funds, Trump vs. Harris trade, Southwest: Top Stories

US equity funds saw their biggest weekly outflows in...

Sabalenka beats Paolini in straight sets to reach last four of WTA Finals

RIYADH, Saudi Arabia (AP) — Aryna Sabalenka reached the...

Patriots are in disarray, with one all-important exception

Patriots are in disarray, with one all-important exception originally...

Ancelotti insists ‘football has to stop’ ahead of Milan reunion in Champions League

Real Madrid coach Carlo Ancelotti implied that he would...