(Reuters) – Tremendous Micro Pc’s inventory jumped virtually 10% to a document excessive in prolonged commerce on Monday, extending its current AI-fueled rally after the server vendor projected stronger-than-expected quarterly gross sales.
The San Jose, California, firm’s report after the bell additionally lifted shares of Nvidia by 1.2%, including to a 2.3% acquire throughout Monday’s session that noticed the world’s most precious chipmaker shut at a document excessive.
Shares of Tremendous Micro, which counts NASA and Japan’s NEC as clients, have been final buying and selling at $542, including to a 4.5% enhance throughout Monday’s session.
In its quarterly report, Tremendous Micro mentioned its March-quarter internet gross sales can be between $3.7 billion and $4.1 billion. That vary was far greater than the consensus analysts estimate of $2.87 billion, in keeping with LSEG.
Tremendous Micro’s inventory surged 35% on Jan. 19 and helped reignite Wall Road’s rally in AI-related firms after the corporate pre-reported its December-quarter outcomes effectively above estimates attributable to sturdy demand for AI servers.
Tremendous Micro has greater than tripled since Could 2023 when CEO Charles Liang mentioned the generative “AI momentum has benefited Tremendous Micro vastly.”
(Reporting by Noel Randewich)
