(Bloomberg) — Shares of Super Micro Computer Inc. saw their biggest drop in about two months on Friday, after the server maker announced the date of its third-quarter results but did not announce the results in advance.
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The stock fell as much as 15%, the biggest single-day drop since February 23. The stock is also trading at its lowest level since February. Shares of the company, an artificial intelligence darling, have lost a third of their value since peaking in March, though they are still up more than 180% this year.
Wells Fargo Securities wrote that Super Micro did not make “a positive pre-announcement, which is considered negative,” along with a key AI data point. The company has an equal weight rating for the stock.
The results will be announced on April 30.
In January, Super Micro posted preliminary financial results that were considered strong, leading to the stock’s rally in 2024. The stock has performed so well lately – up nearly 250% from 2023 – that it March was added to the S&P 500 index.
Technology stocks are generally lower on Friday, with geopolitical risks contributing to the Nasdaq 100 Index falling 0.9%. Among other AI stocks, Nvidia Corp lost 3% and Dell Technologies Inc fell 1.6%.
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