Super Micro Computer Inc (NASDAQ:SMCI) is heading to the Nasdaq 100 following an artificial intelligence-powered glow up of the server, storage and network solutions provider.
Supermicro’s energy-efficient server designs have found favour in the global surge in data center demand, causing shares to rocket over 200% in the past 12 months alone.
As a result, Nasdaq announced that the company, now valued at more than $53 billion, will replace Walgreens Boots Alliance Inc (NASDAQ:WBA, ETR:W8A) in the tech-focused Nasdaq 100 Index on 22 July.
In record quarterly results published in April, Supermicro noted a 200% year-on-year increase in net sales to $3.85 billion and a nearly five-times increase in profit to $402 million.
“Strong demand for AI rack scale PnP solutions, along with our team’s ability to develop innovative DLC designs, enabled us to expand our market leadership in AI infrastructure,” chief executive Charles Liang said at the time.
In contrast to Supermicro’s exponential growth, Nasdaq 100 dropout Walgreens’ share price has plummeted over 60% in the past year.
The troubled pharmacy chain intends to shutter up to a quarter of its US-based retail locations and has lowered its financial outlook for 2024.