(Reuters) – Shares of the supermicrocomputer rose 13.5% in after-hours trading on Friday after the company that sells AI-optimized servers announced it would join the S&P 500.
Super Micro and Deckers Outdoor Corp. will be on the S&P Dow when added to the S&P 500 before the start of trading on Monday, March 18, coinciding with the quarterly rebalancing of Wall Street's most widely followed stock benchmark.・Jones Index announced in a news release.
The two companies will replace Whirlpool Corp. and Zion Bancorp., according to S&P Dow Jones Indices.
Index funds that track the S&P 500 index are one of Wall Street's most popular investment tools, and these funds need to buy shares in Supermicro and Deckers to keep pace with the composition of the benchmark.
These S&P 500 index funds have about $7.8 trillion in assets, said Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.
Super Micro sells high-end servers powered by Nvidia's top AI processors, and its stock has more than tripled this year.
Supermicro's stock price has reached more than $50 billion, and investors have speculated that the company will be added to the S&P 500.
On Friday, investors swapped out about $10 billion worth of supermicro stocks, dwarfing trades in Wall Street heavyweights such as Microsoft and Amazon.
A surge in after-hours trading added to a 4.5% rise during Friday trading.
Decker's stock rose 2.7% in extended trading, while Whirlpool fell 1.7% and Zion Bancorp fell 2%.
(Reporting by Noel Randewich; Editing by Diane Craft)
