Helped by the Nasdaq (QQQ) trading at an all-time high, Super Micro Computer (SMCI) broke above its 50-day simple moving average. Shares gained 28.68% on December 2.
The firm announced the completion of a review conducted by an independent special committee. The committee, supported by Cooley LLP and a forensic accounting firm, Secretariat Advisors, LLC, found no evidence of misconduct. As a result, SMCI does not expect to restate its reported financials.
Nvidia (NVDA) continued to find support at its 50-day simple moving average, closing at $138.63. Investors instead lifted AMD (AMD) by 3.56%, Broadcom (AVGO) by 2.73%, and Qualcomm (QCOM) by 2.84%. They are reacting to news that Intel’s (INTC) board lost confidence in Pat Gelsinger. As a result, CEO Gelsinger announced his retirement.
In the software sector, Microsoft (MSFT) continued to trade at the upper range of $410 - $430. The stock has trouble breaking out because its P/E is 35.6 times. The firm must report that the sales of Office 365 subscriptions and server software are rising. For now, CoPilot, powered by ChatGPT, is not a reason for customers to buy the most expensive software bundle.
Oracle (ORCL) and ServiceNow (NOW) trade at valuations similar to those of Microsoft. However, NOW stock has the strongest growth potential.
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