By Nate Wolf

Super Micro Computer stock was the top performer in the S&P 500 Wednesday, as the volatile semiconductor company clawed back almost all of its losses from a steep drop earlier in the week.

The company announced a $2 billion senior convertible note offering to institutional buyers on Monday, which sent shares plummeting due to expected dilution. Super Micro finished the day down 9.8%.

But the stock has bounced back, gaining 4.8% on Tuesday. Shares were up 4.6% in midday Wednesday trading.

Intense daily swings are nothing new for the semiconductor stock. Over the last 52 weeks, Super Micro stock has a beta -- a common measure of volatility -- of 2.1, meaning it is roughly two times more volatile than the broader market.

At times over the last two years, the company has been a beneficiary of the investor frenzy around artificial intelligence, which brings its own degree of unpredictability. (Fellow AI hardware stocks like Nvidia and Advanced Micro Devices also have betas above 2.) But shares have also fluctuated over concerns about the company's accounting practices.

Despite the week-to-week whiplash, Super Micro stock is now in almost the same place it was nine months ago, with shares down 2.2% since closing at $45.82 on September 25.

Write to Nate Wolf at nate.wolf@barrons.com

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June 25, 2025 12:06 ET (16:06 GMT)

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