Super Micro Computer Inc (NASDAQ:SMCI) shares are trading higher Monday after Friday’s announcement that the artificial intelligence server company will become a component of the Nasdaq-100 Equal Weighted Index.

Last Friday, Nasdaq said Super Micro will join the Nasdaq-100 Index (NDX) and the Nasdaq-100 Equal Weighted Index (NDXE) before the market opens on Monday, July 22, 2024. In both indices, Super Micro will replace Walgreens Boots Alliance Inc (NASDAQ:WBA).

Also Read: Super Micro Computer Stock Soars as AI Server Demand Boosts Market Confidence

Super Micro stock also got a boost from Wall Street expecting leading contract chipmaker Taiwan Semiconductor Manufacturing Co (NYSE:TSM) to report a 30% growth in second-quarter profit on Thursday.

Super Micro stock gained over 201% in the last 12 months. Investors can gain exposure to the stock through SPDR S&P 500 (NYSE:SPY) and iShares Core S&P 500 ETF (NYSE:IVV).

Price Action: SMCI shares were up 3.19% at $939.00 premarket at the last check Monday.

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