Super Micro Poised to Ride AI Wave, But High Valuation Keeps Goldman Neutral
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Super Micro is seen as an "AI winner" by Goldman Sachs, but analyst has a neutral rating due to high valuation after huge 2023 stock run-up
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Super Micro revenue growth and earnings power last 2 years have mirrored Nvidia's
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Stock is trading at 32x forward earnings estimates, in line with other AI enablers
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Well positioned to benefit from cloud provider AI infrastructure demand, but market expected to get more competitive
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Margins could normalize lower as Super Micro focuses more on gaining market share over profits