Super Micro tops S&P 500 as server company screens as a rare ultracheap tech stock

The US stock market as a whole still isn’t cheap, even after the mammoth losses inflicted by President Trump’s reciprocal tariffs.

But investors are zeroing in on one AI-linked tech stock that certainly screens as inexpensive, if you trust analysts’ projections.

Super Micro Computer is the top performer in the S&P 500 on Monday, up more than 8% shortly after noon ET. The server company, which is aiming to hitch its wagon to Nvidia’s Blackwell rollout, was bedeviled by short sellers’ reports and accounting issues in 2024 that nearly resulted in shares getting delisted from the Nasdaq earlier this year.

And during that prolonged time in the wilderness, the stock became very cheap.

At its peak in March 2024, Super Micro was trading at a price-to-expected-sales ratio of 3.56x. That measure of market cap divided by prospective sales over the next 12 months is now down to 0.6x. By contrast, the S&P 500 is currently trading with a forward price-to-sales ratio of 2.52x.

Analysts project that the company will deliver more than $31 billion in sales over the next 12 months. Management is looking for $40 billion in sales for its fiscal 2026, which begins in July.