You'd have a tough time finding an S&P 500 company growing faster than Nvidia in the second quarter. But there is one.
Super Micro Computer is expected to boost revenue this quarter by 142.3%, says an Investor's Business Daily analysis of data from S&P Global Market Intelligence and MarketSurge.
That's the highest expected revenue growth in all of the S&P 500. It even would edge out AI king Nvidia's expected 109.9% revenue growth in the quarter. And in third place? Micron Technology is seen putting up 77.9% higher revenue in the period.
Such off-the-hook revenue forecasts highlight why semiconductor stocks are doing so well this year. The iShares Semiconductor ETF is up more than 28% this year. That outpaces the S&P 500's nearly 15% rise by a wide margin.
Sizing Up S&P 500 Growth
When you're looking at AI stocks, sheer growth is in the driver's seat. Shares of Super Micro Computer are up 197% this year. And that tops Nvidia stock's 154% rise.
Some might puzzle over why this is. After all, Super Micro's adjusted earnings per share is only seen rising 130.7% in the second quarter. That's slightly below Nvidia's 134.8% expected earnings growth rate.
But it's all about revenue growth. And that's where Super Micro shines. Keep in mind S&P 500 revenue is only seen rising 4.6% in the second quarter, says FactSet.
It's Not All About AI And Chips
You might think only AI companies are putting up big revenue growth. That's not entirely the case either.
Energy firm Oneok is expected to post 60.1% higher revenue in the second quarter. And real estate firm Extra Space Storage is to boost revenue by 58.4%.
Those are solid showings, yes. But neither is anywhere near Super Micro Computer. But who is?
Fastest Second-Quarter Revenue Growth
| Company | Ticker | Sector | Q2 2024 rev gr. (est.) |
|---|---|---|---|
| Super Micro Computer | Information Technology | 142.3% | |
| Nvidia | Information Technology | 109.9% | |
| Micron Technology | Information Technology | 77.9% | |
| ONEOK | Energy | 60.1% | |
| Extra Space Storage | Real Estate | 58.4% | |
| Newmont | Materials | 55.7% | |
| Hess | Energy | 46.0% | |
| Broadcom | Information Technology | 45.5% | |
| Western Digital | Information Technology | 39.5% | |
| Atmos Energy | Utilities | 31.9% |
