12 Best Aggressive Growth Stocks To Buy According to Hedge Funds

8. Super Micro Computer, Inc. (NASDAQ:SMCI)

Revenue Growth: 143%

Number of Hedge Fund Investors In Q3 2024: 33

Super Micro Computer, Inc. (NASDAQ:SMCI) is a Taiwan-based computer hardware company. It is one of the most controversial AI-related stocks of 2024, as is evident in the share price. From the start of the year to the end of October, Super Micro Computer, Inc. (NASDAQ:SMCI)’s shares had gained a respectable 72%. However, since then, the stock is down 10.6% amidst delays to the firm’s Form 10K SEC filing after an accounting manipulation claim from a short seller. This put Super Micro Computer, Inc. (NASDAQ:SMCI)’s compliance with the NASDAQ’s rules in question, but the shares gained 13.9% after the exchange accepted the firm’s request for a filing extension. However, Super Micro Computer, Inc. (NASDAQ:SMCI)’s troubles have generated rumors that the firm’s key customer NVIDIA, which has accounted for most of its share price gains in 2024, is looking to diversify its supply chain. Consequently, the shares might struggle if these rumors turn out as a reality.

Columbia Acord Fund mentioned Super Micro Computer, Inc. (NASDAQ:SMCI) in its Q3 2024 investor letter. Here is what the fund said:

“Super Micro Computer, Inc. (NASDAQ:SMCI) had a tough quarter due to a confluence of negative events. It declined, but is still up significantly for the year. While demand for the company’s AI server racks remains strong, with revenue up over 100%, gross margins have fallen sharply for two straight quarters, implying a price war. In addition, Super Micro was the subject of a short-seller report and a delay in filing its annual report with the SEC. We have been taking profits in the stock all year and have only a small position, which we are maintaining given the strong performance and demand for Super Micro’s AI racks and a depressed stock valuation.”