Super Micro Computer ( SMCI 4.59%) investors have been on a roller-coaster ride in 2024. The stock entered the year at $280, then it quickly peaked at nearly $1,200 in March. Since then, it's been a near-straight fall down, and the stock currently sits around $440.

Needham sees Super Micro shares as a “value play on AI,” with strong revenue growth helping to justify a premium multiple relative to peer stocks.

Super Micro Computer stock (NASDAQ: SMCI) has seen a big sell-off in recent months, falling from highs of nearly $1,200 per share in March to about $445 presently.

Super Micro Computer shares are trading for less than half of their 2024 high, but the server maker has new bull that sees a recovery ahead.

SMCI’s 30% stock drop, due to a short-seller report, creates potential opportunities for competitors like Dell and HPE to step in and grab market share.

Super Micro's first-mover advantage could make it a significant beneficiary to growing AI investments, Needham says. Here's what investors need to know.