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Barchart
Barchart
Aditya Raghunath

Buy This Breakout Tech Stock on the Dip

SMCI United States

After a disappointing run in 2022, the tech sector has staged a stellar comeback year-to-date. But after a breakout performance during the first seven months of 2023, tech valuations have corrected alongside the broader market in August as investors remain cautious about future Fed rate hikes and a sluggish global economy.

For investors, the recent pullback in stocks provides an opportunity to buy shares of quality companies trading at a discount. One such tech stock that is flying under the radar is Super Micro Computers (SMCI), valued at a market cap of $13.78 billion. The stock has gained more than 200% in 2023, easily outperforming the broader tech sector - but it's now down nearly 30% from the all-time highs set earlier this month. 

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