These 10 Companies are in Beast Mode

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

Super Micro Computer jumped by 8.8 percent on Wednesday to close at $46.61 apiece, in line with the rally in stocks riding the AI wave, following technology giant Nvidia Corp.’s surge to a new all-time high.

As one of the enablers and benchmark setters in the AI industry, Nvidia Corp.’s rally spilled over to stocks riding the AI wave, including data centers and quantum computers, among others.

In other news, Super Micro Computer, Inc. (NASDAQ:SMCI) announced plans to raise $2 billion in fresh funds through the issuance of convertible senior notes.

Under the terms, the notes will have a tenor of 5 years and will not bear regular interest, and the principal amount will not accrete. It will only be offered to qualified institutional buyers.

The company also grants an option to the initial purchasers to purchase up to an additional $300 million aggregate principal amount within a 13-day period from and including the date the convertible notes are first issued.

The notes will mature on June 15, 2030, unless earlier redeemed, repurchased, or converted.

According to Super Micro Computer, Inc. (NASDAQ:SMCI), proceeds from the offer will be used to fund the cost of entering into the capped call transactions, while $200 million will be allocated for a share buyback program. The remainder will be used for general corporate purposes, including to fund working capital for growth and business expansion.