March 4 Reuters Shares of Super Micro Computer jumped 14 on Monday after the artificialintelligence server maker was set to join the SP 500 index, highlighting the growing dominance of AI stocks in Wall Street39;s benchmark index.

The San Jose, Californiabased firm is among the biggest beneficiaries of the AI frenzy on Wall Street.

Its shares have climbed 1,000 since the end of 2022, including a more than threefold jump in 2024, taking its market value to 50.6 billion.

As part of the quarterly rebalance of the most widely followed stocks index, Super Micro and Deckers Outdoor Corp will join the SP 500 on Monday, March 18, replacing Whirlpool Corp and Zion Bancorp.

Deckers Outdoor shares gained 5.4 and Zion Bancorp slipped 2.2.

Super Micro and Deckers Outdoor will benefit from readjustments at popular index funds that track the SP 500 and have assets of about 7.8 trillion, according to Howard Silverblatt, senior index analyst at SP Dow Jones Indices.

About 30.1 billion in rebalance trading will take place before March 18, Silverblatt estimated.

Money managers are on the hunt for other companies that are capitalizing on the AI boom after bellwether Nvidia39;s stunning stock rally recently made it the third most valuable U.S. company.

In late January, Super Micro delivered blowout quarterly results and raised its fullyear revenue forecast significantly ahead of Wall Street estimates.

The stock was last trading at 1,034.76, inching towards its alltime high of…