(Reuters) – Shares of Super Micro Computer (NASDAQ:) fell 5% on Wednesday after the artificial intelligence server maker priced its public offering, selling shares at a discount to their last closing price.
The decline marks the stock’s fifth consecutive session of declines, sending the company’s market capitalization down about 28% over the period and sending its share price down to $862.
Super Micro, one of the leading sellers of artificial intelligence-optimized servers and a beneficiary of the boom in artificial intelligence services, is selling 2 million shares of its common stock at $875.00 per share and expects to receive $1.75 billion in gross proceeds, according to exchange filings. submission late on Tuesday.
Shares closed 9% lower at $910.97 on Tuesday after Super Micro announced a public offering.
Shares of the San Jose-based company have more than tripled this year.
Super Micro’s ability to rapidly develop AI-enabled servers, as well as its proprietary liquid cooling technology, have helped the company become a key data center supplier.
The company’s recent rise in market value led to its listing on Monday. This means that exchange-traded funds that track the index must now own Super Micro shares.
Last month, the company raised $1.7 billion in a convertible bond offering to finance its expansion plans.