Super Micro hits six-month low on gross margin worries; set to cede S&P 500 top performer to Nvidia
** Shares of AI server maker Super Micro SMCI drops nearly 17% to $510.78 and hits a six-month low
** The AI server maker reported afaster-than-expected contraction in gross margin in Q2 which overshadowed a robust sales forecast
** In the AI server business, it is highly competitive, and we are worried that it is a race to the bottom in terms of margins - Ryuta Makino, research analyst, Gabelli Funds
** About $3.9 bln worth of shares traded hands by 10:31 a.m. ET, more than Microsoft's MSFT.O $1.6 bln
** With session declines, stock is set to fall from best performing S&P 500 .SPX constituent this year to the third position with 88% YTD gain
** Nvidia rises 1.6%, taking its YTD gains to 113% and take on the spot as S&P 500's best YTD performer
Nvidia overtakes Super Micro as best performing S&P 500 stock YTD https://tmsnrt.rs/3WS8H37
Reporting by Medha Singh and Shashwat Chauhan
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