Super Micro Computer shares rallied as much as 20% on Wednesday, adding to its 16% gain on Tuesday. The rally on Wednesday brings the total two-day gain to as much mas 36%.

Shares of the server maker are up 50% year-to-date.

Shares embarked on a rally this week after Raymond James initiated its coverage of Super Micro and issued an "outperform" rating for the stock. Analysts also issued a $41 price target, implying more than 20% upside from Monday's opening price of $33.89 a share.

Analysts said the firm was "positioned in a sweet spot" between other IT suppliers related to the AI trade, such as Dell and Hewlett-Packard.

Analysts added that Super Micro also has a large presence in the US relative to other chipmakers, which means it could be more shielded from the impact of tariffs.

Investors have been keeping close watch on Super Micro amid the ongoing enthusiasm for AI.

The stock has been under the microscope after recent earnings and revenue misses. In the first quarter, Super Micro posted a strong revenue beat but pulled $108 million in net income, a 72% decline from the prior year.

Super Micro's auditor, EY, also resigned last year, raising questions about the firm's financials. The resignation came months after Hindenburg Research, a short-seller that has since closed up shop, said it found "glaring accounting red flags" in Super Micro's bookkeeping.

Super Micro's new auditor, BDO, approved the firm's financial statements in February.