(Reuters) — Shares of Super Micro Computer jumped on Monday with the stock set to set to join the S&P 500, highlighting the growing dominance of artificial intelligence-linked stocks on Wall Street's benchmark index.

The artificial-intelligence server maker's shares were up over 23% on Monday morning.

The San Jose, California-based 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 an almost three-fold jump in 2024, taking its intraday market value to $62 billion as of last check on Monday.

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

Super Micro and Deckers Outdoor will benefit from readjustments at popular index funds that track the S&P 500 and have assets of about $7.8 trillion, according to Howard Silverblatt, senior index analyst at S&P 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 Nvidia'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 full-year revenue forecast significantly ahead of Wall Street estimates.

The stock was last trading at $1,118.48 per share, topping its previous all-time intraday high of $1,077.87 hit on Feb. 16.

(Reporting by Medha Singh in Bengaluru; Editing by Sriraj Kalluvila)