This stock is even 'hotter' than Nvidia — and it's 'not that overpriced ...

Nvidia isn't the only star of the artificial intelligence boom — in fact, there's an even "hotter" one right now, according to Louis Navellier, chairman and founder of Navellier & Associates. That's Super Micro Computer , a Nasdaq-listed company which makes AI systems and graphics processing unit servers. Last year, its shares soared even more than Nvidia's, jumping 960% — far higher than Nvidia's over 200%. That's still been the case so far this year. Super Micro Computer has bounced more than 200% compared with Nvidia's 59%. Navellier, who has held shares of Super Micro Computer for over two years, told CNBC's " Street Signs Asia " that "Super Micro is hotter than Nvidia. And the reason they're hotter is they got it higher – they beat their guidance. And it's not in the S & P 500 right now. They'll probably be added." And it may not yet be too late for investors to get into this stock. Navellier says investors who want to play the AI trend should focus on hardware stocks rather than software ones. There are only two companies that dominate in that area, according to him: Nvidia and Super Micro Computer. "No one can do it except these two companies right now," he said. "The multiples aren't that bad when you look at a one-year forecast earnings." "Super Micro is not that overpriced," Navellier added. Wall Street analysts have also recently been giving Super Micro Computer their votes of confidence. In mid-February, Bank of America highlighted Super Micro Computer, saying investors may be overlooking its potential, and cited its accumulating backlog and capacity expansion. It has a buy rating and a $1,040 price target, implying upside of around 21%. The stock closed around $860 on Friday. Last week, Rosenblatt set a price target of $1,300 (around 51% upside) for the stock , citing the "robust growth" in AI computing and the company's "strategic position" in this market. Super Micro Computer received a 71% buy rating from analysts covering the stock, according to FactSet data. — CNBC's Samantha Subin and Hakyung Kim contributed to this report.