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Super Micro's $50 billion Stock Collapse Underscores Risk of AI Hypewww.cnbc.com/2024/10/31/super-micros-50-billion-stock-collapse-underscores-risk-of-ai-hype.html
77 sats \ 2 comments \ @Cje95 31 Oct 2024 econ
The news out of Super Micro recently has been nothing short of wild. After exploding due to the AI hype, they appear to be the first of many companies falling back to grace.
I mean they are at risk of being delisted by the Nasdaq for all of these issues!
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0 sats \ 1 reply \ @Bell_curve 31 Oct 2024
This stock was so popular with the degen Wall Street Bets sub Reddit during covid. Guys were locked down and dabbled with options and Robinhood. SMCI
People spent their 1200 covid stimulus check to speculate: SMCI options, NVDA options, bitcoin, etc
From cnbc: Since being added to the S&P 500 in March, Super Micro has lost more than two-thirds of its value and now faces the risk of Nasdaq delisting.
The latest plunge followed Super Micro’s disclosure on Wednesday that Ernst & Young had resigned as its auditor.
Wedbush analysts wrote in a report that they “see this development as a significant hurdle” in Super Micro’s effort to stay compliant with the Nasdaq.
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21 sats \ 0 replies \ @Cje95 OP 31 Oct 2024
Yeah idk what they did with their numbers but they seem to have severely screwed up for the auditor to resign. To me they served a very small and particular purpose that could easily be swallowed up by other parts of the data center chain. Either developers who own and operate the building would take their place or one chip maker was going to offer install services.
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