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0 sats \ 1 reply \ @Bell_curve 31 Oct 2024 \ on: Super Micro's $50 billion Stock Collapse Underscores Risk of AI Hype econ
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.
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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