Super Micro Computer (SMCI) Stock Recovers Losses Post-Scathing Report
Super Micro Computer (SMCI) stock surged nearly 6% on Wednesday, extending a weeklong rally that has fully recovered its losses from a critical report.
Last Tuesday, SMCI shares gained over 16%, reaching their highest level since August 26. This surge followed Hindenburg Research's report alleging accounting violations, export control breaches, and undisclosed supplier relationships.
Amidst concerns, SMCI's stock plummeted in late 2024, prompting investigations by the US Department of Justice and delaying SEC filings. However, the company has denied the allegations and hired a new accountant.
Recent business updates provided ambitious long-term targets, bolstering investor confidence. SMCI is set to submit delayed SEC filings by February 25, avoiding delisting. The search for a new CFO is ongoing.
CEO Charles Liang outlined optimistic financial targets, forecasting potential revenue of $40 billion in fiscal year 2026, surpassing analysts' estimates of $30 billion. SMCI's server systems utilizing Nvidia's Blackwell AI chips are now in production.