AI giant, big news! I may be delisted next week! I may be delisted next week!
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发表于 2024-11-17 16:13:50
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Yesterday's AI giant stocks may be delisted, with stock prices plummeting by over 80%
The AI giant stocks of the past may be delisted next week!
According to the rules of the NASDAQ exchange, Supermicro Computer must submit an audited 10-K annual report or a compliance plan to the exchange before November 18th. The theoretical deadline is November 16th, but according to exchange rules, if the last day is a weekend, it will be postponed until the end of the next trading day.
On November 16th, after hours trading, Supermicro Computer saw a significant increase, with the stock rising over 17% as of press time. According to Barron's, a source familiar with the matter revealed that Supermicro Computer plans to submit a plan application to NASDAQ to avoid delisting.
It is worth noting that Supermicro Computer has not been delisted for the first time. In 2019, the company was delisted from the NASDAQ exchange for failing to submit its annual report and several quarterly reports on time. In 2020, Supermicro Computer reached a settlement agreement with the SEC regarding accounting issues and returned to the NASDAQ exchange after meeting compliance conditions.
Wedbush analyst Matt Bryson said that he has never seen the same company experience the same problem twice, and he really doesn't know how this will affect what happens next.
[align center] Company response: Take all necessary measures as soon as possible
Regarding the fact that the deadline is approaching, a spokesperson for Supermicro Computer responded on Friday, saying, "As we have previously disclosed, Supermicro Computer intends to take all necessary measures as soon as possible to meet Nasdaq's requirements for continued listing
In the past few months, Supermicro Computer has encountered short selling by Hindenburg, delayed submission of its audit annual report as of June 30th, and an investigation by the US Department of Justice, focusing on whether the company is suspected of financial fraud and other violations. In addition, the company's auditor Ernst&Young announced his resignation in October, citing concerns about the company's governance and transparency.
On November 13th, Supermicro announced that due to its continued delay in submitting its annual report, the company is unable to submit its quarterly 10-K report for the quarter ending September 30, 2024 in a timely manner.
The company stated that the special committee of the board of directors has completed an investigation based on a series of preliminary concerns raised by its former auditing firm Ernst&Young. The committee has other ongoing work, but it is expected that the review will be completed soon.
At the same time, the company also stated that it needs additional time to select and hire a new accounting firm and prepare its 10-Q report for the first quarter of 2025. The 10-Q report for the first quarter of 2025 cannot be completed and submitted until the completion and submission of the 2024 10-K report.
AI giant stock prices plummet by over 80%
Since announcing the postponement of the annual report in August, the stock price of Supermicro Computer has fallen by nearly 70%.
Compared to the historical high set in March, the decline is even greater. As of now, the stock price of Supermicro has plummeted nearly 85% since its peak in March, and its market value has evaporated by over $55 billion.
Since chatGPT ignited the global AI big model craze in 2021, it has spawned a large number of market value growth myths. Among them, the stock price of Supermicro Computer soared from around $30 to a peak of $122.9 in March 2024, with a cumulative surge of over 400%, making it a super myth in the AI field of the US stock market.
In addition to facing short selling by Hindenburg and investigation by the US Securities and Exchange Commission, after the close of November 5th Eastern Time, Supermicro Computer released preliminary estimated financial data for the first quarter of fiscal year 2025 (Q3 2024) as of September 30, 2024.
According to the financial report, the company's net sales for the quarter were $5.9-6 billion, a significant increase of 178.3% to 183% year-on-year, but still lower than analysts' expectations of $6.47 billion.
In addition, the gross profit margin of AMD computers continues to decline. The company's gross profit margin for the third quarter of this year was 13.3%, a year-on-year decrease of 3.4 percentage points.
Liang Jianhou, CEO of Supermicro Computer, said that the lower than expected revenue in the third quarter was related to insufficient supply of Nvidia chips. This situation had already been warned at the previous financial report exchange meeting. In early October this year, Nvidia announced that its new chip Blackwell had been sold out, and new orders would not be available until the end of 2025. This will undoubtedly exacerbate the production tension of AMD computers, which heavily rely on Nvidia chips.
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声明：该文观点仅代表作者本人，本文不代表CandyLake.com立场，且不构成建议，请谨慎对待。
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