Charles Liang, CEO of AMD, during the AMD Advancing AI event in San Jose, California on December 6, 2023.
David Paul Morris | David Paul Morris Bloomberg | Getty Images
shares super microcomputer The company plunged more than 23% on Wednesday declare It won’t file its annual report with the Securities and Exchange Commission on time for this fiscal year.
“SMCI is unable to file its annual report within the required time without unreasonable effort or expense. sexual assessment.
Super Micro makes computers used by companies as servers for websites, data storage and other applications, including artificial intelligence algorithms. The company’s customers include major players in artificial intelligence, including Nvidia, AMD and Intel.
The stock has gained more than 47% so far this year, but investors were shocked on Tuesday after Hindenburg Research disclosed a short position in the company. Hindenburg said it found “new evidence of accounting manipulation.” Report. CNBC was unable to independently verify Hindenburg’s claims. It’s unclear whether the delay in AMD’s annual report is related to Hindenburg’s findings.
JPMorgan analysts said some of Hindenburg’s claims were “difficult to verify” and said the report was “largely silent on the details of the firm’s alleged misconduct.”
Even so, analysts say AMD still has room for improvement in communicating with investors and establishing clear governance and transparency, especially since it’s growing so fast due to demand for its artificial intelligence servers.
“As we dig into the details of the report, we believe there is limited evidence of accounting misconduct beyond revisiting the SEC’s 2020 allegations and that there is new evidence related to existing and known business relationships with affiliates owned by the siblings. Information is also limited.
— CNBC’s Michael Bloom contributed to this report
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