AI News That Broke The Internet This Week

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7. Super Micro Computer, Inc. (NASDAQ:SMCI)

Number of Hedge Fund Holders: 47 

Super Micro Computer, Inc. (NASDAQ:SMCI) develops and manufactures high performance server and storage solutions based on modular and open architecture. The stock has crashed since the company announced earlier this week that it would not be able to complete the annual 10K filing with authorities in the US. The filing details important business numbers for the fiscal year. The news came on the heels of a report by Hindenburg Research, an investment firm with a focus on activist short selling, that detailed that it had taken a short position on the chip firm because of glaring accounting red flags, evidence of undisclosed related party transactions, sanctions and export control failures, and customer issues.

Super Micro Computer, Inc. (NASDAQ:SMCI) has sought to ease investor concerns regarding accounting irregularities in a recent statement. In the press release, the management said that it did not expect any material changes to the numbers for the 2024 fiscal year despite not being able to file the report on time. Wall Street analysts have also turned bearish on the company following the delay in the 10K filing.

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