Super Micro Computer CEO Charles Liang attends the Computex conference in Taipei, Taiwan on June 5, 2024.
Annabelle Chee | Bloomberg | Getty Images
super microcomputer joined the Nasdaq 100 In July. It went on sale five months later, and the stock price fell 8% on the news.
Nasdaq announced late Friday that Supermicro had been acquired. removed from indexconsisting of the top 100 non-financial stocks on the Nasdaq. Invesco QQQ Trust ETF is one of the most actively traded ETFs.
The announcement was the latest in a rollercoaster year in which Supermicro’s stock soared to a record high of $118.81 in March as demand for the company’s servers equipped with artificial intelligence processors soared. The company’s market capitalization has reached more than $70 billion, so high that it deserves to be included in the S&P 500.
Supermicro is now worth about $20 billion, or about a quarter of the median market capitalization of the Nasdaq 100 stocks. NASDAQ will also be delisted. Illumina and moderna From the group, effective December 23rd.
This revision creates room for the following additions: axon enterprise and Palantir Technologiessimilarly micro strategya company whose value is tied to billions of dollars worth of Bitcoin purchases. MicroStrategy stock is up more than 500% since the beginning of the year and was flat in Monday trading.
Things started to change for Supermicro in August, when the company announced it would not file its annual report with the SEC on time. Prominent short seller Hindenburg Research later disclosed its short position in the company, saying in a report that it had identified “new evidence of accounting manipulation.”
In October, Ernst & Young resigned as Supermicro’s auditor, resulting in a 33% drop in the stock price. An independent special board committee evaluated Ernst & Young’s concerns and, after a three-month investigation, found no wrongdoing. The report recommended that the company replace its CFO. The company announced in November that BDO would be its new auditor.
Supermicro was at risk of being completely delisted from the Nasdaq for the second time due to delays in financial reporting, but two weeks ago it received an extension until February 2025.
The company announced in its preliminary earnings report that third-quarter sales rose 181% year-on-year, below consensus.
“Competition is fierce, but we believe we are in a good position,” CEO Charles Liang said on a conference call with analysts in November. Rivals include Dell and HPE.
clock: Supermicro appoints BDO as independent auditor
