Why Supermicro Stock Is Skyrocketing Today
Shares of Super Micro Computer (NASDAQ: SMCI) are soaring on Wednesday. The company's stock gained 19.2% by 10:45 a.m. ET and had been up as much as 23.4% earlier in the day. The leap comes as the S 500 index gained 0.7% and the Nasdaq Composite gained 1%.
Supermicro, a key partner of Nvidia, successfully met the deadline for its delayed 2024 financials. The numbers showed strong growth.
The company, which provides servers to artificial intelligence data centers, reported its FY 2024 financials on Tuesday, keeping the company in compliance with the Nasdaq. Supermicro had delayed its report after a series of problems including a bombshell investigative report by a short-seller alleging misconduct in its financial reporting, the resignation of its auditor, and the delay of its annual report. The company was going to be delisted from the Nasdaq if it failed to file the report by Feb. 25.
Source Fool.com
