By Elsa Ohlen

Super Micro Computer Inc. stock was falling again early Thursday. The shares soared in the previous session after the artificial-intelligence server maker met its deadline to file delayed financial reports late Tuesday, avoiding the threat of delisting from the Nasdaq.

The stock, which trades under the ticker SMCI, fell 1.4% to $50.38 in premarket trading while futures tracking the Nasdaq 100 were up 0.6%. Super Micro stock rose 12% Wednesday, pulling back from a 30% gain earlier in the day but still managed to snap a four-day losing streak.

Chip maker Nvidia's fourth-quarter earnings, which were expected to set the tone for other AI-related stocks including Super Micro, came in above expectations Wednesday after the market close. However, the results failed to significantly move the stock -- indicating that investors still have sky-high expectations on the company and that beating expectations simply isn't enough.

Coming into Thursday trading, SMCI was down about 57% from its record closing high of $118.81 on March 13 last year, according to Dow Jones Market Data. Yet, the stock has gained about 180% from its year-low of $18.01 on Nov. 14.

Reports about accounting issues and lack of internal controls have weighed on SMCI shares for the past six months. Its former auditor Ernst & Young resigned in October saying it didn't wish to be associated with Super Micro's financial statement, and short seller Hindenburg Research alleged in August the server maker had "glaring accounting red flags."

Super Micro has since appointed BDO its new auditor and said an independent investigation found no evidence of fraud or misconduct.

Write to Elsa Ohlen at elsa.ohlen@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

February 27, 2025 05:27 ET (10:27 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.