Super Micro Computer (SMCI -11.87%) stock investors have been on a wild ride this year. The maker of high-end, liquid-cooled artificial intelligence (AI) servers faced accounting questions and the risk of delisted shares stemming from troubles last year.

Shares ran higher, though, as it said it would meet the deadline set by the Nasdaq stock exchange for reporting past due annual and quarterly reports. It met the Feb. 25 deadline, but shares have reversed course ever since.

The stock has lost one-third of its value since then, including a drop of 11.6% today, as of 3 p.m. ET.

New risks for Supermicro

The immediate focus for Supermicro investors had been squarely on its accounting issues and delisting fears. That made sense as the company's business itself was in question pending a review by its new auditors, and filing of its required financial reports.

Upon meeting the deadline, Supermicro told investors, "The matter is now closed." It was a case of buying the rumor and selling the news. But ongoing risks with the business itself may have been spurring on the recent stock sales as well.

The company faces increasing competition for its data center servers and cooling systems. Dell Technologies and Hewlett Packard Enterprise are both reporting increasing server sales. Dell said last week that its server segment grew revenue 37% in its most recent quarter and 54% for its full fiscal year.

At the same time, Supermicro announced expansion plans at its manufacturing facility in San Jose, California. A third campus will expand its footprint by almost 3 million square feet. But investors might still have concerns trusting management as it moves beyond the prior accounting problems. The announcement of a major new expansion investment immediately after the filing deadline could be construed as a marketing move to improve its reputation.

With competition growing, it might be best for investors to see how the company performs in upcoming quarterly periods with respect to sales and customer retention.