Super Micro Computer stock fell Monday even as it looked like the company put its accounting crisis behind it.

SMCI stock fell 13% to $36.07 in Monday trading. The stock has now dropped 29% over a three-day period, the worst stretch since it plummeted 47% for the three days ended Nov. 1, according to Dow Jones Market Data.

Super Micro is suffering from a hangover after an initial celebration last week when it avoided delisting and met its compliance deadline for submitting financial filings. The fact that Singapore is investigating whether Super Micro Computer and Dell Technologies servers were used to smuggle Nvidia chips likely isn't helping. Dell dropped 7% to $95.56.

"Dell Technologies maintains a strict trade compliance program and screens all sales orders through its internal screening solution, which includes due diligence related to export and trade compliance," a Dell spokesperson said. "If a customer is not adhering to these obligations, we take swift and appropriate action, up to and including termination of our relationship."

Super Micro didn't immediately respond to a request for comment.

But at least the accounting issues are on the back burner. Mizuho Securities analyst Vijay Rakesh reinstated coverage of the stock on Friday with a Neutral rating and a $50 price target.

"SMCI has seen limited impact from compliance issues, retaining a good product portfolio and strong overall AI server market growth," Rakesh wrote.

However, Rakesh said Super Micro is facing more competition from AI server rivals such as Dell Technologies. He estimated the company's share of the global AI server market will be around 23% this year, down slightly from its 25% share in 2024.

Super Micro said Friday that it would build a third campus in California's Silicon Valley to accelerate production of liquid-cooled services for data centers.

"We anticipate that up to 30% of new data centers will adopt liquid cooling solutions. Today, [Super Micro] can deliver 5,000 air-cooled or 2,000 liquid-cooled racks per month to support substantial orders," said CEO Charles Liang in a statement.

The new development, which will cover 3 million square feet, is expected to generate hundreds of new jobs and has the support of San Jose Mayor Matt Mahan, Super Micro said. Construction is set to begin later this year.