Super Micro stock fell 7% after the stock dropped from the Nasdaq 100 index

Super micro computer Join Nasdaq 100 In July. Five months later, it was released, and the stock fell 7% on the news.

Nasdaq said late Friday that Super Micro is underway Removed from indexwhich consists of the top 100 non-financial stocks on the Nasdaq Stock Exchange and is the basis Invesco QQQ Trust ETFs, one of the most active ETFs.

The announcement is the latest in a year-long roller coaster for Super Micro, which soared to a record high of $118.81 in March, as demand surged for the company’s servers packed with artificial intelligence processors. The company’s market cap has reached more than $70 billion, which is high enough to be worth it Embedding In the Standard & Poor’s 500 Index.

SuperMicro is now worth about $20 billion, about a quarter the size of the average market cap of companies in the Nasdaq 100. Nasdaq will also divest Illumina and accident From the collection as of December 23.

The revision will make room for additions Exxon Corporation and Palantir Technologiesbesides Accurate strategyIt is a company whose value is linked to it Billions of dollars in Bitcoin purchases. MicroStrategy shares are up nearly 600% so far this year and were up 4% on Monday.

For Super Micro, the story began to turn in August, when the company made its announcement Won’t file Its annual report with the Securities and Exchange Commission is on time. Subsequently, Hindenburg Research, a popular short seller, uncovered a short position in the company and said in a report that it had identified “new evidence of accounting manipulation.”

In October, Ernst & Young resigned as auditor of Super Micro, leading to its bankruptcy Stocks fall 33%. An independent special committee of the Board of Directors evaluated Ernst & Young’s concerns No misconduct was found After an investigation that lasted three months. The report recommended that the company replace its financial director. The company said in November that BDO was its new auditor.

Super Micro was at risk of being delisted from the Nasdaq stock exchange completely for the second time due to delayed financial reports, but two weeks ago… Received an extension Until February 2025.

In a preliminary earnings report, the company said third-quarter revenue rose 181% year over year. Under consensus.

“Competition is strong, but I think we’re in a good position,” CEO Charlie Liang said during a November conference call with analysts. Competitors include Dell and HPE.

He watches: Super Micro appointed BDO as independent auditor