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Supermicro Stock Jumps 12% Friday to Cap Off a Wild Week
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Main points
- AMD shares soared 12% on Friday, bringing their weekly gain to nearly 80%.
- Shares of Nvidia rose after chipmaker partner Nvidia snarled on Wednesday’s earnings call and submitted a compliance plan on Monday to avoid a delisting.
- AMD’s plan still requires approval from Nasdaq, a process that Mizuho analysts told clients could take two to five weeks.
Ultramicrocomputer (SMCI) shares soared 12% on Friday, capping a crazy week that saw the stock gain nearly 80%.
These benefits are in shout out from partners and Artificial Intelligence (AI) Dear NVIDIA (NVDA) at the chipmaker’s Earnings Conference Call Wednesday, a compliance plan was submitted Monday avoid delisting.
Still, at Friday’s closing price of $33.15, the server maker’s shares are down more than 70% from their March highs after the company was hit by regulatory concerns. Accounting Manipulation Allegations and submission delays.
trading view
The stock may face an uphill battle to win back investor confidence and return to these levels, with AMD now facing a new deadline after appointing a new auditor and requesting an extension from Nasdaq. The pressure to complete delinquent annual reports.
The plan still requires approval from Nasdaq, and Mizuho analysts told clients in a note on Tuesday that they expect the approval process could take two to five weeks, with a new submission deadline of February.
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