Connect with us

Published

on

Charles Liang, chief executive officer of Super Micro Computer Inc., during the Computex conference in Taipei, Taiwan, on Wednesday, June 5, 2024. The trade show runs through June 7. 

Annabelle Chih | Bloomberg | Getty Images

Embattled server maker Super Micro Computer said on Monday that it’s hired BDO as its new auditor and submitted a plan to Nasdaq detailing its efforts to regain compliance with the exchange. The shares jumped 23% in extended trading.

“This is an important next step to bring our financial statements current, an effort we are pursuing with both diligence and urgency,” Super Micro CEO Charles Liang said in a statement.

Super Micro is late in filing its 2024 year-end report with the SEC, and said earlier this month that it was looking for a new accountant after its previous auditor, Ernst & Young, stepped down in October. Ernst & Young was new to the job, having just replaced Deloitte & Touche as Super Micro’s accounting firm in March 2023.

Super Micro said it told Nasdaq that it believes it will be able to file its annual report for the year ended June 30, and quarterly report for the period ended Sept. 30. The company said it will remain listed on the Nasdaq pending the exchange’s “review of the compliance plan.”

Shares of Super Micro soared more than twentyfold over a two year period from early 2022 until their peak in March of this year. But the stock has been hammered on troubling news about its compliance with Nasdaq. Once valued at about $70 billion, the company’s market cap was at $12.6 billion at the close on Monday, following a 16% rally during regular trading.

Super Micro has been one of the primary beneficiaries of the artificial intelligence boom, due to its relationship with Nvidia. Sales last fiscal year more than doubled to $15 billion.

On Monday, Super Micro announced that it was selling products featuring Nvidia’s next-generation AI chip called Blackwell. The company competes with vendors like Dell and Hewlett Packard Enterprise in packaging up Nvidia AI chips for other companies to access.

Super Micro was added to the S&P 500 in March, reflecting its rapidly growing business and then-soaring stock price. Less than two weeks after the index changes were announced, Super Micro reached its closing high of $118.81.

The troubles began within months. In August, Super Micro said it wouldn’t file its annual report with the SEC on time. Noted short seller Hindenburg Research then disclosed a short position in the company, and said in a report that it identified “fresh evidence of accounting manipulation.” The Wall Street Journal later reported that the Department of Justice was at the early stages of a probe into the company.

The month after announcing its report delay, Super Micro said it had received a notification from the Nasdaq, indicating that the delay in the filing of its annual report meant the company wasn’t in compliance with the exchange’s listing rules. Super Micro said the Nasdaq’s rules allowed the company 60 days to file its report or submit a plan to regain compliance. Based on that timeframe, the deadline was Monday.

WATCH: Super Micro is a sell due to accounting irregularities

Lightning Round: Super Micro is still a sell due to accounting irregularities

Continue Reading

Technology

Amazon launches second batch of Kuiper internet satellites, taking on Elon Musk’s Starlink

Published

on

By

Amazon launches second batch of Kuiper internet satellites, taking on Elon Musk's Starlink

An Atlas V rocket of United Launch Alliance (ULA) lifts off from Space Launch Complex 41 at the Kennedy Space Center in Cape Canaveral, Florida on June 23, 2025.

Gregg Newton | Afp | Getty Images

Amazon‘s second batch of Kuiper internet satellites reached low Earth orbit on Monday, adding to its plans for a massive constellation and ramping up competition with SpaceX’s Starlink.

A United Launch Alliance rocket carrying 27 Kuiper satellites lifted off from a launchpad at the Cape Canaveral Space Force Station in Florida at 6:54 a.m. ET, according to a livestream.

“We have ignition and lift off of United Launch Alliance Atlas V rocket carrying satellites for Amazon’s Project Kuiper internet constellation, continuing a new chapter in low Earth orbit satellite connectivity,” Ben Chilton, an ordnance engineer at ULA, said on the livestream following the launch.

Monday’s mission was rescheduled twice, owing to inclement weather and a problem with the rocket booster.

Read more CNBC Amazon coverage

Six years ago, Amazon unveiled its plans to build a constellation of internet-beaming satellites in low Earth orbit, called Project Kuiper. The service will compete directly with Elon Musk’s Starlink, which currently dominates the market and has 8,000 satellites in orbit.

Amazon in April successfully sent up 27 Kuiper internet satellites into low Earth orbit, a region of space that’s within 1,200 miles of the Earth’s surface.

The 54 craft currently in orbit are the start of Amazon’s planned constellation of 3,236 satellites. The company has to meet a Federal Communications Commission deadline to launch half of its total constellation, or 1,618 satellites, by July 2026.

The company has booked more than 80 launches with several providers, including rival SpaceX, to deliver Kuiper its satellites into orbit.

WATCH: Amazon Web Services CEO: Lots of opportunity to expand infrastructure globally

AWS CEO: Lots of opportunity to expand infrastructure globally

Continue Reading

Technology

Tesla stock pops 10% as Musk touts ‘successful’ robotaxi Austin launch

Published

on

By

Tesla stock pops 10% as Musk touts 'successful' robotaxi Austin launch

A Tesla Inc. robotaxi on Oltorf Street in Austin, Texas, US, on Sunday, June 22, 2025. T

Tim Goessman | Bloomberg | Getty Images

Tesla‘s driverless robotaxi finally hit the road this weekend, sending shares of the electric vehicle maker up 10% on Monday.

The EV giant debuted autonomous rides in Austin, Texas, on Sunday, opening the service to a limited number of riders by invitation only. CEO Elon Musk said in a post on social media platform X that customers were charged a flat fee of $4.20.

“Super congratulations to the @Tesla_AI software & chip design teams on a successful @Robotaxi launch!! Culmination of a decade of hard work. Both the AI chip and software teams were built from scratch within Tesla,” he said in a post.

One tester wrote on X that they did 11 with the service with “zero issues.” Musk reposted numerous firsthand encounters with the services.

Read more CNBC tech news

Musk has long promised a driverless Tesla robotaxi fleet to investors, amping up the pressure to deliver.

The launch puts Tesla head-to-head with Alphabet‘s Waymo, which is already operating a fleet of robotaxis in several cities across the U.S. and reached 10 million trips last month.

Musk told CNBC’s David Faber last month that Tesla aims to have “Hundreds of thousands, if not over a million” self-driving cars in the U.S. by the end of next year. In May, Musk first announced plans to launch the service in Austin, with later debuts set for Los Angeles and San Francisco.

Heading into the launch, Tesla faced pushback from a group of Democratic lawmakers in Texas and public safety activists urged the company to delay the debut.

Tesla’s full-self driving capabilities, which feature a standard FSD or FSD supervised, include automatic steering and parking, but have been linked to accidents and fatalities, according to data tracked by the National Highway Traffic Safety Administration.

Continue Reading

Technology

Trump Media approves $400 million stock buyback

Published

on

By

Trump Media approves 0 million stock buyback

U.S. President Donald Trump speaks to the media upon arrival at Joint Base Andrews following a visit to North Carolina, in Maryland, U.S., June 10, 2025.

Evelyn Hockstein | Reuters

Trump Media & Technology Group, the parent company of Truth Social, Truth+, and the fintech platform Truth.Fi, said Monday its board has approved a stock buyback of up to $400 million.

Trump Media stock rose about 3% on the news premarket.

The Florida-based company, which trades under the ticker DJT on both Nasdaq and NYSE Texas, said the buyback could include both common stock and warrants, executed through open market transactions. All repurchased shares would be retired.

“Since Trump Media now has approximately $3 billion on its balance sheet, we have the flexibility to take actions like this which support strong shareholder returns, as we continue exploring further strategic opportunities,” said CEO Devin Nunes in a release announcing the move.

President Donald Trump, who indirectly owns more than 114 million shares of the company through a revocable trust, remains the largest shareholder.

Read more CNBC tech news

The announcement follows Trump Media’s $2.5 billion raise last month from institutional investors — one of the largest bitcoin treasury plays by a public company. The company said it would use those funds, which include $1.5 billion in equity and $1 billion in convertible notes, to buy bitcoin, with custody provided by Anchorage Digital and Crypto.com.

Calling bitcoin a “crown jewel,” Nunes said the move was designed to defend the company against what he described as “discrimination by financial institutions” against conservative businesses. The funds will also support the launch of Trump-branded exchange-traded funds and other crypto products later this year, pending regulatory approval.

Trump Media said the buyback will be funded independently and will not affect the capital already earmarked for its bitcoin treasury initiative.

In February, Trump Media reported a $400.9 million net loss for the full year on just $3.6 million in annual revenue. The company cited legal fees and a revised advertising revenue-sharing agreement as contributing factors.

Despite the losses, Trump Media said it ended the year with $776.8 million in cash and short-term investments.

The company, which went public via special purpose acquisition company, or SPAC, last year, now trades with a market capitalization of around $4.9 billion.

The stock nearly doubled in 2024 as Trump won the U.S. presidential election in November. As of Friday’s close, the stock was down nearly 48% this year.

WATCH: Stablecoin showdown moves to the House after Senate clears crypto’s landmark bill

Stablecoin showdown moves to the House after Senate clears crypto’s landmark bill

Continue Reading

Trending