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
Super Micro Computer shares jumped more than 30% on Tuesday after the embattled server maker said it named BDO as its new auditor and submitted a plan to Nasdaq detailing its efforts to regain compliance with the exchange.
The stock has now climbed more than 50% over the last two trading days on optimism that it will keep its Nasdaq listing. Still, the company has lost about three-quarters of its value since its stock peaked in March, a decline that’s wiped out roughly $54 billion in market cap.
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 in a statement late Monday that it told Nasdaq that the company 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.”
Analysts at Mizuho, who previously suspended their rating on the stock, wrote in a note that Nasdaq still has to approve the plan, which could take two to five weeks.
Super Micro CEO Charles Liang said in Monday’s statement that appointing BDO marks “an important next step to bring our financial statements current, an effort we are pursuing with both diligence and urgency.”
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.
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.
CNBC spotted a Tesla robotaxi in Austin, Texas, on June 24, 2025
Katie Tarasov
Elon Musk’s Tesla has applied to test and eventually deploy its Robotaxi vehicles in Phoenix, Arizona, following in the footsteps of market leader Waymo.
Tesla has applied to conduct autonomous vehicle testing and operations, with and without human safety drivers on board, in Arizona, a spokesperson for the Arizona Department of Transportation told CNBC on Thursday. A decision on the application is expected at the end of July, and Tesla has “expressed interest in operating within the Phoenix Metro area,” the spokesperson said via email.
The effort to expand to Arizona comes after Tesla in June began a pilot test of its robotaxis in Austin, Texas. Tesla’s Austin fleet includes Model Y SUVs that are equipped with the company’s newest, automated driving systems. Those vehicles are remotely supervised by employees in an undisclosed operations center, and they each include a human safety supervisor who rides with passengers.
The safety supervisor sits in the front passenger seat, accompanying riders, who are invited fans of Tesla. The supervisor can intervene should the Tesla Robotaxis get into trouble.
Waymo, owned by Google parent Alphabet, opened up a driverless robotaxi service to the public in the Phoenix area in 2020, and now operates a fleet of 400 robotaxis there, the company told CNBC on Thursday.
Tesla, which was once seen as a self-driving pioneer, is now working to catch up to Waymo. The companies have distinct approaches to self-driving technology. Tesla claims its choice to mostly use cameras instead of expensive sensors like lidar will make its autonomous vehicles more economically viable.
The Musk company’s initial efforts in Austin have run into issues.
One invited passenger, who runs a Tesla-focused YouTube channel called Dirty Tesla, captured an incident on camera where his Robotaxi dinged a parked car outside of a restaurant.
Other incidents where Tesla Robotaxis violated rules of the road in Austin have also been captured on camera and circulated on social media, drawing regulatory scrutiny from the National Highway Traffic Safety Administration, the federal vehicle safety agency.
Tesla is scheduled to hold a second-quarter earnings call on July 23, during which executives are expected to discuss the initial Robotaxi pilot.
Separately, Musk on Wednesday said on X that Tesla’s Robotaxi service will expand to the San Francisco Bay Area “probably in a month or two.”
California Public Utilities Commission and the California Department of Motor Vehicles told CNBC on Thursday that Tesla has not yet applied for approvals to begin driverless testing or commercial deployment of its Robotaxis in the state.
The California DMV sued Tesla in 2022 alleging that the company made false claims in marketing and advertising about its vehicles’ self-driving capabilities.
Nvidia CEO Jensen Huang delivers remarks next to U.S. President Donald Trump at an ‘Investing in America’ event in Washington, D.C., on April 30, 2025.
Leah Millis | Reuters
Nvidia CEO Jensen Huang will meet with President Donald Trump at the White House on Thursday, CNBC’s Megan Cassella reported.
The meeting comes as Nvidia rose slightly on Thursday, becoming the first company to close a trading day with a market cap over $4 trillion, beating Apple and Microsoft to the symbolic milestone. Nvidia touched the mark briefly on Wednesday during trading.
Trump praised Nvidia stock in a social media post Thursday morning.
“NVIDIA IS UP 47% SINCE TRUMP TARIFFS. USA is taking in Hundreds of Billions of Dollars in Tariffs,” Trump posted on Truth Social. “COUNTRY IS NOW ‘BACK.'”
An Nvidia representative declined to comment, and it was unclear what the meeting is about, but Nvidia has been grappling with export controls on its artificial intelligence chips implemented by the Trump administration in April for national security reasons.
At the time, the U.S. government told Nvidia that its previously-approved H20 processor — intended exclusively for the Chinese market — would require an export license. Huang previously told investors that requirement effectively cut off Nvidia’s sales to China with “no grace period.” The AI chipmaker said that it would miss $8 billion in planned orders for the chip in the company’s July quarter.
“The $50 billion China market is effectively closed to U.S. industry,” Huang told investors on an earnings call in May.
Nvidia also faces another potential restriction on AI chip exports after the Trump administration cancelled a planned rule by former President Joe Biden called the “AI diffusion rule.” The Trump administration promised newer, simpler restrictions later this year on which countries could receive Nvidia’s technology.
Ex-CNN anchor Don Lemon‘s lawsuit against tech billionaire Elon Musk and his social network X over the cancellation of their partnership can proceed to trial, a San Francisco judge ruled this week.
Musk’s team had tried to get the case moved to a Texas court and tried to convince the judge to strike the complaint altogether.
Attorneys for Musk and X didn’t respond to a request for comment.
In an order Tuesday, Judge Harold Kahn said Lemon and his attorneys plausibly alleged, among other claims, that X and Musk had committed “fraud by false promise” and that there was “an implied contract” between them.
Lemon filed the suit in August 2024 after X canceled a partnership with the broadcast journalist a few hours after he taped a tense interview with Musk, who owns X. The interview preceded a planned premiere of Lemon’s new show on Musk’s social network.
During the interview, Lemon pressed Musk on several contentious topics he had posted about or amplified on X. Musk had boosted the so-called “great replacement theory,” and other bigoted tropes and falsehoods, including posts that claimed there was a “Hispanic invasion” of immigrants to the U.S.
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Lemon also pressed Musk about content moderation on X, and a reported surge in antisemitic content on the platform that occurred after Musk acquired it as Twitter in a $44 billion leveraged buyout in late 2022.
Musk made sweeping changes after taking over the site, firing huge numbers of personnel and reversing account bans for users who had been booted from the platform after posting hate speech or inciting violence.
Musk, who characterized himself as a free speech “absolutist” also restored the account of President Donald Trump. The site had permanently banned Trump from the platform in January 2021 following the attack by his supporters on the U.S. Capitol.
Lemon’s case against Musk and X Corp. is in San Francisco Superior Court. A date has not been set for the trial.
Musk and X have faced a litany of other lawsuits over non-payment to vendors and over failure to provide severance as promised to laid-off employees from Twitter.
Lemon was fired from CNN in 2023 following reports that he mistreated coworkers and made sexist remarks on-air, including about politician Nikki Haley. Lemon later apologized for the Haley comments.