Obvious Ventures, the venture capital firm co-founded by Twitter’s Evan Williams, has filed to raise $400 million for its latest fund, according to a regulatory filing.

The filing for Obvious Ventures V was made public with the U.S. Securities and Exchange Commission on Tuesday and indicates that it is an initial notice. The firm raised its most recent fund in 2022, when it brought in about $355 million, according to PitchBook data, short of its $400 million target.

A spokesperson for the firm declined to comment.

Launched in 2014, Obvious Ventures is widely known for its early investment in alternative meat startup Beyond Meat, holding a 9% stake at the time of the company’s initial public offering in 2019. It has been a tough run on the market for Beyond Meat, whose market cap is now below $300 million after peaking at more than $14 billion in the months that followed its market debut.

The venture market broadly has struggled in recent years, with tech IPOs largely drying up in 2022 and staying relatively dormant aside from a few notable deals each year. In the third quarter of 2024, exit value hit a five-quarter low, with “only two exits — both acquisitions — exceeding the billion-dollar threshold,” according to an October report from PitchBook and the National Venture Capital Association.

Obvious Ventures says it aims to “support entrepreneurs building disruptive solutions to humanity’s biggest challenges,” with a focus on what it calls planetary health, human health and economic health. Well-known investments include supplements company Olly, lab-grown diamond maker Diamond Foundry and electric bus maker Proterra.

In its early years, Obvious Ventures had fun with numbers in its fundraising. For its first fund in 2015, the firm raised $123,456,789. Its second fund two years later raised the numeric palindrome, $191,919,191.

James Joaquin, who co-founded Obvious with Williams in 2014, said at the time of the second fund that the symbolism of the number was that you could look back at the first fund’s investments for an indication of what the firm would do in the future.

Joaquin, one of the firm’s managing directors, was previously CEO of Xoom, a payments service acquired by PayPal, and Ofoto, which was purchased by Kodak.

Williams, who helped create Twitter and was CEO of the company from 2008 to 2010, is still named as a co-founder of Obvious, but he isn’t a managing director. Williams wrote in a post on his publishing site Medium in 2017 that he was selling up to 30% of his Twitter holdings to finance other projects, including Obvious.

Late last year, Williams launched the app Mozi, which describes itself as a “private social network for seeing your people more” in real life.

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Shares of AppLovin tumbled 13% Wednesday as two short seller reports cast doubt on the integrity of the company’s artificial intelligence-powered AXON advertising software that helped drive the tech giant to become the top-performing tech stock of 2024.

Short seller Fuzzy Panda alleged that the AXON model was “the nexus of a House of Cards” built on fraudulent advertising tactics.

“We believe AppLovin has pulled every trick in the book,” the post stated. “We’ve been told they are stealing data from Meta in their e-commerce push. We also discovered AppLovin exploiting consumers and their data in ways which are clear violations of Google and Apple’s app store policies.”

The reports from Fuzzy Panda and Culper Research come following a stellar fourth-quarter earnings beat in February that kept Wall Street feeling bullish on AppLovin. CEO Adam Foroughi announced the company would spin off its mobile gaming segments and continue expanding the AXON model to other e-commerce sectors, such as health care, automotive and more. AppLovin’s advertising revenue climbed 73% in the quarter to reach almost $1 billion.

“We believe AppLovin’s recent success in mobile gaming stems from the systematic exploitation of app permissions that enable advertisements themselves to force-feed silent, backdoor app installations directly onto users’ phones, with just a single click — an event that is often inadvertent thanks to the Company’s notorious UX gimmicks,” wrote analysts at Culper Research.

The Palo Alto-based company’s stock surged over 700% in 2024 and was the top performer in the sector, becoming one of the biggest beneficiaries of the AI boom coupled with a growth in online advertising.

Fuzzy Panda confirmed to CNBC that the firm was still short on AppLovin. Culper Research, which shared some research with Fuzzy Panda per a letter from Culper Research founder Christian Lamarco, did not immediately respond to a request for confirmation at the time of publication.

AppLovin declined to comment.

Super Micro Computer shares rallied 16% after the AI server company filed its delayed financial results by the Nasdaq’s deadline.

The company’s auditor BDO wrote in the filing that the the consolidated financial statements for the fiscal year ending June 30, 2024 “present fairly, in all material respects, the financial position of the Company” and are “in conformity with accounting principles generally accepted” in the U.S.

The company also filed audited financial results for the first two quarters of the fiscal 2025 year and said in a release that it has “regained compliance” with the Nasdaq’s filing requirements.

For the fiscal year, Super Micro said its sales more than doubled to $14.99 billion from $7.12 billion in 2023. Net income came in at roughly $1.15 billion, up from nearly $640 million in 2023.

In an attached note from management, Super Micro said it had identified material weaknesses in internal controls over financial reporting. That includes IT issues, a lack of documentation over manual journal entries and insufficient controls to address segregation of staff duties. Super Micro said it plans to hire additional accounting and audit employees, and upgrade IT systems.

Super Micro said in the filing that it still faces risks, including potential litigation, lower credit ratings and reputational harm associated with its late financial reports.

Demand for Super Micro’s servers packed with Nvidia graphics processing chips has accelerated amid the AI boom that’s swept the technology community since the launch of ChatGPT. However, trouble began last year as Hindenburg Research revealed a short position, the company delayed releasing its annual report and its auditor quit due to governance concerns.

Fears of a potential delisting from the Nasdaq added further pressure to Super Micro’s stock in recent months, with shares down 48% on a year-over-year basis. Volatility continued into Tuesday’s release, with shares closing down nearly 12%.

In December, the company removed its chief financial officer and said that a review found “no evidence of misconduct.” Earlier this month, CEO Charles Liang said he was “confident” that the company would meet the Feb. 25 deadline to file its results with the U.S. Securities and Exchange Commission.

— CNBC’s Kif Leswing contributed reporting