Super Micro's shares plummeted 35% after the resignation of its auditor, Ernst & Young, which cited concerns over the company's governance and board independence. EY expressed it could no longer rely on management's representations, following earlier warnings about internal financial controls. The company, under federal investigation, has yet to release its financial statements for the year and previously faced regulatory issues, including a $17.5 million penalty from the SEC in 2020 for improper revenue recording.
The Philadelphia Semiconductor Index (SOX), valued at $7500 billion, is heavily reliant on Nvidia, which accounts for 47% of the index's market cap at $3520 billion. Recent performance has been weak, and a potential correction in Nvidia could significantly impact the SOX index, indicating a fragile market position.
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