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In the twelve months ending June 2024, Super Micro reported revenues of $15 billion, a remarkable increase from $5.2 billion just two years prior. This revenue boom propelled the company's market capitalization from about $2 billion at the beginning of 2022 to over $60 billion by March 2024, making it one of Wall Street's hottest stocks.
Hindenburg Report: Allegations of Misconduct
Despite the impressive growth, Super Micro faced a major setback in August 2024 when Hindenburg Research, a well-known short-selling firm, published a report alleging serious misconduct. The allegations included accounting manipulation, self-dealing, and potential sanctions evasion.