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On March 19, the U.S. Department of Justice unsealed an indictment against three people tied to Super Micro Computer (SMCI) — including co‑founder and Senior Vice President of Business Development Yih‑Shyan "Wally" Liaw — for allegedly running a scheme to divert about $2.5 billion worth of AI servers with restricted Nvidia (NVDA) chips to customers in China, in violation of U.S. export rules. The next day, SMCI stock sank 33%, marking one of the worst single‑day moves in its history.
The hits kept coming. On April 23, shares slid another 8% after Bluefin reported that Oracle (ORCL) had canceled an order for 300 to 400 Nvidia GB300 NVL72 server racks worth an estimated $1.1 billion to $1.4 billion. Analysts tied the move directly to the DOJ overhang. At the same time, supply-chain checks flagged a separate pile‑up of excess B200 GPU inventory that Super Micro had stocked for xAI, only for that business to shift to Dell (DELL) and HP Enterprise (HPE) instead.
