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Supermicro still faces some challenges, though. In the recent 10-K filing, BDO said it had an "adverse opinion" of Supermicro's internal financial controls. In the report, Supermicro says it's reviewing its weaknesses and putting into place actions to improve. This includes further training sessions for accounting staff, upgrading IT systems, and hiring.
All of this means that the answer to the question of whether the stock is a buy or not depends on your comfort with risk. Cautious investors should wait until the company advances further along on this path to recovery. For example, if you're in this category, you might wait until Supermicro assembles an executive team according to the independent committee's recommendations. You also may want to see another audited financial report or two and consider how the company is progressing.
However, aggressive growth investors looking for a promising AI company might consider scooping up a few shares of Supermicro. If it strengthens its internal controls, as promised, it could soar from today's levels and may once again become one of the most sought-after AI stocks.