The Rogers Centre upgrades its in house cell connectivity in preparation for increased capacity expected during the Taylor Swift eras tour concerts.

Server room in the Rogers Centre (Nick Lachance/Getty Images)

Server Surger

Super Micro soars after internal review finds no management misconduct

Shares have doubled since mid-November, but are still down about 70% from their peak.

12/2/24 10:56AM

Shares of Super Micro Computer are spiking after the embattled former AI darling said an independent investigation found no evidence of accounting irregularities. Nonetheless, management is following all the recommendations of the special committee formed to investigate claims raised by its former auditor and a short-selling research firm, including replacing its chief financial officer and appointing a chief accounting officer to bolster its governance.

However, the internal review did also find some “lapses” related to the rehiring and monitoring of employees who had left the company amid a previous investigation into its accounting.

The stock is the best performer in the S&P 500, up double digits as of 9:45 a.m. ET.

Super Micro is up year to date about as much as the benchmark US stock gauge — but down about 70% from its mid-March peak. A rose-colored-glasses thesis for the company would look a little something like this: the accounting issues don’t appear to be snowballing, the firm is taking the necessary steps to stay on the Nasdaq, it’s still in the AI business (and that business is booming!), and the stock is considerably less expensive than it was at its peak.

“Among its findings, the independent Special Committee determined that the resignation of the Company’s former registered public accounting firm, Ernst & Young LLP (“EY”) and the conclusions EY stated in its resignation letter were not supported by the facts examined in the Review, the Special Committee’s interim findings reported to EY on October 2, 2024, or the Special Committee’s final findings,” according to the press release.

A more cynical view would look something like: the accounting issues aren’t fully behind it while a reported Department of Justice investigation lingers, and “the new accountants we hired said the old accountants that quit were wrong” is not exactly the cleanest bill of health.

One interesting revelation from Super Micro’s press release is how aligned the questions raised by its former auditor and the short-selling research firm turned out to be. Ernst & Young highlighted concerns about specific transactions with regard to revenue recognition and skirting export controls — two issues that were raised by Hindenberg Research in its late August report.

Tasha Matsumoto

Stocks rebound as the price of oil retreats

Every sector traded higher, with tech leading gains on increased optimism that tankers will be able to pass through the Strait of Hormuz.

Luke Kawa

Nvidia briefly spikes after Jensen Huang sees at least $1 trillion in AI chip sales through 2027

The stock then gave it all up and then some.

Luke Kawa7h

Oil’s retreat propels US stocks higher

Front-month West Texas Intermediate futures are down more than 4%, while Brent futures are off more than 2% as of 1:25 p.m. ET as traders glom on to some optimistic signs about the flow of oil through the all-important Strait of Hormuz:

A Pakistani-owned tanker passed through the strait this weekend while broadcasting its signal, per Reuters, “indicating ‌that some countries are able to negotiate safe passage for their vessels despite the U.S.-Israeli war on Iran.”
US President Donald Trump said that some “fairly local” countries would soon be helping ships traverse the strait (while having added that other countries are “not enthusiastic” about the prospect of participating).

First non-Iranian cargo transits Strait of Hormuz with AIS on

The Aframax tanker Karachi, carrying Abu Dhabi’s Das crude, has become the first non-Iranian cargo to transit the chokepoint while broadcasting its AIS signal, suggesting that select shipments may be receiving… pic.twitter.com/Q6j6W3Cxz3
— MarineTraffic (@MarineTraffic) March 16, 2026

The SPDR S&P 500 ETF and Invesco QQQ Trust are both up over 1% amid oil’s retreat.

That being said, the news flow is far from universally positive.

Reuters reports that the UAE’s crude output has been cut in half since the Mideast conflict started; Bloomberg says Kuwait’s production has suffered a similar decline.

Trump urges allies to help reopen Strait of Hormuz as tanker traffic nearly vanishes

A Pakistani-owned tanker passed through the strait this weekend while broadcasting its signal, per Reuters, “indicating ‌that some countries are able to negotiate safe passage for their vessels despite the U.S.-Israeli war on Iran.”
US President Donald Trump said that some “fairly local” countries would soon be helping ships traverse the strait (while having added that other countries are “not enthusiastic” about the prospect of participating).

First non-Iranian cargo transits Strait of Hormuz with AIS on

The Aframax tanker Karachi, carrying Abu Dhabi’s Das crude, has become the first non-Iranian cargo to transit the chokepoint while broadcasting its AIS signal, suggesting that select shipments may be receiving… pic.twitter.com/Q6j6W3Cxz3
— MarineTraffic (@MarineTraffic) March 16, 2026

The SPDR S&P 500 ETF and Invesco QQQ Trust are both up over 1% amid oil’s retreat.

That being said, the news flow is far from universally positive.

Reuters reports that the UAE’s crude output has been cut in half since the Mideast conflict started; Bloomberg says Kuwait’s production has suffered a similar decline.

Matt Phillips8h

Sandisk and memory stocks rip ahead of Nvidia CEO’s speech

Memory stocks such as Sandisk, Micron, and disk drive makers Western Digital and Seagate sprinted ahead Monday, as this week’s big AI conference for tech bellwether Nvidia gets underway with a speech from the CEO slated for this afternoon.

As Luke Kawa pointed out earlier, CEO Jensen Huang’s speechifying at high-profile company announcements or industry events hasn’t always been a good thing for Nvidia shares. (The chip designer is holding its GPU Technology Conference, or GTC, this week.)

But Huang’s pronouncements have, at times, been pretty dang helpful for share prices of some companies in the orbit of the AI gods. Perhaps foremost among them are the memory stocks that have blasted toward the top of the S&P 500 in terms of price performance in recent years.

Case in point: the nearly 30% gain that Sandisk posted on January 6, the day after Huang’s keynote speech at the Consumer Electronics Show in Las Vegas, in which he spotlighted memory as a key bottleneck constraining the AI build-out. (Fellow memory plays Western Digital, Seagate Technology Holdings, and Micron also posted double-digit gains that day.)

Memory stocks have been the highest-profile outlet for bullish AI industry impulses this year, and notable comments from Huang could put the wind back in their sails after they had slowed in recent weeks.

Of course, there are also other things happening in the sector, such as Micron’s announcement Sunday that it completed an acquisition of a new manufacturing site in Taiwan.

Either way, memory stocks are pushing higher after having exhaled a bit lately.

What Wall Street’s looking for from Jensen Huang’s keynote GTC address

Of course, there are also other things happening in the sector, such as Micron’s announcement Sunday that it completed an acquisition of a new manufacturing site in Taiwan.

Either way, memory stocks are pushing higher after having exhaled a bit lately.

Luke Kawa

11h

What Wall Street’s looking for from Jensen Huang’s keynote GTC address

GTC may stand for GPU Technology Conference, but investors are looking for Nvidia to go beyond GPUs.