Super Micro Computer said Friday that co-founder Yih-Shyan Liaw has stepped down from its board, effective immediately, after being charged with involvement in a scheme to smuggle billions of dollars’ worth of AI chips to China.

Super Micro Computer’s shares dropped more than 9% in premarket trading on Wednesday after the AI-focused server manufacturer missed its quarterly profit and revenue targets, attributing the shortfall to delayed deliveries caused by design modifications,News.Az reports, citing Reuters. 

Super Micro (SMCI) stock plunged more than 26% this week, extending the stock’s long streak of volatility as investors weigh the company’s AI-fueled growth against questionable accounting practices, growing competition, and macroeconomic uncertainties.

Super Micro (SMCI) surged over 25% in premarket trading on Wednesday after the company met a Nasdaq deadline to submit delayed regulatory filings, thereby avoiding delisting.

Super Micro Computer (SMCI) saw a 5% increase in premarket trading on Wednesday following the company's announcement that it expects to submit its delayed filings to the SEC by the Nasdaq's February 25 deadline, preventing potential delisting.

Super Micro Computer Inc. saw its stock continue to climb, with investors optimistic that an upcoming business update may provide clarity on the company's ongoing accounting issues.