<p>超微电脑（SMCI -2.48%）股票是生成式人工智能革命的宠儿，周三暴跌高达 28%，因为这家服务器制造商遭受了严重打击。</p>
<p>首先，该公司成为 Hindenburg 研究的空头报告目标，指控公司存在各种问题，包括未披露的关联交易和会计不正当行为。</p>
<p>在该报告发布后不久，超微电脑宣布将无法按时提交其 10-K 年度报告。公司表示需要额外时间来 “完成对财务报告内部控制的设计和运行有效性的评估”。</p>
<p>空头报告似乎并未导致延迟提交通知，但这两个问题的结合确实看起来像是超微电脑的一个红旗，因为这家服务器制造商也是众所周知的。</p>
<p>在这两个问题中，Hindenburg 的指控目前似乎是更令人担忧的问题，因为延迟提交只有在确实发现会计不一致时才重要。如果 Hindenburg 的发现属实，尤其是考虑到超微电脑在 2020 年因 “内部会计控制不足” 而被 SEC 罚款 1750 万美元，可能会对长期造成损害。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODg4OTkvYmVhci1tYXJrZXQtaW4tdGhlLXJlZC10cmVuZGluZy1kb3duLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODg4OTkvYmVhci1tYXJrZXQtaW4tdGhlLXJlZC10cmVuZGluZy1kb3duLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>空头攻击意味着什么</h2>
<p>空头报告并不总是意味着市场认为的那样。虽然股票往往会在空头攻击后下跌，但投资者重要的是要明白发布这些报告的空头希望他们瞄准的股票下跌，以便在他们的赌注上赚钱。由于这种金融激励，空头可能夸大声明或声称问题而没有实质性证据。</p>
<p>股票通常会在空头报告后下跌，但并不总是持续下跌。确定超微电脑报告是否经得起审查的最佳方法之一是查看 Hindenburg 的历史记录。</p>
<h2>Hindenburg 的历史如何？</h2>
<p>Hindenburg 由 Nate Anderson 创立，是当今较知名的激进空头席卖空者之一。该公司倾向于关注会计不正当行为和未披露的关联交易等问题，这些是其对超微电脑的攻击的核心。它还曾两次被 Activist Insight 评为顶级空头席卖空者，分别是在 2021 年和 2022 年，显示其在行业内受到尊重。</p>
<p>Hindenburg 过去曾取得一些胜利。该公司可能最为人所知的是其在 2020 年对 Nikola 及其首席执行官 Trevor Milton 的攻击。Hindenburg 指责 Nikola 在计划与通用汽车合作之前提出了一系列 “谎言海洋”。</p>
<p>Hindenburg 指控该公司在宣传视频中使用了一辆不工作的 “推车”，后来 Nikola 承认了这一点。该报告导致 Milton 辞职，最终被起诉并判处四年监禁。</p>
<p>Hindenburg 还指出了 2021 年 Lordstown Motors 的问题，称该公司的预订订单簿 “在很大程度上是虚构的”。几年后，SEC 指控 Lordstown Motors“在其旗舰车辆的销售前景上误导投资者”。</p>
<p>然而，Hindenburg 并非总是正确的。去年三月，它攻击了拥有 Square 和 Cash App 的金融科技公司 Block，导致股价暴跌，声称该公司存在欺诈行为和缺乏监管合规性。</p>
<p>Block 从未因该报告面临任何监管或法律后果，股价自报告发布以来基本持平。</p>
<h2>应该出售超微电脑股票吗？</h2>
<p>Hindenburg 的攻击和其 10-K 报告延迟结合起来对超微电脑股票确实令人担忧。然而，虽然这对公司是一个挫折，但没有证据，这并不一定足以理由出售股票。</p>
<p>投资者应该期待管理层对 Hindenburg 的指控作出回应，尽管这可能次于超微电脑的延迟提交。</p>
<p>对于潜在投资者的好消息是，超微电脑股票目前看起来非常便宜，前瞻市盈率为 13 倍，并且刚刚发布了又一个季度的三位数收入增长。人工智能服务器市场的繁荣是真实的，并已得到戴尔科技等同行的确认。然而，考虑到目前公司周围的不确定性，股东应准备好面对未来的高波动性。</p>

超微电脑

<p>超微电脑的股价在 Hindenburg Research 的空头报告发布后暴跌高达 28%，该报告提出了有关未披露的关联交易和会计不正常的担忧。公司还宣布延迟提交其 10-K 报告，进一步加剧了担忧。尽管 Hindenburg 的记录褒贬不一，但如果其发现得到证实，可能会给超微电脑带来长期风险。尽管面临这些挑战，该股票的前瞻市盈率为 13，且强劲的人工智能服务器市场前景仍然积极，表明股东可能面临潜在的波动</p>

<p>Shares of <strong>Super Micro Computer</strong>(SMCI -2.48%), a darling of the generative AI revolution, tumbled as much as 28% on Wednesday after the server maker suffered a brutal one-two punch.</p>
<div class="lb-trans"><p>超微电脑（SMCI -2.48%）股票是生成式人工智能革命的宠儿，周三暴跌高达 28%，因为这家服务器制造商遭受了严重打击。</p>
</div><p>First, the company was the target of a short report from Hindenburg Research, which alleged a wide range of problems at the company, including undisclosed related-party transactions and accounting irregularities.</p>
<div class="lb-trans"><p>首先，该公司成为 Hindenburg 研究的空头报告目标，指控公司存在各种问题，包括未披露的关联交易和会计不正当行为。</p>
</div><p>Shortly after that report was released, Super Micro Computer announced it would not file its 10-K annual report on time. The company said it needed additional time to &#34;complete its assessment of the design and operating effectiveness of internal controls over financial reporting.&#34;</p>
<div class="lb-trans"><p>在该报告发布后不久，超微电脑宣布将无法按时提交其 10-K 年度报告。公司表示需要额外时间来 “完成对财务报告内部控制的设计和运行有效性的评估”。</p>
</div><p>The short-seller report didn't appear to cause the late filing notice, but the two items combined certainly look like a red flag for Supermicro, as the server maker is also known.</p>
<div class="lb-trans"><p>空头报告似乎并未导致延迟提交通知，但这两个问题的结合确实看起来像是超微电脑的一个红旗，因为这家服务器制造商也是众所周知的。</p>
</div><p>Of the two issues, Hindenburg's accusations seem like the more concerning problem at the moment since the late filing only matters if there are indeed accounting inconsistencies discovered. Hindenburg's findings, if true, could be damaging over the long term, especially as Supermicro was previously fined by the SEC in 2020 for $17.5 million for insufficient &#34;internal accounting controls.&#34;</p>
<div class="lb-trans"><p>在这两个问题中，Hindenburg 的指控目前似乎是更令人担忧的问题，因为延迟提交只有在确实发现会计不一致时才重要。如果 Hindenburg 的发现属实，尤其是考虑到超微电脑在 2020 年因 “内部会计控制不足” 而被 SEC 罚款 1750 万美元，可能会对长期造成损害。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODg4OTkvYmVhci1tYXJrZXQtaW4tdGhlLXJlZC10cmVuZGluZy1kb3duLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F788899%2Fbear-market-in-the-red-trending-down.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>What the short-seller attack means</h2>
<div class="lb-trans"><h2>空头攻击意味着什么</h2>
</div><p>A short report doesn't always mean what the market thinks it does. While stocks tend to fall in response to short-seller attacks, it's important for investors to understand the short-sellers releasing these reports want the stocks they target to fall so they can make money on their bets. Because of this financial incentive, short-sellers can exaggerate claims or allege problems without substantive evidence.</p>
<div class="lb-trans"><p>空头报告并不总是意味着市场认为的那样。虽然股票往往会在空头攻击后下跌，但投资者重要的是要明白发布这些报告的空头希望他们瞄准的股票下跌，以便在他们的赌注上赚钱。由于这种金融激励，空头可能夸大声明或声称问题而没有实质性证据。</p>
</div><p>Stocks generally fall in response to a short report, but they don't always stay down. One of the best ways to determine whether the Supermicro report will live up to scrutiny is to look at Hindenburg's track record.</p>
<div class="lb-trans"><p>股票通常会在空头报告后下跌，但并不总是持续下跌。确定超微电脑报告是否经得起审查的最佳方法之一是查看 Hindenburg 的历史记录。</p>
</div><h2>What's Hindenburg's history?</h2>
<div class="lb-trans"><h2>Hindenburg 的历史如何？</h2>
</div><p>Hindenburg, founded by Nate Anderson, is one of the better-known activist short-sellers today. The company tends to focus on issues like accounting irregularities and undisclosed related-party transactions, and those are at the center of its attack on Supermicro. It was also twice named top short-seller by Activist Insight, in 2021 and 2022, showing it's respected within the industry.</p>
<div class="lb-trans"><p>Hindenburg 由 Nate Anderson 创立，是当今较知名的激进空头席卖空者之一。该公司倾向于关注会计不正当行为和未披露的关联交易等问题，这些是其对超微电脑的攻击的核心。它还曾两次被 Activist Insight 评为顶级空头席卖空者，分别是在 2021 年和 2022 年，显示其在行业内受到尊重。</p>
</div><p>Hindenburg has had some wins in the past. The company may be best known for its attack on <strong>Nikola</strong> in 2020 and its CEO, Trevor Milton. Hindenburg called out what it deemed an 'ocean of lies' that Nikola had put forward ahead of its planned partnership with <strong>General Motors</strong>.</p>
<div class="lb-trans"><p>Hindenburg 过去曾取得一些胜利。该公司可能最为人所知的是其在 2020 年对 Nikola 及其首席执行官 Trevor Milton 的攻击。Hindenburg 指责 Nikola 在计划与通用汽车合作之前提出了一系列 “谎言海洋”。</p>
</div><p>Hindenburg accused the company of using a &#34;pusher&#34; -- a car that didn't work -- in a promotional video, which Nikola later admitted. The report led to Milton's resignation, and he was eventually indicted and sentenced to four years in prison.</p>
<div class="lb-trans"><p>Hindenburg 指控该公司在宣传视频中使用了一辆不工作的 “推车”，后来 Nikola 承认了这一点。该报告导致 Milton 辞职，最终被起诉并判处四年监禁。</p>
</div><p>Hindenburg also called out trouble at <strong>Lordstown Motors</strong> in 2021, saying the company's pre-order book was &#34;largely fictitious.&#34; Within a few years, the SEC charged Lordstown Motors with &#34;misleading investors about the sales prospects of&#34; its flagship vehicle.</p>
<div class="lb-trans"><p>Hindenburg 还指出了 2021 年 Lordstown Motors 的问题，称该公司的预订订单簿 “在很大程度上是虚构的”。几年后，SEC 指控 Lordstown Motors“在其旗舰车辆的销售前景上误导投资者”。</p>
</div><p>However, Hindenburg hasn't always been right. Last March, it attacked <strong>Block</strong>, the fintech company that owns Square and Cash App, causing the stock to plunge after it alleged fraud and a lack of regulatory compliance at the company.</p>
<div class="lb-trans"><p>然而，Hindenburg 并非总是正确的。去年三月，它攻击了拥有 Square 和 Cash App 的金融科技公司 Block，导致股价暴跌，声称该公司存在欺诈行为和缺乏监管合规性。</p>
</div><p>Block never faced any regulatory or legal consequences from the report, and the stock has been essentially flat since the report came out.</p>
<div class="lb-trans"><p>Block 从未因该报告面临任何监管或法律后果，股价自报告发布以来基本持平。</p>
</div><h2>Should you sell Supermicro stock?</h2>
<div class="lb-trans"><h2>应该出售超微电脑股票吗？</h2>
</div><p>The combination of the Hindenburg attack and the delay in its 10-K filing is certainly troubling for Super Micro Computer. Still, while it's a setback for the company, without evidence, it's not necessarily enough reason to sell the stock.</p>
<div class="lb-trans"><p>Hindenburg 的攻击和其 10-K 报告延迟结合起来对超微电脑股票确实令人担忧。然而，虽然这对公司是一个挫折，但没有证据，这并不一定足以理由出售股票。</p>
</div><p>Investors should expect a response from management countering Hindenburg's allegations, though that might come second to Supermicro's delayed filing.</p>
<div class="lb-trans"><p>投资者应该期待管理层对 Hindenburg 的指控作出回应，尽管这可能次于超微电脑的延迟提交。</p>
</div><p>The good news for prospective investors is that Supermicro stock looks dirt cheap right now at a forward price-to-earnings ratio of 13, and it just posted another quarter of triple-digit revenue growth. The boom in the AI server market is very much real and has been confirmed by peers like <strong>Dell Technologies</strong>. However, given the uncertainty surrounding the company right now, shareholders should be prepared for heightened volatility going forward.</p>
<div class="lb-trans"><p>对于潜在投资者的好消息是，超微电脑股票目前看起来非常便宜，前瞻市盈率为 13 倍，并且刚刚发布了又一个季度的三位数收入增长。人工智能服务器市场的繁荣是真实的，并已得到戴尔科技等同行的确认。然而，考虑到目前公司周围的不确定性，股东应准备好面对未来的高波动性。</p>
</div>

Super Micro Computer Plunges on Short-Seller Report. Can You Trust Hindenburg Research?

- 超微电脑股票（SMCI -2.48%）因遭受严重打击而暴跌 28%，首先是被 Hindenburg Research 的做空报告指控存在一系列问题，包括未披露的关联交易和会计不正常。  
- 随后，超微电脑宣布无法按时提交其 10-K 年度报告，称需要额外时间完成对财务报告内部控制的评估。  
- Hindenburg 的指控似乎是目前更令人担忧的问题，尤其是考虑到超微电脑在 2020 年因 “内部会计控制不足” 而被 SEC 罚款 1750 万美元。

超微电脑因做空者报告暴跌。你能相信兴登堡研究公司吗？