<p>超微電腦（SMCI -2.48%）股票是生成式人工智能革命的寵兒，週三暴跌高達 28%，因為這家服務器製造商遭受了嚴重打擊。</p>
<p>首先，該公司成為 Hindenburg 研究的空頭報告目標，指控公司存在各種問題，包括未披露的關聯交易和會計不正當行為。</p>
<p>在該報告發布後不久，超微電腦宣佈將無法按時提交其 10-K 年度報告。公司表示需要額外時間來 “完成對財務報告內部控制的設計和運行有效性的評估”。</p>
<p>空頭報告似乎並未導致延遲提交通知，但這兩個問題的結合確實看起來像是超微電腦的一個紅旗，因為這家服務器製造商也是眾所周知的。</p>
<p>在這兩個問題中，Hindenburg 的指控目前似乎是更令人擔憂的問題，因為延遲提交只有在確實發現會計不一致時才重要。如果 Hindenburg 的發現屬實，尤其是考慮到超微電腦在 2020 年因 “內部會計控制不足” 而被 SEC 罰款 1750 萬美元，可能會對長期造成損害。</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>圖片來源：Getty Images。</p>
<h2>空頭攻擊意味着什麼</h2>
<p>空頭報告並不總是意味着市場認為的那樣。雖然股票往往會在空頭攻擊後下跌，但投資者重要的是要明白髮布這些報告的空頭希望他們瞄準的股票下跌，以便在他們的賭注上賺錢。由於這種金融激勵，空頭可能誇大聲明或聲稱問題而沒有實質性證據。</p>
<p>股票通常會在空頭報告後下跌，但並不總是持續下跌。確定超微電腦報告是否經得起審查的最佳方法之一是查看 Hindenburg 的歷史記錄。</p>
<h2>Hindenburg 的歷史如何？</h2>
<p>Hindenburg 由 Nate Anderson 創立，是當今較知名的激進空頭席賣空者之一。該公司傾向於關注會計不正當行為和未披露的關聯交易等問題，這些是其對超微電腦的攻擊的核心。它還曾兩次被 Activist Insight 評為頂級空頭席賣空者，分別是在 2021 年和 2022 年，顯示其在行業內受到尊重。</p>
<p>Hindenburg 過去曾取得一些勝利。該公司可能最為人所知的是其在 2020 年對 Nikola 及其首席執行官 Trevor Milton 的攻擊。Hindenburg 指責 Nikola 在計劃與通用汽車合作之前提出了一系列 “謊言海洋”。</p>
<p>Hindenburg 指控該公司在宣傳視頻中使用了一輛不工作的 “推車”，後來 Nikola 承認了這一點。該報告導致 Milton 辭職，最終被起訴並判處四年監禁。</p>
<p>Hindenburg 還指出了 2021 年 Lordstown Motors 的問題，稱該公司的預訂訂單簿 “在很大程度上是虛構的”。幾年後，SEC 指控 Lordstown Motors“在其旗艦車輛的銷售前景上誤導投資者”。</p>
<p>然而，Hindenburg 並非總是正確的。去年三月，它攻擊了擁有 Square 和 Cash App 的金融科技公司 Block，導致股價暴跌，聲稱該公司存在欺詐行為和缺乏監管合規性。</p>
<p>Block 從未因該報告面臨任何監管或法律後果，股價自報告發布以來基本持平。</p>
<h2>應該出售超微電腦股票嗎？</h2>
<p>Hindenburg 的攻擊和其 10-K 報告延遲結合起來對超微電腦股票確實令人擔憂。然而，雖然這對公司是一個挫折，但沒有證據，這並不一定足以理由出售股票。</p>
<p>投資者應該期待管理層對 Hindenburg 的指控作出回應，儘管這可能次於超微電腦的延遲提交。</p>
<p>對於潛在投資者的好消息是，超微電腦股票目前看起來非常便宜，前瞻市盈率為 13 倍，並且剛剛發佈了又一個季度的三位數收入增長。人工智能服務器市場的繁榮是真實的，並已得到戴爾科技等同行的確認。然而，考慮到目前公司周圍的不確定性，股東應準備好面對未來的高波動性。</p>

超微電腦

<p>超微電腦的股價在 Hindenburg Research 的空頭報告發布後暴跌高達 28%，該報告提出了有關未披露的關聯交易和會計不正常的擔憂。公司還宣佈延遲提交其 10-K 報告，進一步加劇了擔憂。儘管 Hindenburg 的記錄褒貶不一，但如果其發現得到證實，可能會給超微電腦帶來長期風險。儘管面臨這些挑戰，該股票的前瞻市盈率為 13，且強勁的人工智能服務器市場前景仍然積極，表明股東可能面臨潛在的波動</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>超微電腦（SMCI -2.48%）股票是生成式人工智能革命的寵兒，週三暴跌高達 28%，因為這家服務器製造商遭受了嚴重打擊。</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，該公司成為 Hindenburg 研究的空頭報告目標，指控公司存在各種問題，包括未披露的關聯交易和會計不正當行為。</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>在該報告發布後不久，超微電腦宣佈將無法按時提交其 10-K 年度報告。公司表示需要額外時間來 “完成對財務報告內部控制的設計和運行有效性的評估”。</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>空頭報告似乎並未導致延遲提交通知，但這兩個問題的結合確實看起來像是超微電腦的一個紅旗，因為這家服務器製造商也是眾所周知的。</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>在這兩個問題中，Hindenburg 的指控目前似乎是更令人擔憂的問題，因為延遲提交只有在確實發現會計不一致時才重要。如果 Hindenburg 的發現屬實，尤其是考慮到超微電腦在 2020 年因 “內部會計控制不足” 而被 SEC 罰款 1750 萬美元，可能會對長期造成損害。</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>圖片來源：Getty Images。</p>
</div><h2>What the short-seller attack means</h2>
<div class="lb-trans"><h2>空頭攻擊意味着什麼</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>空頭報告並不總是意味着市場認為的那樣。雖然股票往往會在空頭攻擊後下跌，但投資者重要的是要明白髮布這些報告的空頭希望他們瞄準的股票下跌，以便在他們的賭注上賺錢。由於這種金融激勵，空頭可能誇大聲明或聲稱問題而沒有實質性證據。</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>股票通常會在空頭報告後下跌，但並不總是持續下跌。確定超微電腦報告是否經得起審查的最佳方法之一是查看 Hindenburg 的歷史記錄。</p>
</div><h2>What's Hindenburg's history?</h2>
<div class="lb-trans"><h2>Hindenburg 的歷史如何？</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 創立，是當今較知名的激進空頭席賣空者之一。該公司傾向於關注會計不正當行為和未披露的關聯交易等問題，這些是其對超微電腦的攻擊的核心。它還曾兩次被 Activist Insight 評為頂級空頭席賣空者，分別是在 2021 年和 2022 年，顯示其在行業內受到尊重。</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 過去曾取得一些勝利。該公司可能最為人所知的是其在 2020 年對 Nikola 及其首席執行官 Trevor Milton 的攻擊。Hindenburg 指責 Nikola 在計劃與通用汽車合作之前提出了一系列 “謊言海洋”。</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 指控該公司在宣傳視頻中使用了一輛不工作的 “推車”，後來 Nikola 承認了這一點。該報告導致 Milton 辭職，最終被起訴並判處四年監禁。</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 還指出了 2021 年 Lordstown Motors 的問題，稱該公司的預訂訂單簿 “在很大程度上是虛構的”。幾年後，SEC 指控 Lordstown Motors“在其旗艦車輛的銷售前景上誤導投資者”。</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 並非總是正確的。去年三月，它攻擊了擁有 Square 和 Cash App 的金融科技公司 Block，導致股價暴跌，聲稱該公司存在欺詐行為和缺乏監管合規性。</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 從未因該報告面臨任何監管或法律後果，股價自報告發布以來基本持平。</p>
</div><h2>Should you sell Supermicro stock?</h2>
<div class="lb-trans"><h2>應該出售超微電腦股票嗎？</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 的攻擊和其 10-K 報告延遲結合起來對超微電腦股票確實令人擔憂。然而，雖然這對公司是一個挫折，但沒有證據，這並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>投資者應該期待管理層對 Hindenburg 的指控作出回應，儘管這可能次於超微電腦的延遲提交。</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>對於潛在投資者的好消息是，超微電腦股票目前看起來非常便宜，前瞻市盈率為 13 倍，並且剛剛發佈了又一個季度的三位數收入增長。人工智能服務器市場的繁榮是真實的，並已得到戴爾科技等同行的確認。然而，考慮到目前公司周圍的不確定性，股東應準備好面對未來的高波動性。</p>
</div>

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

- 超微電腦股票（SMCI -2.48%）因遭受嚴重打擊而暴跌 28%，首先是被 Hindenburg Research 的做空報告指控存在一系列問題，包括未披露的關聯交易和會計不正常。  
- 隨後，超微電腦宣佈無法按時提交其 10-K 年度報告，稱需要額外時間完成對財務報告內部控制的評估。  
- Hindenburg 的指控似乎是目前更令人擔憂的問題，尤其是考慮到超微電腦在 2020 年因 “內部會計控制不足” 而被 SEC 罰款 1750 萬美元。

超微電腦因做空者報告暴跌。你能相信興登堡研究公司嗎？