Wow... This stock went from one of the biggest ai plays in the world to a wtf moment.... Ernst & Young in its resignation letter said it was "unwilling to be associated with the financial statements prepared by management." The accountancy also raised concerns about the board's independence from CEO Charles Liang and "other members of management."
SMCI... from hot to not. Even Price TA likely would not have helped a trader on this one.... no protection from "out of the blue"* for any of us. * good argument for trading with options... can be played with "worst case" in mind where all the bad is simply wiping out the premium.
What a hopeless professional writer and OP!!!! Why didn't you tell us a year ago? It has been on the downtrend since a year ago. Why tell us now? To hell with you for sleeping for a year!!! Anyway you have good hindsight
mcgraw hill never learned, to add smci to spx, what an embarrassment. these guys knew how to cook numbers.
Yea..we saw that SMCI was throwing Red Flags since early summer. But the addition into S&P 500 on March 18, 2024. By S&P Global Inc. (prior to April 2016 McGraw Hill) is criminal. And it seems the pumping of AI and the blind faith completely without Due Diligence of AI in general. There is clearly ''no one at the helm'' of this ship. They just pump anything AI. Seems to have started with the Chips wars and the Federal Subsidies of major chips players. Meta (the failed Facebook company) suddenly an expert at AI. And Google (the desperation to keep a monopoly on search) suddenly has AI completely figured out. Apple rushes out a very Poor attempt at a New AI iPhone. Then Crowd Strike transforms most of its day to day protection systems to full AI. Screams of desperation, stock manipulations, stock pumping...all without any oversight nor verifications of Robust Reliability. "Hey Guys...Lets switch all of Our Systems over to AI"...Because its Great...I mean ... it just sounds so Great! Intel didn't go head long into AI because it hasn't been proven...doesn't really work yet. Anyone who has used ChatGPT can see it doesn't really work yet. *..On a side note, did ASML try to start the warning process by their midday earnings leak. Yes..late in the game..but still, they were trying to correct the perceptions instead of being part of the problem. Why is TSMC still having blow out numbers: They are the only game in town..with AI or without AI. When Sam Altman went to TSMC and told them they needed to Invest $7 Trillion dollars into AI chip manufacturing ''NOW'', TSMC knew there was a Lunatic steering this Ship. (On November 17, 2023, OpenAI's board of directors ousted co-founder and chief executive Sam Altman after the board had no confidence in his leadership)
I asked AI to write me a poem. The title is "SMCI I Want the Truth...Please". Suspended in disbelief, I seek the truth In a world of lies and deceit, so uncouth My heart yearns for honesty, pure and clear To rid my mind of all doubt and fear In the chaos of life, I crave clarity To untangle the web of false reality No more illusions, no more disguise Just the raw, unfiltered truth before my eyes I am tired of the masks, the pretense I long for sincerity, devoid of pretense So, SMCI, I implore you to reveal The truth that my soul so desperately feels Let me bask in the light of honesty To break free from this cycle of duplicity For only in truth can I truly be free SMCI, please, grant this to me.
This AI has lots to learn. It must learn how to read charts. The truth can be found in the chart. The truth is SMCI has broken the 75 support in Jul 2024.
Don't own the stock...I own; Micron, Intel, IBM, Apple, QQQ, Fujitsu. Those are my boring high tech companies...