Super Micro Computer's Stock Plummets Amid Accounting Concerns and Potential Delisting

Super Micro Computer Stock Collapse: Is the Worst Over? | The Motley Fool

Things have gone from bad to worse for Super Micro Computer (SMCI 3.16%). After a scathing short report highlighted questionable accounting practices, the company's auditor resigned, and it has not been able to file its annual report at its expected due date. The once-loved artificial intelligence (AI) stock is showing red flag after red flag with its business practices. Investors are acting rationally and exiting their positions. As of this writing, Super Micro Computer stock is down 82% from highs set earlier this year, wiping out billions of dollars in shareholder value. Is the worst over for this stock? Or is the company facing potential accounting fraud? Super Micro Computer stock peaked back in March. It traded slightly lower to flat for a few months, which looked like a normal price correction after zooming up 250% in just a few short months. Proclaimed a winner of the AI spending boom, the company was posting gangbuster revenue growth as a builder of data centers for third parties. Other companies would come to Super Micro Computer to build efficient data centers with advanced computer chips from the likes of Nvidia. Now, some of this revenue growth is being put into question. Allegations began on Aug. 27 when famous short-seller Hindenburg Research put out a short report alleging accounting manipulation, self-dealing with executive family members, and evading U.S. foreign sanctions by selling to restricted countries. Given Hindenburg's strong track record, Super Micro Computer's stock fell on this news. The stock treaded water until the end of October. Then, its auditor, Ernst & Young, resigned, stating that it was unwilling to associate itself with management's prepared financial statements. A public statement from an auditor like this is rare and damning. One could argue that auditors are typically too lenient with management teams. For example, the same auditor still validated Wirecard's financial statements, which ended up having Russian spies as a part of its fraud. Now, Super Micro Computer has delayed its quarterly filing with the Securities and Exchange Commission (SEC), which is driving the stock even lower. With no SEC filings, Super Micro Computer is now at risk of getting delisted from the Nasdaq exchange. The company has 180 days to file its annual report past the due date once it formulates a plan with the Nasdaq regulators. If it doesn't, the stock will get dropped from the exchange. Disregarding these accounting and filing issues, Super Micro Computer's business seems to be stagnating. The company expects to generate around $5.9 billion in revenue for the quarter ending in September compared to previous guidance of $6 billion to $7 billion. Gross margin is also a concern. Over the last 12 months, the company has generated a 14% gross margin compared to 18% in 2023. This declining margin will hurt Super Micro Computer's ability to generate any significant cash flow for shareholders. On the stated numbers, Super Micro Computer stock looks cheap. It has a trailing price-to-earnings ratio (P/E) of 9, which is dirt cheap for a fast-growing company that should benefit from the AI boom. However, there is major doubt that Super Micro Computer's financial statements are even accurate. Short-sellers are calling the company's bluff, its auditor just resigned, and it can't seem to come out with its own financial statements in a timely manner. All these developments happening in just a few short months should raise suspicions. The stock is up over 700% in the last five years and has a single-digit P/E. That doesn't matter though. No matter how cheap a stock looks, you can't invest in a company if you have no idea whether the financial statements are accurate. Avoid buying the dip on Super Micro Computer stock -- there is a major risk the stock will keep falling further from here.

Super Micro Computer Stock Sank Again Today -- Is the Beaten-Down AI Stock Cheap Enough to Buy Now? | The Motley Fool

Super Micro Computer (SMCI -11.41%) stock saw another day of big sell-offs in Thursday's trading. The company's share price closed out the daily session down 11%. Supermicro stock fell today after Cisco made new comments about its plans to move into the artificial intelligence (AI) server market. Today's valuation pullback followed a 6.3% decline in the company's share price after a filing with the Securities and Exchange Commission (SEC) revealed that the tech specialist would be unable to meet the filing deadline for its quarterly 10-Q report. Supermicro's share price is now down 62% over the last month and 36.5% year to date. The stock is also down 85% from the lifetime high it hit in March. After riding high on surging AI-related demand to start 2024, Supermicro has seen a precipitous valuation decline. Along with huge sell-offs for the stock, the strong sales and earnings growth the company has reported mean its stock could look quite cheap by many traditional valuation metrics. Trading at under 6.2 times this year's expected earnings and less than 42% of expected sales, Supermicro stock could appear undervalued based on recent momentum for the business. But the company's situation is simply too complicated to put much weight behind traditional valuation metrics. The storm of controversies surrounding the company had its inciting incident in August when short-seller Hindenburg Research published a bearish report on the company, alleging repeated accounting violations. The next day, the company announced it would be delaying the filing of its annual 10-K report with the SEC to conduct a review of its internal controls over financial accounting. Missing the 10-K filing raised the possibility that its stock would be delisted from the Nasdaq exchange. Then, in October, shareholders got hit with another gut punch. Ernst & Young (EY) resigned as the company's financial auditor. EY said it decided to step back from the role due to "information that has recently come to our attention which has led us to no longer be able to rely on management's and the Audit Committee's representations and to be unwilling to be associated with the financial statements prepared by management." Supermicro still has not filed its 10-K report, and it's now on track to miss the deadline for its latest 10-Q report. The company is also reportedly being investigated by the Department of Justice. Making matters worse, the company's competitive position in the high-performance server market appears to be weakening. Reports have emerged that Nvidia is sending graphics processing units (GPUs) that Supermicro was poised to receive to other players in the space. Ultimately, the company's outlook is too unclear to make the stock a smart investment right now. With potential delisting from the Nasdaq and other big risk factors still hanging over the company, investors seeking potentially explosive AI plays should probably look elsewhere right now.

Be Wary of Super Micro Computer Stock Unless This Happens | The Motley Fool

The AI server maker faces a series of existential challenges. Super Micro Computer (SMCI -5.26%), also known as Supermicro, was one of the market's hottest AI stocks. The shares of the maker of high-end servers set a record high of $118.81 on March 13, representing a 5,080% gain over the previous four years. At the time, Supermicro seemed to have a bright future. Its revenue jumped 46% in 2022 and 37% in 2023, and analysts were anticipating 110% growth in 2024. That breakneck pace was driven by its soaring shipments of dedicated AI servers. But as of this writing, Supermicro's stock trades at about $23. It looks dirt cheap at 7 times forward earnings and less than a multiple of 1 based on next year's sales. But we should understand why its stock was crushed -- and why it shouldn't be considered a turnaround play until it solves its most pressing issues. In 2018, Supermicro was delisted from Nasdaq after the Securities and Exchange Commission (SEC) probed the company for "improperly and prematurely" booking revenue. It was only relisted on Nasdaq in 2020 after it reached a settlement with the SEC. During the following years, many investors thought Supermicro had resolved those problems. But this August, the prolific short-seller Hindenburg Research released a lengthy report saying that the company had inflated its revenue again with partial orders. Management denied those allegations, but it subsequently delayed its annual 10-K filing for fiscal 2024 (which ended June 30) because it said it needed more time to assess its "internal controls over financial reporting." At the end of October, its auditor Ernst & Young resigned, saying it was "unwilling to be associated" with management's financial statements. If Supermicro doesn't turn in its 10-K by Nov. 16, it could be delisted again and booted to the over-the-counter (OTC) markets. That would cause its $1.725 billion in March 2029 convertible notes to become an immediate liability -- since its bondholders have the option to be paid back early if its stock is delisted. Supermicro still had $2.1 billion in cash and equivalents at the end of September, but an immediate repayment would drain its coffers and make it tough to buy more high-end GPUs for its AI servers. To hedge against that potential crisis, its top supplier Nvidia (NVDA -1.60%) is reportedly diverting some of the GPU orders earmarked for Supermicro to its competitors. Many of Supermicro's customers could also shift their AI server orders to Dell (DELL 3.19%), Hewlett Packard Enterprise (HPE -0.09%), or other leading AI server makers to avoid its potential meltdown. To make matters worse, the Department of Justice has reportedly launched a new investigation into Supermicro. Those regulatory headwinds could make it even harder for the company to quickly resolve its accounting issues and delisting threats. Without an audited 10-K filing, we don't know if the company's past financial statements are reliable. Ernst & Young's departure raises a bright red flag, since it's one of the "big four" accounting firms, which also include Deloitte, PwC, and KPMG. If Ernst & Young said it was unwilling to sign off on SuperMicro's financial statements, it's unlikely any of the other big accounting firms will rush to fill that void. If the company is delisted again over this debacle, many of its remaining investors will probably dump the stock, and its liquidity will dry up in the OTC markets. It will also likely struggle to pay off its debt, purchase new GPUs, retain its customers, and fend off its competitors. Unless it resolves those problems, we can't put too much faith in analysts' rosy long-term expectations for the company. We also can't consider its stock to be a bargain until we can clearly gauge the damage caused by these existential challenges. So while it might look like an undervalued hyper-growth stock, it deserves its discount valuation until it secures a new auditor, turns in its 10-K filing, stays listed on the Nasdaq, and allays investors' concerns about a potential Justice Department investigation. Unless it checks all of those boxes, I'd stay far away from Super Micro Computer's beaten-down stock.

Super Micro Computer stock craters over late financial report. Will it get delisted?

Shares of Super Micro Computer (SMCI-7.13%) hit a new 52-week low on Thursday morning as the AI-focused hardware company struggles with filing its quarterly report (Form 10-Q) for the period ending September 30. The San Jose-based company notified the U.S. Securities and Exchange Commission of the delay in a recent filing, saying it needs more time to select and engage a new accounting firm to review financial statements for fiscal 2024. Having already missed the deadline for its 2024 Form 10-K or annual report, Super Micro faces a potential Nasdaq delisting. After receiving a non-compliance letter in September, Super Micro has until November 16 to submit a plan to Nasdaq (NDAQ-1.24%) to regain compliance, or it could face delisting for the second time in five years. On Thursday morning, the company's stock was trading at $18, down more than 7%. Compared to its March peak of $123, the price has plunged over 85%, erasing over $55 billion in value. Super Micro makes hardware that supports AI applications. The stock has thrived for much of this year and entered the Fortune 500 at No. 498 as part of a frenzy over AI and related tools. As a key partner and reseller of Nvidia's (NVDA+1.80%) GPUs and other components, Super Micro integrates the technology into its servers to support AI workloads. Super Micro CEO Charles Liang and Nvidia CEO Jensen Huang are both Taiwanese immigrants and have a long-standing relationship. Super Micro Computer went through a rough phase in September when a short seller, Hindenburg Research, published a scathing report accusing the company of accounting red flags and questionable business dealings, including alleged sanctions evasion from exports to Russian and Chinese firms. More recently, the server company's auditor, Ernst & Young, resigned. The departure follows months of disagreement over Super Micro Computer's governance practices and board independence. After these events, Super Micro's stock price experienced a significant decline, dropping 33% so far in 2024 and 35% over the past 12 months.

Why Super Micro's Survival May Hinge On Nvidia Earnings, Nasdaq Deadline - Super Micro Computer (NASDAQ:SMCI)

Supermicro faces delisting unless it submits a compliance plan risking its position in major ETFs and indexes. Super Micro Computer Inc SMCI is teetering on the edge of a dramatic pivot. Once a darling of Nvidia Corp's NVDA AI-driven success, the server manufacturer now finds itself grappling with a slew of issues that could determine its survival. As Super Micro hurtles toward a Nasdaq delisting deadline, all eyes are on Nvidia's earnings next week to gauge whether Super Micro can steady its ship -- or sink further into the abyss. Nvidia's Shadow Looms Large Supermicro's close ties with Nvidia have been both a blessing and a curse. Chart created using Benzinga Pro Nvidia's dominance in AI chip innovation fueled a meteoric rise for SMCI stock, especially during the first quarter, but that relationship is now under scrutiny. Recent whispers suggest Nvidia is diversifying its partnerships, reportedly redirecting orders from Super Micro to other server vendors. While Nvidia hasn't officially confirmed these moves, the implications are clear: reputational and operational risks tied to Super Micro's ongoing crises might be too hot for Nvidia to handle. Nvidia's earnings call on Nov. 20 could be the turning point for SMCI stock investors. If Nvidia acknowledges its cooling stance toward Super Micro, the already battered stock might face another wave of sell-offs. On the flip side, silence on the matter could offer Super Micro a temporary reprieve. Read Also: Jim Cramer Says Super Micro In 'Real Hot Water' As Stock Plunges 10% In Thursday Pre Market After Falling Nearly 60% This Week SMCI Stock Potential Delisting Drama Super Micro's troubles don't end with Nvidia. The company is racing against a Nov. 16 Nasdaq deadline to resolve its delinquent SEC filings, a fallout from the ongoing accounting fiasco sparked by Hindenburg Research's scathing short report. With its 10-K filing delayed, its 10-Q now also postponed, and its auditor Ernst & Young resigning in October, the situation looks bleak. If the Nasdaq delisting process kicks off, SMCI stock could lose access to critical ETFs and its spot in the S&P 500, leaving it to trade over the counter. This downgrade could scare off institutional investors and trigger further downward momentum. Nvidia's Earnings - A Litmus Test For SMCI Stock Investors Despite the doom and gloom, Super Micro isn't entirely out of moves. An independent committee has found no evidence of fraud among its management and plans to recommend remedial measures soon. If these measures, combined with a plausible compliance plan for Nasdaq, are compelling enough, Super Micro could buy itself more time to recover. But even if SMCI clears these hurdles, regaining Nvidia's trust and rebuilding its credibility in the market won't be a walk in the park. For now, Nvidia's earnings report might be a forecast for the AI boom and a litmus test for Super Micro's survival. Investors should brace for a make-or-break week ahead. Read Next: Powell's Hawkish Remarks Shake Markets: Stocks Fall, Dollar Rockets, Bitcoin Dips Photo: Shutterstock Market News and Data brought to you by Benzinga APIs

Super Micro Computer (SMCI) Reportedly Drops The Ball On A "Huge" Order For NVIDIA's NVL72 GB200 Chips, Prompting A Taiwanese Company To Pick Up The Tab

This is not investment advice. The author has no position in any of the stocks mentioned. Wccftech.com has a disclosure and ethics policy. Super Micro Computer (SMCI), a retailer of high-performance servers and liquid-cooled AI racks, is rapidly approaching the proverbial twilight zone as its legal woes mount and major customers start bailing on existing orders. We reported in early November that NVIDIA had allegedly begun redirecting its orders that were originally placed with Super Micro Computer to other, more stable suppliers. If confirmed, this would constitute a seminal moment as SMCI was, until recently, NVIDIA's third-largest customer. Now, it seems that Super Micro Computer's major clients are also abandoning it, especially as it remains mired in allegations of financial impropriety, a preliminary DOJ investigation, the exodus of its second auditor in around 18 months, and an imminent de-listing from the Nasdaq exchange. To wit, a Taiwanese daily is now reporting that Super Micro Computer recently halted the expansion of its major factory in Malaysia, one that would have doubled its production capacity to 10,000 server cabinets per month. This expansion halt, however, upended the plans of YTL Group - a major consumer of NVIDIA's AI servers and one of Super Micro Computer's largest customers - to build a green AI data center on the 1,640-acre YTL Data Center Campus in Johor, Malaysia. The facility aims to stitch together one of the fastest AI supercomputers in the world by deploying NVIDIA's DGX GB200 NVL72 full cabinet AI servers at scale. YTL has now reportedly transferred its orders with Super Micro Computer to Taiwan's Wistron Group and its Weiying factory in Malaysia. This development comes as SMCI's CEO, Charles Liang, recently conceded that the company was "asking NVIDIA every day" for fresh batches of the Blackwell chips but that "not enough new chips" were being delivered. For the benefit of those who might not be aware, Super Micro Computer's latest travails began in August when Hindenburg Research detailed a litany of malpractices that ranged from distribution channel stuffing and partial shipments to re-hiring top executives responsible for accounting violations that had resulted in a $17.5 million settlement with the SEC. Hindenburg Research also alleged that a material portion of SMCI's sales came from non-arm's-length suppliers such as Ablecom and Compuware. These allegations have also reportedly attracted scrutiny from a preliminary DOJ investigation. In the aftermath, Super Micro Computer delayed the publication of its annual report, and now stands on the verge of being delisted for violating the Nasdaq exchange's stipulated timeframe for furnishing that report. SMCI now has until the 16th of November to either file the requisite annual report or come up with a plan to regain compliance with Nasdaq's rules.

Nvidia's Latest Move Just Gave Supermicro Investors Some Epically Bad News | The Motley Fool

A major move out of Nvidia could have serious implications on the company's upcoming Blackwell GPU launch. There has been no other company in the artificial intelligence (AI) realm that's been watched as closely as Nvidia (NVDA -0.84%) over the last couple of years. Nvidia's role in the AI narrative is so prominent that any announcement the company makes has the power to swing the capital markets at this point. As the company's upcoming launch of its new Blackwell graphics processing unit architecture (GPU) looms, all eyes are on Nvidia and its partner network. Super Micro Computer (SMCI -3.77%) is one player that's been a direct beneficiary of Nvidia's booming GPU business over the last two years. However, some recent reporting suggests that Nvidia may be migrating away from its reliance on Supermicro's IT infrastructure and looking for partnerships elsewhere. Let's break down the situation and assess what could be influencing Nvidia's decisions. Moreover, I'll explore how this news has been impacting Supermicro stock and what it could mean for investors in both the near and long term. The launch of the Blackwell chips may be the most hyped-up AI event of 2024. Nvidia CEO Jensen Huang has boasted that demand for the new chipsets is "insane." Meanwhile, Morgan Stanley's research team is forecasting $10 billion in sales from Blackwell just in the fourth quarter. While all of this is good news on the surface, there are some wrinkles unfolding in the background that smart investors should be keen on watching. According to an article posted on Digitimes, Nvidia is said to be routing Blackwell orders away from Supermicro in favor of other IT architecture specialists. The last couple of months have been brutal for Supermicro. Back in August, Supermicro became the subject of a short report published by Hindenburg Research. Hindenburg alleges that Supermicro's accounting controls are weak -- essentially implying that something fishy could be going on with its bookkeeping and potentially the financial outlook of the company. To be honest, I didn't think much of Hindenburg's allegations at the time. After all, short-sellers have a vested interest in seeing a stock price decline -- which is exactly what happened following the short report. However, Supermicro ended up delaying its annual report following the Hindenburg report. While this wasn't the best look, I remained cautiously optimistic about Supermicro. But then, in late October, Supermicro filed an 8-K to notify investors that its auditor, big four accounting firm Ernst & Young, had resigned. Considering how much is on the line with anything related to Blackwell, it's not surprising to learn that Nvidia is reorganizing its supply chain protocols. For now, Supermicro's top priorities should be to mitigate any further drama and get its audit and annual filing under control. Unfortunately, I think any work related to Blackwell just adds additional pressure on Supermicro right now, and a failure to execute would only result in more drama surrounding the company. It's hard to know the exact magnitude that Nvidia's Blackwell orders were for Supermicro. Supermicro operates in a highly intensive environment and is far from the only company specializing in storage clusters and server rack designs for data centers. Since the Hindenburg report was published, shares of Supermicro are down 58% (at the time of this writing). So, while migrating Blackwell orders away from Supermicro will decelerate the company's growth and signal an extra kernel of unwanted news, there's an argument to be made that its impact is already baked into the company's share price to some degree. Conversely, shares of Nvidia have been experiencing quite a bit of momentum as of late. In fact, as of the time of this article, Nvidia is the most valuable company in the world by market cap, eclipsing Apple by roughly $200 billion. I think this price action speaks volumes about how excited investors are for Blackwell and what management may reveal later this month when Nvidia reports third-quarter earnings on Nov. 20. I'm curious to learn if moving orders away from Supermicro will have any material impact on shipments of Blackwell, and if so, how that will impact Nvidia's growth in the near term. For now, shares of both Supermicro and Nvidia are experiencing outsized volatility, and I think it's in the best interest of investors to sit on the sidelines and let the near-term narratives surrounding Blackwell continue to unfold. AI is a long-term theme, and investors will have ample opportunities to invest in either Nvidia or Supermicro at more prudent times and reasonable price ranges.

Why Super Micro Computer Stock Is Plummeting Again Today | The Motley Fool

Supermicro has already been struggling with accounting problems, delayed financial filings, and other difficulties, and now it seems a major new competitor is moving in on its turf. With its quarterly report and conference call yesterday, Cisco announced that it plans to enter the AI server market. After the market closed yesterday, Cisco published results for the first quarter of its current fiscal year, which ended Oct. 26. Investors weren't thrilled with the results, and the company's share price has dipped in today's trading, but the networking giant did surprise Wall Street by announcing that it will be entering the high-performance server market. That's not good news for Supermicro. Prior to its recent stumbles, Supermicro has enjoyed a dominant position in the high-end server market tailored for artificial intelligence (AI) use cases. But following missed regulatory filings, the resignation of its auditor, and other sources of controversy, the company's competitive positioning appears to be weakening at an alarming pace. Reports have recently emerged that Nvidia is diverting orders for its industry-leading graphics processing units (GPUs) from Supermicro to other customers. Nvidia's GPUs are the key hardware component in Supermicro's servers. These processors do not currently have comparable replacements, and the server specialist will take a major sales hit if its access to these products is curtailed. Prior to Cisco's announcement that it will be entering the AI server market, it seemed that Dell would be the primary recipient of Nvidia GPUs that had previously been set for sale to Supermicro. With new players entering the space, Supermicro's importance as a customer to Nvidia looks poised to decline. If so, that suggests a significantly weaker sales outlook for the business.

Nvidia's Alleged Blow to Supermicro Could Be a Big Win for This Other Artificial Intelligence (AI) Company | The Motley Fool

Breakups are never fun. And in the case of Super Micro Computer (SMCI -5.26%), there's a pretty clear reason why its longtime partner Nvidia appears to be moving on. In late August, Supermicro came into the spotlight as the target of a short report written by Hindenburg Research. Shortly after, Supermicro delayed its 10-K filing before The Wall Street Journal reported the Department of Justice had launched a probe into the company. To matters worse, Ernst & Young resigned as Supermicro's financial auditor due to concerns over the company's reporting. In the midst of these falling dominos, the company was expected to be a major supplier of new storage clusters and server rack designs featuring Nvidia's soon-to-launch Blackwell GPU. Apparently, Nvidia has had enough. According to an article out of Digitimes, Nvidia is routing Blackwell orders away from Supermicro to avoid potential supply chain disruptions. In this context, Dell Technologies (DELL 3.19%) could emerge as a winner from the Supermicro fallout. Here's why the stock represents a great opportunity. Nvidia has a lot on the line with the Blackwell launch, and any bump in the road at this stage of the game is unacceptable. But why might Dell be able to help in this situation? Dell is known for consumer and enterprise computing devices, but it also has a big infrastructure solutions business, which is a fancy way of saying Dell provides networking services and products for data centers. Like Supermicro, Dell's storage solutions and server designs are an integral component of the broader artificial intelligence (AI) industry. The reason for this is that data centers house chipsets such as Nvidia's GPUs, which are an important piece of equipment for developing generative AI applications. Perhaps the biggest reason Dell could be a winner from the Blackwell launch is due to some clues that management dropped during the company's last earnings call. In August, Chief Operating Officer Jeffrey Clarke shared that the company has been selling its "most advanced architecture aligned to Blackwell to a number of customers." He followed this up by telling investors that Dell's IT infrastructure backlog "is in all sorts of architectures," but "[t]he vast majority [is] within Nvidia H100s, H200s, and Blackwell, as well as a couple of other opportunities around AMD and Intel." I don't want to put the cart before the horse, but I see the above statements as a clear indication Dell is already working closely with Nvidia. More importantly, Blackwell is already shaping up to be a tailwind for Dell. Another way of looking at the Nvidia situation right now is that if businesses purchasing Blackwell GPUs can't also ensure access to the chipset architecture services they need, demand for the new chips will likely stall. Nvidia needs its IT infrastructure partners to be on the ball as the Blackwell launch looms, and with Supermicro's problems showing no end in sight, it's paramount that Nvidia identify other vendors to help -- and quickly. In the chart below, you can see Dell benchmarked against a peer set of IT infrastructure providers by their forward price-to-earning (P/E) ratios. Given all of the controversy surrounding Supermicro, it's not surprising to see its valuation multiple contract so dramatically. On the contrary, Dell's forward P/E of 17.1 has remained fairly steady for quite some time. Not only is Dell trading at a significant discount to Arista Networks, but the S&P 500's average forward P/E of 22.1 is also notably higher. In my eyes, the market is drastically underestimating Dell right now. The company already has Blackwell-driven tailwinds fueling its near-term growth. And now, with Nvidia seemingly moving orders away from Supermicro and looking elsewhere, I'm surprised to see Dell's valuation barely even move on this news. While I don't know for certain whether Nvidia has turned to Dell during this Supermicro fiasco, the Blackwell launch is shaping up to be a big deal for those involved. And given Dell has already shared with investors a good portion of its backlog is related to Nvidia in some fashion, it's hard to see how an investment in Dell will yield lower returns than the overall market a year from now. There's currently a great opportunity to pounce on Dell stock, regardless of whether or not the company benefits from changes to Supermicro's order flow.