Super Micro Computer Inc. (SMCI) shares plummeted more than 24% on Wednesday after the AI hardware company released a disappointing preliminary first-quarter report and failed to confirm a timeline for its actual first-quarter results.

Analysts at Mizuho fear that the lack of an auditor (and possible challenges in getting a new one) could lead to a delisting from the Nasdaq exchange. This could dramatically reduce Supermicro's liquidity by forcing it to trade over the counter, a designation that could make shares harder to access, likely hurting the company's valuation.

As an aside, SNAP jumped post earnings yesterday - see “ Should You Buy, Sell, Or Hold SNAP Stock At $12? In our recent analyses, we argued for a range of outcomes. On one hand, there is potential for the stock to rise over 2x to $1,