Super Micro Says Top Management Did Not Know of Alleged Nvidia Chip Diversion Scheme
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Super Micro Computer Inc. said Thursday an independent investigation of its export compliance program found no evidence that senior managers knew of an alleged scheme to divert Nvidia Corp. chips to China. The company said the probe also found no evidence of direct sales to restricted parties, and it took personnel actions including terminations. Super Micro shares rose as much as 5.9%.
Key Facts
- Super Micro's independent investigation found no evidence that senior management knew of an alleged Nvidia chip diversion scheme.
- The independent investigation found no evidence of direct sales to restricted parties.
- US prosecutors charged a Super Micro co-founder and two others with illegally diverting billions of dollars in Nvidia-powered servers to China.
- Super Micro took personnel actions, including terminations, and adopted independent directors' recommendations to strengthen export compliance.
- Super Micro shares rose as much as 5.9% on Thursday.
Export Compliance Investigation
Super Micro Computer Inc. completed an independent investigation into its export compliance program. The investigation team concluded that senior management had no knowledge of an alleged diversion scheme involving Nvidia Corp. chips. The independent investigation did not find evidence of direct sales to restricted parties. The investigation also found nothing suggesting the company's previously issued financial statements could not be relied upon based on the potential diversion of restricted products. Super Micro took personnel actions, including terminations, and the board adopted independent directors' recommendations to further enhance export compliance.
Federal Charges and Market Response
US prosecutors charged a Super Micro co-founder and two others with illegally diverting billions of dollars in Nvidia-powered servers to China in violation of export-control laws. The trio allegedly sold the hardware to a Southeast Asian company and coordinated its ultimate shipment to Chinese customers. All three have pleaded not guilty. Super Micro shares rose as much as 5.9% on Thursday.
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Super Micro Says Top Management Did Not Know of Alleged Nvidia Chip Diversion Scheme
