SMCI's One-Person Committee is Part of a Team

Courtesy of @unusual_whales on X:

Super Micro Computer, $SMCI, announced the completion of a review by an independent Special Committee, which consisted of only one person, and which found no evidence of misconduct or fraud by the company’s management or Board.

As ridiculous as a one-person "Special Committee" sounds, especially for allegations such as these, the market is rewarding this news by sending shares of SMCI up 28% as I write this. But, then again, this type of action is wholly consistent with a euphoric market with respect to buying any and all dips relating to AI/tech/growth plays. 

Interestingly, semis as a group are still up nicely on the session but off the highs in the final ninety minutes of trading. Intel saw their much-maligned CEO announce his retirement, seeing an initial pop fade to red. And NVDA has been lagging the semiconductor rally all day and is now red, as well. 

Overall, chips are still tap-dancing around the 200-day moving average on the SOX Index, updated below on the daily chart. Bulls seem to assume a holiday rally is in the bag, but a live Bank of Japan meeting in two weeks may throw a dent in things as Japan is likely to withdraw liquidity out of the system.