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  • Super Micro’s shares jump after server maker says review finds no evidence of misconduct

    Super Micro’s shares jump after server maker says review finds no evidence of misconduct

    NEW YORK — Just over a month after Ernst & Young resigned as its public accounting firm, Super Micro Computer says a review committee has found no evidence of fraud or misconduct among the server maker’s leadership.

    Super Micro is also searching for a new chief financial officer and appointing other executives per recommendations from the committee, which began its review several months ago — after EY communicated concerns over issues like transparency, internal control related to financial reporting and integrity of management while conducting its first audit for the company.

    Additional information that emerged during this review eventually led EY to resign as Super Micro’s public accountant in October. Super Micro, which disagreed with EY’s decision, later appointed BDO as its new independent auditor last month.

    Super Micro announced that the committee, formed by the board as well as external counsel, completed its review on Monday. The company said that the conclusions EY laid out in its resignation “were not supported by the facts” found in this probe — maintaining that there was no evidence of misconduct.

    As a result, Super Micro does not expect past financial reports to be restated. Shares for Super Micro climbed over 20% Monday morning.

    Beyond the findings of this review, Super Micro also laid out plans to appoint new leadership, which it says follow recommendations from the committee. Super Micro disclosed that it has begun looking for a new CFO, with David Weigand continuing in the role until the board names a successor. The company also said it would be “accelerating its search” for a chief compliance officer and for a general counsel.

    In addition, Super Micro announced it has appointed Kenneth Cheung, current vice president of finance and corporate controller, as chief accounting officer.

    It’s been a tumultuous year for Super Micro — and EY’s resignation wasn’t the first time its accounting practices have come into question. Back in August, short-selling firm Hindenburg Research released a report alleging ample accounting manipulation at the company, pointing to “glaring accounting red flags” and evidence of undisclosed transactions. It also accused Super Micro of rehiring top executives that were directly involved in a 2018 scandal. At the time, Super Micro said it would not comment “on rumors and speculation.”

    Following these accusations, The Wall Street Journal and others reported that the Justice Department was beginning a probe into Super Micro, citing people familiar with the matter.

    Super Micro has been among tech companies recently riding a the artificial intelligence wave. In August, Super Micro reported fourth-quarter revenue of $5.31 billion, a more than 143% increase over the $2.18 billion it reported in the same quarter of 2023.

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  • German documentary maker slams Prince Harry and Meghan Markle’s lifestyle

    German documentary maker slams Prince Harry and Meghan Markle’s lifestyle

    As Thanksgiving passes in Montecito, Prince Harry and Meghan Markle’s glittering lifestyle faces new challenges. Meghan’s highly anticipated lifestyle brand, American Riviera Orchard, has requested a three-month extension to amend her trademark application, while her Netflix cooking series is set to release in early 2024.

    Additionally, the Sussexes’ charity, Archewell, is preparing to file its tax return, which will reveal its financials and likely attract public scrutiny.

    More immediately, the couple faces the release of Harry: The Lost Prince, a documentary airing in Germany this week. The film examines whether Harry and Meghan have truly achieved “freedom” and become globally influential figures.

    According to documentary filmmaker Ulrike Grunewald, the answer is “No.” She argues that despite their high aspirations to be global benefactors, they have not yet lived up to the image they’ve cultivated.

    What did Grunewald find?

    Grunewald, who traveled to Montecito for her documentary, found that the Sussexes have not integrated into the elite circles of their wealthy neighborhood. Despite their royal status, they remain largely isolated, seldom seen in town and rarely participating in social activities.

    Their charitable foundation, Archewell, also appears to be struggling. Donations dropped significantly in 2022, and Harry and Meghan reportedly work only one hour a week for the organization.

    Grunewald further explored the Invictus Games, which garnered positive attention during the 2023 event in Dsseldorf. However, reports revealed that it cost German taxpayers 40 million euros, undermining the goodwill.

    The next Invictus Games are scheduled for February 2024 in Vancouver, funded in part by the Canadian government, but leadership issues within the organization have raised concerns.

    Despite these setbacks, Harry remains committed to his charitable endeavors, particularly Invictus, which royal reporter Jack Royston believes is genuine work. However, Grunewald suggests that the Sussexes’ initial power duo image has shifted, with the couple now appearing separately and their influence waning.

    As their popularity drops-approval ratings in the UK and US are now below 30 percent-the couple must work hard to restore their public image. Nonetheless, Meghan recently continued her philanthropic efforts by hosting a dinner for Afghan women, and their Archewell Foundation remains active. But whether their ambitions will lead to lasting success remains uncertain.



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  • ChatGPT maker OpenAI raises $6.6 billion in fresh funding as it moves away from its nonprofit roots

    ChatGPT maker OpenAI raises $6.6 billion in fresh funding as it moves away from its nonprofit roots

    OpenAI said Wednesday it has raised $6.6 billion in venture capital investments as part of a broader shift by the ChatGPT maker away from its nonprofit roots.

    Led by venture capital firm Thrive Capital, the funding round was backed by tech giants Microsoft, Nvidia and SoftBank, according to a source familiar with the funding who was not authorized to speak about it publicly.

    The investment represents one of the biggest fundraising rounds in U.S. history, and ranks as the largest in the past 17 years that doesn’t include money coming from a single deep-pocketed company, according to PitchBook, which tracks venture capital investments.

    Microsoft pumped up OpenAI last year with a $10 billion investment in exchange for a large stake in the company’s future growth, mirroring a strategy that tobacco giant Altria Group deployed in 2018 when it invested $12.8 billion into the now-beleaguered vaping startup Juul.

    OpenAI said the new funding “will allow us to double down on our leadership in frontier AI research, increase compute capacity, and continue building tools that help people solve hard problems.” The company said the funding gives it a market value of $157 billion and will “accelerate progress on our mission.”

    The influx of money comes as OpenAI has been looking to more fully convert itself from a nonprofit research institute into a for-profit corporation accountable to shareholders.

    While San Francisco-based OpenAI already has a rapidly growing for-profit division, where most of its staff works, it is controlled by a nonprofit board of directors whose mission is to help humanity by safely building futuristic forms of artificial intelligence that can perform tasks better than humans.

    That sets certain limits on how much profit it makes and how much shareholders get in return for costly investments into the computing power, specialized AI chips and computer scientists it takes to build generative AI tools. But the governance structure would change if the board follows through with a plan to convert itself to a public-benefit corporation, which is a type of corporate entity that is supposed to help society as well as turn a profit.

    Along with Thrive Capital, the funding backers include Khosla Ventures, Altimeter Capital, Fidelity Management and Research Company, MGX, ARK Invest and Tiger Global Management.

    Not included in the round is Apple, despite speculation it might take a stronger interest in OpenAI’s future after recently teaming up with the company to integrate ChatGPT into its products.

    Brendan Burke, an analyst for PitchBook, said that while OpenAI’s existing close partnership with Microsoft has given it broad access to computing power, it still “needs follow-on funding to expand model training efforts and build proprietary products.”

    Burke said it will also help it keep up with rivals such as Elon Musk’s startup xAI, which recently raised $6 billion and has been working to build custom data centers such as one in Memphis, Tennessee. Musk, who helped bankroll OpenAI’s early years as a nonprofit, has become a sharp critic of the company’s commercialization.

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    Associated Press writers Michael Liedtke in San Francisco and Kelvin Chan in London contributed to this report.

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    The Associated Press and OpenAI have a licensing and technology agreement that allows OpenAI access to part of AP’s text archives.

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