After Ernst Young walked away, all eyes should be on its previous auditor. The risks include Nasdaq delisting.

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In this photo illustration, Supermicro (Super Micro Computer Inc.) logo is ... [+] seen on a smartphone screen. (Photo Illustration by Pavlo Gonchar/SOPA Ima

Super Micro Computer stock fell 4.4% Wednesday after it delayed the filing of its quarterly 10-Q form to the Securities and Exchanges Commission. It also has yet to file its 10-K annual report for the period ended June 30,

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Super Micro Computer (NASDAQ: SMCI), 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.

Super Micro shares are down more than 80% since the company joined the S&P 500 in March. That poor performance could catch the eye of the index committee, an expert said.

Concerns about an upcoming deadline as well as fears of lost business opportunities have the stock sliding today. As of 10:40 a.m. ET, Supermicro shares were starting off the week down by 11.1%. That brings the monthly drop in the stock to about 53%.

Supermicro has already been struggling with investors, and now the company will face new competition in the AI server market.