Super Micro Computer investors are still nervous, and they have every right to be. The stock fell 4% Tuesday and was up 1.3% to $40.72 ahead of the open Wednesday, reversing earlier losses. The market is still anxiously awaiting the AI server maker’s delayed financial reports for the year ended June 30 and the September quarter.

The big recovery in Supermicro shares started with a 12.1% gain over the month of November, according to data provided by S&P Global Market Intelligence. But it didn't stop there. In just the first two trading days of December, the stock has surged more than another 30%. And it may not be done yet.

Super Micro Computer’s stock (SMCI) has been at the center of controversy in recent months due to accounting fraud allegations from a