Super Micro Computer (SMCI) shares have dropped 64% from high levels of demand to low levels of legal risk. The company's stock has been negatively impacted by reports of export violations and internal control failures. Despite these issues, there is no indication of lost customers, slowing orders, or weakening fundamentals. These issues could lead to a lasting risk discount on the company, regardless of its demand. If the issue is resolved, the market may continue to reprice the stock, not for growth, but for risk.