Wondering where Super Micro Computer’s stock is heading? It might be helpful to look at the shares’ journey to this moment.The stock market tends to have a short memory, focusing more on the future than the past.

Like a frog in a pot of boiling water, things keep getting more uncomfortable for Super Micro Computer (NASDAQ: SMCI) as times goes on. Supermicro's growing accounting debacle began in late August as the target of a short report from Hindenburg Research.

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.