Super Micro Computer (SMCI -4.13%) stock is surging in Monday's trading. The server company's share price was up 11.1% as of 12:30 p.m. ET. Meanwhile, the S&P 500 (^GSPC -1.13%) was up 0.5%, and the Nasdaq Composite (^IXIC -1.30%) was up 1%.

Supermicro's share price is rising due to expectations surrounding the company's business update for the second quarter of its current fiscal year, which concluded at the end of December. While the business update is unlikely to be an official earnings report for the period, investors are betting that the company will share some big news.

Supermicro stock rockets higher ahead of tomorrow's business update

Supermicro is scheduled to provide a business update through a conference call at 5 p.m. ET tomorrow. Given that the company has not yet published its audited 10-K report for its last fiscal year or audited results for the first quarter of the current fiscal year, investors may not be getting audited Q2 results tomorrow.

On the other hand, it wouldn't be surprising to see the company publish unaudited Q2 results. It's also possible that an end to the uncertainty surrounding the company's delayed 10-K report will arrive tomorrow, and some investors are buying into the stock in anticipation of a favorable conclusion.

What comes next for Supermicro?

Supermicro had previously said that it would have the delayed annual report filed by Feb. 25. If the report arrives without any major downward revisions for sales and earnings results that it already reported for the previous fiscal year, the company's share price could rocket above current levels.

With the stock trading at just 14 times this year's expected earnings even after today's big gains, Supermicro's valuation multiples look cheap in the context of its recent business performance. But the uncertainty surrounding its 10-K filing and reports of bad accounting practices mean that attempting to assess the company along traditional valuation lines is a risky proposition.

Therefore, tomorrow's business update has the potential to be a make-or-break moment for the stock.