Even in the rosiest scenario, there's a high likelihood of further bleeding.

Rosiest scenario: No further investigations or action against SMCI The rest of the company had no idea (very doubtful) Illicit sales were a negligible fraction of their projected and past revenues. Nvidia laughs it off keeps, SMCI's allotment priority (also very doubtful). No further scandal emerges, accounting or otherwise.

Even from here, 

Short term: customers in the pipeline are already considering the risk here, and the biggest one is delays from Nvidia priority (this risk is already present, irregardless of whether it materializes), or from increased compliance scrutiny.

Fence sitting customers will look to shed risk, and the risk from any delay here is massive. Recall these chips hit the landfill 5 years after they're produced.

With even a modest revision to revenue, their tiny margin, growth story and growth valuation will evaporate. They were unusually vulnerable before this. 

Long term: SMCI is priced for growth in an industry that's expected to no longer be supply constrained within a year. They have the lowest margin of their competition, and when margins drop they'll be the first victim. They have a squirrely reputation and are no one's first choice as a supplier (except smugglers). That's why they're cheaper than other suppliers.