The side commentary in the Ars article from a security expert indicates that--besides the apparent stock manipulation--there is a baseline of truth to the exploits, which generally are not good for AMD's contention that the PSP can be trusted. Among them, there's the assertion is that the PSP's signature verification can be bypassed, there are few safeguards within it, and elements like the SOC's southbridge have broad access once they're exploited. The latter case is something where the third-party vendor is a known security risk that AMD apparently was not able to isolate.
If this proves true and difficult to remedy, it does undermine part of EPYC's security feature set related to safeguarding against broken hosts, and may raise doubts about the trustworthiness of systems that may have gone through intermediaries before getting to the customer. These aren't new threat scenarios for the PSP or Intel's Management Engine, but this might be evidence that they've gone beyond theory crafting and are now exploitable.
If this proves true and difficult to remedy, it does undermine part of EPYC's security feature set related to safeguarding against broken hosts, and may raise doubts about the trustworthiness of systems that may have gone through intermediaries before getting to the customer. These aren't new threat scenarios for the PSP or Intel's Management Engine, but this might be evidence that they've gone beyond theory crafting and are now exploitable.