I just recently ordered a new motherboard (AsRock G31M-GS R2.0) and when trying to do my 1st boot a red light showed up on the mobo and a little bit of smoke so I instantly turned it off. I turned it back on a few moments later and the cpu fan, graphics card, case fans worked but I got no display on my monitor. There's a yellow light on my monitor though. Is it fried?
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You know machines run on smoke right? Once they're out of it they don't run any more. I would RMA that board immediately.