$PENG is interesting because AI capex is exposing a bottleneck below GPUs: designing, deploying and managing full clusters.
Before the rename, SMART Global bought Penguin Computing in 2018 and Stratus for $225M in 2022, shifting from memory cyclicality toward infrastructure.
Q3 FY24 showed the model: $301M revenue, 32% non-GAAP gross margin and $0.37 non-GAAP EPS. The call matters if IPS demand keeps absorbing GPU complexity better than ODMs.