# chip earnings — X 热门讨论 (2026-09-23 11:43 UTC)
## @HunterAllen4 (THE GAP FATHER) · 09-23 06:13 · ♥30 ↻0 💬11 $PENG
originally gave Subscribers the $47 breakout.
High conviction Guys
Since then, the fundamentals have caught up. Q3 revenue hit $479M, +48% YoY, with non-GAAP EPS of $0.84, +79%.
AI-driven revenue was 74% of sales and grew 104%, while Integrated Memory hit $275M, +111%.
Management raised FY26 guidance to ~22% sales growth and $2.60 EPS from 12% and $2.15. Memory is guided +90–95%, with preliminary FY27 commentary pointing to ~30% sales/EPS growth.
The CXL angle is where I’m watching the backend. Think of CXL as extra memory that AI servers can tap into without having to keep buying more expensive GPUs. $ALAB provides the controller chip; $PENG /SMART Modular packages the memory into finished cards and systems.
Penguin’s KV-cache system can reach ~11TB of pooled memory, giving AI workloads more room for large models and longer context.
PENG has cited up to 2x inference performance, up to 8x lower time-to-first-token and CXL DRAM roughly 4–5x cheaper than equivalent GPU HBM.
They’ve also disclosed repeat purchases from a tier-1 financial institution and a substantial inference-company CXL order. Importantly, CXL isn’t PENG’s P&L by itself — Integrated Memory is the real engine.
Risks remain: Advanced Computing is guided -15–20%, margins are in the high-20s, cash conversion matters, DRAM pricing can reverse, and CXL could become commoditized.
October 6 earnings is the next checkpoint. $47 was the breakout now I’m watching whether the AI memory backend catches up to the chart. 🦍
Do your own DD. Not financial advice.
100$ comes after 65$ https://x.com/HunterAllen4/status/2102642367539146922