DRAM has become the main constraint on PENG’s upside. That’s bullish because demand is no longer the bottleneck. Management disclosed an enterprise generative AI customer deploying CXL memory expansion cards for inference and memory pooling, exactly the constraint-driven adoption we’ve been tracking. The new CEO repositioned $PENG as an “AI factory platform company” built around six core pillars, signalling a broader platform strategy beyond individual products. Management said component supply is the only factor preventing the company from reaching the high end of its raised full-year guidance. The remaining question is whether today’s DRAM tightness is cyclical or structural. Next quarter, will be watching whether memory supply improves enough for PENG to reach the top end of guidanc
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