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NVIDIA sells the accelerators. Someone still has to design the architecture around them, build the cluster and keep it running. That is the work Penguin Solutions does.

Sources: Penguin Solutions' Q4 FY2026 results (8-K Exhibit 99.1, accession 0001616533-26-000046) and the company's own published prepared remarks. Figures labelled DERIVED are our arithmetic from filed segment lines, not company disclosures.

Not investment advice. We read the filing and show the arithmetic.

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Transcript
00:00Buying 36,000 GPUs doesn't automatically give you a working AI factory.
00:06Someone has to make the machines work together.
00:09That's where Penguin Solutions, the NASDAQ-listed company behind TickerPeng, comes in.
00:15It does not manufacture NVIDIA's GPUs.
00:18Its work spans system architecture, rack integration, cluster deployment, monitoring, and repair.
00:26Penguin says it has deployed and managed more than 99,000 GPUs.
00:31That is a company-reported figure, not an audited metric.
00:35In its fiscal 2026 fourth quarter, Penguin said a NeoCloud customer selected it to deploy and operate a 36,000
00:44GPU AI factory in Norway.
00:47How much Penguin earns from it is not disclosed.
00:50AI infrastructure spending is not only about buying chips.
00:55The investor test is whether that capability shows up as visible services, revenue, and cash flow.
01:02So when you switch to the human rightsikes, it is non-open data adoption.
01:02I am willing to say, cause not to believe you will come your way, your power will become your power.
01:02If you use it as an individual operator instead of a Pisces in a map, you can click on the
01:02side of the guard.

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