SK系投资的美国存储模组商Penguin Solutions称订单已排至一年后，利好SK hynix CXL/服务器DRAM协同

U.S. Memory Firm Backed by SK Says Orders Booked a Year Out - Seoul Economic Daily
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Penguin Solutions' Compute Express Link (CXL) memory module. Penguin Solutions
Penguin Solutions, the U.S. company that builds memory modules for artificial intelligence servers using chips supplied by SK hynix (000660.KS), has secured enough orders to cover deliveries for the next year. Expanding investment in AI data centers has driven a surge in demand not only for high-bandwidth memory (HBM) but also for server DRAM and next-generation memory based on Compute Express Link (CXL). Analysts say the shift also opens a new growth opportunity for SK hynix, which is jointly developing next-generation memory technology with Penguin Solutions.
Penguin Solutions said on its third-quarter earnings conference call on the 6th that the order backlog in its memory business exceeded quarterly revenue, according to industry sources on the 9th. Deliveries for orders already in hand are scheduled over at least the next four quarters, the company added. Orders are piling up because memory supply is not keeping pace with demand, it said.
Earnings grew sharply as well. Third-quarter revenue from the memory business came to $341 million (about 456.6 billion won), up 158% from a year earlier. That far exceeded the 111% revenue growth reported for the second quarter in July. The company projected that memory business revenue in fiscal 2027 would rise about 50% from the previous year.
Penguin Solutions Chief Executive Officer Kashi Shaikh said on the call that both memory prices and volumes were rising. The CEO stressed that the order backlog had actually increased even as the company posted record quarterly revenue. As AI evolves beyond simply answering user questions toward inference that carries out multiple tasks in sequence, the memory capacity required in servers keeps growing, the CEO said.
That expansion in demand carries significant implications for SK hynix, one of Penguin Solutions' main memory chip suppliers. For some customers, Penguin Solutions builds modules using chips the customers procure directly from memory manufacturers, while for others it handles everything from chip sourcing to module assembly. The two business models each account for roughly half of the total.
The two companies are closely tied through an equity investment and technology cooperation. SK Telecom (017670.KS) invested $200 million (about 267.8 billion won) in Penguin Solutions in 2024, and in January last year the parties signed a three-way strategic agreement that also included SK hynix. The three companies agreed to pursue joint research and development and commercialization of AI data center solutions, as well as expansion into overseas markets.
They are also cooperating on CXL, a next-generation memory solution. CXL is a technology that links central processing units (CPUs) with memory and other components at high speed, expanding the memory capacity available in servers. Starting in the third quarter of this year, Penguin Solutions has also been expanding its business in CXL-based memory expansion cards for AI inference companies.
"Memory is a market affected by economic cycles, but the AI industry is creating new structural demand," the CEO said. "This change is especially pronounced in memory for data centers."
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Original reporting by
Lee Seok-jin
for Seoul Economic Daily.
AI-translated from Korean. Quotes from foreign sources are based on Korean-language reports and may not reflect exact original wording.
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