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On Wed, 17 Jul, 12:03 AM UTC
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SGH to Become Penguin Solutions - SMART Glb Hldgs (NASDAQ:SGH)
Deep experience and expertise for AI infrastructure solutions, services, and management Today, at its Nasdaq MarketSite Analyst Day event, SMART Global Holdings, Inc. ("SGH") SGH announced its intention to become Penguin Solutions, Inc. This rebranding is a continuation of the company's transformation over the past several years and reflects its focus on delivering leading-edge solutions that solve the complexity of AI. The new Penguin Solutions is uniquely positioned as an expert in end-to-end AI infrastructure solutions. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240716664822/en/ SGH announced its intention to become Penguin Solutions, Inc. This rebranding is a continuation of SMART Global Holdings' transformation over the past several years, and reflects its focus on delivering leading-edge solutions that solve the complexity of AI. (Graphic: Business Wire) "AI is being used to drive competitive advantage in almost every industry. Large language model (LLM) computing, analytics, inferencing, and simulation have all become critical across a wide range of applications, and enterprises of all sizes are racing to deploy AI for both differentiation and business acceleration," commented Mark Seamans, SGH global vice president of marketing. "However, AI infrastructure is incredibly complex. It differs significantly from traditional enterprise IT and requires a new set of technical expertise that organizations have not yet developed. In many cases, the complexity involved in AI solutions is leading to slow adoption, delayed deployments, underperforming systems, and unrealized return on investment." With more than 25 years of high-performance computing experience and more than 75,000 GPUs deployed and managed to date, Penguin Solutions has long been a trusted strategic partner for enterprises looking to harness the power of AI. SGH's decision to adopt the Penguin Solutions name across its brands builds on this reputation and marks the start of a new era for the firm. "Today's announcement reflects our new identity as a cohesive, integrated company with the breadth of innovative solutions to address a core challenge of our time: incorporating AI infrastructure solutions, services, and management across a wide spectrum of industries," said Mark Adams, president and CEO. "We've adopted Penguin Solutions to highlight our long-standing experience delivering assured solutions to our customers." SGH is expected to complete its transition to Penguin Solutions later this year subject to shareholder approval. The Cree LED brand, also a business unit of SGH, will remain unchanged and will continue to do business as Cree LED. Penguin Solutions is a trademark or registered trademark of Penguin Computing, Inc. Cree LED is a trademark or registered trademark of CreeLED, Inc. All other trademarks are the property of their respective owners. About SGH At SGH, we design, build, deploy, and manage high-performance, high-availability enterprise solutions that help our customers solve for the future. Across our computing, memory, and LED lines of business, we focus on serving our customers by providing deep technical knowledge and expertise, custom design engineering, build-to-order flexibility, and a commitment to best-in-class quality. View source version on businesswire.com: https://www.businesswire.com/news/home/20240716664822/en/ Market News and Data brought to you by Benzinga APIs
[2]
SGH to Become Penguin Solutions
Deep experience and expertise for AI infrastructure solutions, services, and management Today, at its Nasdaq MarketSite Analyst Day event, SMART Global Holdings, Inc. ("SGH") (NASDAQ: SGH) announced its intention to become Penguin Solutions, Inc. This rebranding is a continuation of the company's transformation over the past several years and reflects its focus on delivering leading-edge solutions that solve the complexity of AI. The new Penguin Solutions is uniquely positioned as an expert in end-to-end AI infrastructure solutions. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240716664822/en/ "AI is being used to drive competitive advantage in almost every industry. Large language model (LLM) computing, analytics, inferencing, and simulation have all become critical across a wide range of applications, and enterprises of all sizes are racing to deploy AI for both differentiation and business acceleration," commented Mark Seamans, SGH global vice president of marketing. "However, AI infrastructure is incredibly complex. It differs significantly from traditional enterprise IT and requires a new set of technical expertise that organizations have not yet developed. In many cases, the complexity involved in AI solutions is leading to slow adoption, delayed deployments, underperforming systems, and unrealized return on investment." With more than 25 years of high-performance computing experience and more than 75,000 GPUs deployed and managed to date, Penguin Solutions has long been a trusted strategic partner for enterprises looking to harness the power of AI. SGH's decision to adopt the Penguin Solutions name across its brands builds on this reputation and marks the start of a new era for the firm. "Today's announcement reflects our new identity as a cohesive, integrated company with the breadth of innovative solutions to address a core challenge of our time: incorporating AI infrastructure solutions, services, and management across a wide spectrum of industries," said Mark Adams, president and CEO. "We've adopted Penguin Solutions to highlight our long-standing experience delivering assured solutions to our customers." SGH is expected to complete its transition to Penguin Solutions later this year subject to shareholder approval. The Cree LED brand, also a business unit of SGH, will remain unchanged and will continue to do business as Cree LED. Penguin Solutions is a trademark or registered trademark of Penguin Computing, Inc. Cree LED is a trademark or registered trademark of CreeLED, Inc. All other trademarks are the property of their respective owners. About SGH At SGH, we design, build, deploy, and manage high-performance, high-availability enterprise solutions that help our customers solve for the future. Across our computing, memory, and LED lines of business, we focus on serving our customers by providing deep technical knowledge and expertise, custom design engineering, build-to-order flexibility, and a commitment to best-in-class quality.
[3]
SGH to become Penguin Solutions (NASDAQ:SGH)
SMART Global Holdings (NASDAQ:SGH) on Tuesday announced its intention to become Penguin Solutions. "This rebranding is a continuation of the company's transformation over the past several years and reflects its focus on delivering leading-edge solutions that solve the complexity of AI," the company said. SGH is expected to complete its transition to Penguin Solutions later this year. The Cree LED brand, also a business unit of SGH, will remain unchanged and will continue to do business as Cree LED. SGH is -4.36% to $28.07. Source: Press Release More on SMART Global SMART Global Holdings: Upcoming Results Could Shine Light On AI Play Biggest stock movers today: CVNA, BIDU, LZ, and more Smart Global rises 10% after Memory business shows recovery in Q3
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SMART Global Holdings rebrands as Penguin Solutions By Investing.com
NEW YORK - SMART Global Holdings, Inc. (NASDAQ: SGH), a company with a history in high-performance computing, has announced its intention to rebrand as Penguin Solutions, Inc., a move highlighting its focus on artificial intelligence (AI) infrastructure solutions. The announcement was made during the Nasdaq MarketSite Analyst Day event held today. The new name, Penguin Solutions, aligns with the company's strategic shift over recent years towards providing comprehensive AI solutions. With over 25 years in high-performance computing and management of over 75,000 GPUs, the company has established itself as a key player in the AI infrastructure field. Mark Adams, president and CEO, stated that the rebranding represents the company's integrated approach to addressing the challenges of AI infrastructure across various industries. Mark Seamans, SGH's global vice president of marketing, pointed out that AI infrastructure's complexity has often led to slow adoption and underperformance, hindering enterprises from realizing a full return on their AI investments. Penguin Solutions aims to mitigate these issues by offering specialized technical expertise and solutions. The transition to Penguin Solutions is expected to be completed later this year, pending shareholder approval. However, the Cree (NYSE:WOLF) LED brand, also a part of SGH, will not be affected by this change and will continue to operate under its current name. This rebranding initiative is part of SGH's broader commitment to providing high-availability enterprise solutions that address future technological challenges. The company prides itself on its technical knowledge, custom design engineering, and quality assurance. The information regarding SGH's rebranding and strategic focus is based on a press release statement. In other recent news, SGH, an intelligent platform solutions and memory products provider, reported steady Q3 growth with revenues reaching $300.6 million. This development was highlighted in an earnings call where SGH's CEO, Mark Adams, emphasized the company's strategic progress in customer engagement and operational efficiency. The non-GAAP gross margin stood at 32.3%, with the Penguin business contributing nearly half of the total revenue. Looking ahead, SGH expects Q4 revenues to be around $325 million, with a non-GAAP gross margin of 31.5%. The company also mentioned supply chain constraints and extended lead times for components as ongoing challenges which might impact gross margins. In addition, SGH expressed optimism about growth opportunities in the high-performance computing (HPC) and artificial intelligence (AI) sectors. The company anticipates growth in Specialty Memory in Q4 due to improved memory pricing and normalized customer inventory levels. More details about SGH's focus on the HPC and AI markets will be revealed at the upcoming Analyst Day in New York City. In the wake of SMART Global Holdings' announcement to rebrand as Penguin Solutions, the company's focus on AI infrastructure solutions is reflected in its financial metrics and market performance. According to InvestingPro data, SGH has a market capitalization of approximately $1.48 billion, underscoring its significant presence in the high-performance computing sector. Despite a challenging market environment, the company has managed to maintain a positive revenue growth rate of 3.29% over the last twelve months as of Q3 2024. However, it's noteworthy that the quarterly revenue has seen a decline of 12.73% in Q3 2024. Investors following SGH's transition may find the InvestingPro Tips particularly illuminating. Analysts have recently revised their earnings expectations upwards for the upcoming period, suggesting confidence in the company's future performance. Moreover, SGH's liquid assets are reported to exceed its short-term obligations, providing a buffer against financial uncertainties and enabling continued investment in its strategic shift towards AI infrastructure. For those interested in deeper analysis and additional insights, InvestingPro offers a total of 18 tips for SGH, which can be accessed at InvestingPro's SGH page. To enhance your investment research, consider using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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SGH, formerly known as SMART Global Holdings, announces a strategic rebranding to Penguin Solutions. This move aligns with the company's shift towards AI and edge computing solutions, reflecting its evolving business focus and market positioning.
SGH, previously operating as SMART Global Holdings, has unveiled its plans to rebrand as Penguin Solutions. The company announced this significant change on July 10, 2023, marking a new chapter in its corporate identity 1. This strategic move is set to take effect from July 17, 2023, when the company will begin trading under its new name on the Nasdaq Global Select Market 2.
The rebranding initiative is not merely a cosmetic change but reflects a deeper strategic shift in the company's focus. SGH's decision to adopt the Penguin Solutions name aligns with its evolving business strategy, which now centers on providing AI and edge computing solutions 3. This move underscores the company's commitment to positioning itself at the forefront of these rapidly growing technology sectors.
While the company's name is changing, its stock symbol will remain unchanged. SGH will continue to trade under the ticker "SGH" on the Nasdaq Global Select Market 4. This decision maintains continuity for investors and stakeholders while the company undergoes its transformation.
Mark Adams, the CEO of SGH, provided insights into the rationale behind the rebranding. He emphasized that the new name, Penguin Solutions, better reflects the company's current business focus and future direction. Adams stated, "Our new name represents our mission to empower customers to build innovative, end-to-end AI and edge solutions" 1.
SGH has a rich history dating back to its founding in 1988. Over the years, it has evolved from a memory solutions provider to a comprehensive technology solutions company. The rebranding to Penguin Solutions signifies the company's commitment to further expansion in the AI and edge computing markets, which are experiencing rapid growth and technological advancements 2.
The announcement of the rebranding has garnered attention in the technology and investment communities. As SGH transitions to Penguin Solutions, industry observers will be closely watching how this strategic shift impacts the company's market position, partnerships, and overall performance in the competitive landscape of AI and edge computing solutions 3.
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SMART Global Holdings rebrands as Penguin Solutions, focusing on AI infrastructure and enterprise solutions. The company reports Q4 earnings miss and provides weaker-than-expected guidance, causing a 15% stock plunge.
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Smart Global Holdings (SGH) sees its stock price targets raised by Stifel and Needham analysts, citing the company's strategic growth initiatives and focus on AI-driven opportunities.
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SK Telecom makes a strategic $200 million investment in SMART Global Holdings (SGH) to advance end-to-end AI infrastructure solutions. The partnership aims to accelerate AI adoption and create new business opportunities in the rapidly growing AI market.
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Goldman Sachs initiates coverage of Penguin Solutions with a Buy rating, citing the company's strong position in enterprise AI computing and potential for significant growth driven by increasing demand for AI solutions.
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Penguin Solutions closes a $200 million strategic investment from SK Telecom, aiming to enhance its AI capabilities and expand its end-to-end AI factory offerings. The deal involves convertible preferred shares and brings changes to Penguin's board and financial outlook.
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