· 供应链分析
说得很细。买 $PENG 去押 $MRVL 的“photonic memory”大概率会失望。 他们更像是 $SMCI 那一层的集成商，外加一些潜在的软件增值。 高毛利、真正的基础 IP 属于 Celestial 或 Lightmatter 这类公司。 他们做的是在机架里围绕 Celestial / Marvell 的 photonic memory IP 搭一个 2U 盒子。 这也还处在联合开发阶段。 散户只是把这些层级全搞混了，以为这家公司在做核心 photonic memory IP。 我不是在评论股价会不会涨，只是说它的基础业务确实有意义；如果能越过 sampling，向上的弹性会很大。 只是每次看到别人把“PHOTONIC MEMORY”挂在嘴边就很烦。 他们做的其实只是放核心 IP 的机箱，连 qualification 都还没到。
Very nuanced. People buying $PENG for $MRVL "photonic memory" are likely to be disappointed. They're on the $SMCI integrator level with potential software add. The high margin, foundational IP belongs to companies like Celestial or others like Lightmatter. What they do is build a 2U box, inside the rack, around Celestial/Marvell's the photonic memory IP. It's also in the development collaboration stage. Retail just misunderstand the different layers and conflate them all as this company building core photonic memory IP. Not commenting on the potential price, but it's a legitimate idea for its base business. And upside would be material if they go past sampling. Just annoying when I get comments about "PHOTONIC MEMORY". Then they're building the chassis that the actual photonic memory IP sits inside and not even in qualification stage.