$PENG Earnings report is coming tomorrow, I've organized a few key points I'm most focused on.

Penguin is not just about memory anymore; it's also about AI Cluster, AI Factory, HPC, and CXL. These businesses have opportunities to benefit from the continuous expansion of AI infrastructure in the coming years.
What I'm looking forward to is management's view on the second half of the year. Two sentences from last quarter's earnings call left a deep impression on me.
The first sentence was, "It's a tight market." Management directly said memory supply is still very tight.
The second sentence was, "We're using the balance sheet to secure inventory where we can." That means, as long as they can buy it, they continue to lock in inventory in advance. This indicates that management, at least for now, hasn't seen a clear weakening in storage supply-demand dynamics.
Also, another point: an analyst asked whether CXL will be more profitable than traditional memory modules, and the CFO directly answered "Yes." Because CXL sells not just memory but a complete solution, so future gross margins will be higher.
Besides these, the company has many catalysts this year. NVIDIA AI Factory Partner, early investment in Celestial AI, CXL products starting to ramp up, Trump's personal investment in this company, and Rosenblatt today raised its target price from $65 to $75, believing that Advanced Computing and Memory will continue to accelerate in the second half.
However, market expectations are also high. Currently, the options market has priced in about 14%-16% earnings volatility, so the movement after the report is likely to be significant.
What I care most about tomorrow isn't just how much the company earned this quarter, but also whether management will continue to raise the full-year guidance, whether CXL has new customers, whether AI Factory has more orders, and their view on AI infrastructure demand in the second half.
If these directions continue to be validated, I think PENG will become an AI Factory Platform. This is also the key for the market to revalue it in the future.