Penguin Solutions ($PENG) is highlighted as a bullish investment trading under 17x forward earnings, with a potential price target expansion to 30x+ forward P/E if its photonics technology is quantified. The company is positioned as a key integrator for AMD and Intel CPUs and has secured a $200M strategic investment from SK Telecom. While the post notes risks like lumpy earnings and memory shortages, it emphasizes the value of its memory business and its role as a public play on photonics alongside Marvell ($MRVL) and Lumentum ($LITE).