While not technically a pure-play GPU-as-a-Service or neocloud operator, Penguin Solutions (NASDAQ: PENG) is essentially in the same business as Nebius (NASDAQ: NBIS), Iren (NASDAQ: IREN), and Applied Digital (NASDAQ: APLD), but with far less risk.
What it does is enable businesses, enterprises, governments, and hyperscalers to access AI-capable, high-performance computing (HPC) capacity, along with the software and services to run it.
