SK hynix has acquired a $377.16 million stake in Penguin Solutions, the Nasdaq-listed AI data center infrastructure company, taking a 9.1% beneficial ownership position, according to a Schedule 13D/A filing disclosed on November 2.

The South Korean memory manufacturer purchased 200,000 shares of Penguin Solutions (Nasdaq: PENG) convertible preferred stock at $1,885.81 per share, with the transaction closing on October 29. The 9.1% ownership figure is measured on an as-converted basis. Schedule 13D filings and their amendments are submitted to the U.S. Securities and Exchange Commission by investors whose beneficial ownership of a public company's securities exceeds 5%, and amendments disclose material changes to such positions. Convertible preferred shares, the security class involved here, are securities that pay dividends and can be converted into common stock under predetermined terms.

SK hynix is one of the world's largest memory chipmakers and a leading supplier of high-bandwidth memory, the component class at the center of the ongoing AI accelerator buildout. The purchase gives the company a direct equity foothold in AI infrastructure integration to complement its chip business. The two roles sit along the same hardware chain: one company supplies the memory class at the center of the AI accelerator buildout, the other integrates the server clusters where those AI workloads actually run.

An internal transfer within SK Group

The shares did not trade on the open market. They transferred from Astra AI Infra LLC, a subsidiary of SK Telecom, to SHIFTIX1 LLC, a wholly-owned subsidiary of SK hynix NAND Product Solutions Corp. In practical terms, the stake never left the SK Group family — it moved from one SK affiliate to another. SK Group is one of South Korea's largest conglomerates, with core businesses spanning semiconductors, telecommunications, and energy.

SK Telecom originally paid $200 million for the same preferred shares in December 2024, meaning the internal transfer values the position at close to twice what the telecom unit invested less than two years ago.

The convertible preferred shares carry a 6% cumulative dividend and come with governance rights under the investor agreement, including board nomination privileges and consent rights. Because the position was disclosed through a Schedule 13D amendment, any future material change to the stake would surface in subsequent SEC filings.

Penguin Solutions and its role in the AI data center market

Penguin Solutions builds AI data center infrastructure, designing and integrating the server clusters, networking, and storage systems that hyperscalers and enterprises use to run large AI workloads. The company was formerly known as SMART Global Holdings before rebranding under the Penguin Solutions name.

The equity consolidation follows a commercial relationship that was already in place. In January 2025, Penguin Solutions, SK Telecom, and SK hynix signed a collaboration agreement specifically targeting AI data center solutions.

Penguin Solutions has projected fiscal 2026 revenues between $1.5 billion and $1.73 billion. The transaction consolidates SK Group's exposure to the company under its semiconductor arm, whose operations sit at the center of the AI data center buildout.

Source: CryptoBriefing