At $28.78, "peng stock price" is trending above its 100-day moving average, often seen by traders as a bullish sign. Sector-wide forecasts predict 6% average gains in tech growth stocks this month. The previous big move we wrote about was 21 days ago when the stock gained 3.5% on the news that software giant Oracle (ORCL) boosted its outlook, citing booming demand for its cloud services from artificial intelligence firms. Oracle's shares soared after the announcement, creating a positive ripple effect across the semiconductor industry. The surge in demand for Oracle's cloud infrastructure from AI companies highlights the massive computing capacity required to compete in the AI race. This translates into significant investment in the underlying hardware, directly benefiting AI chipmakers such as Nvidia, AMD, and Broadcom. The positive sentiment underscores what some analysts call an ongoing “AI supercycle,” reinforcing investor confidence that the demand for advanced data center chips and related products remains robust. Shares of semiconductor maker Penguin Solutions ( NASDAQ: PENG ) jumped 2.3% in the afternoon session after an analyst at Rosenblatt reiterated a "Buy" rating and significantly raised the price target on the stock. Rosenblatt analyst Kevin Cassidy increased the price target on Penguin Solutions to $36 from $27, representing a 33.33% jump in expected value. The firm anticipates the company will surpass consensus estimates and its own fiscal 2025 guidance. This optimism is reportedly driven by stronger-than-expected memory demand and pricing. Cassidy noted that Penguin Solutions, which is scheduled to report its fiscal fourth-quarter results on October 7, is likely to deliver a "modest beat" on expectations due to these favorable market conditions. Chart patterns suggest "peng stock price" could challenge $30.20 after holding its base near $28 for several sessions. Strong earnings visibility adds to the bullish technical narrative.