{"id":13,"date":"2026-10-07T10:31:12","date_gmt":"2026-10-07T10:31:12","guid":{"rendered":"https:\/\/arenasignals.com\/?p=13"},"modified":"2026-10-07T20:16:15","modified_gmt":"2026-10-07T20:16:15","slug":"penguin-solutions-report-2026-10-07","status":"publish","type":"post","link":"https:\/\/arenasignals.com\/?p=13","title":{"rendered":"Penguin Solutions (NASDAQ: PENG): Building the AI Factory Platform"},"content":{"rendered":"
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Arena Signals \u00b7 Public Company Intelligence \u00b7 AI Infrastructure<\/p>\n

Penguin Solutions (NASDAQ: PENG):
Building the AI Factory Platform<\/h1>\n

A memory-led earnings breakout\u2014and a growing role designing, deploying and operating the infrastructure behind production AI.<\/p>\n

October 7, 2026 \u00b7 Incorporates results released after the close on October 6, 2026 \u00b7 Fiscal Q4 ended August 28, 2026<\/p>\n<\/header>\n

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Company \/ Symbol<\/small>Penguin Solutions \u00b7 NASDAQ: PENG<\/strong><\/div>\n
CEO<\/small>Kash Shaikh<\/strong><\/div>\n
Current price reference<\/small>$75.00 \u00b7 October 7, 2026<\/strong><\/div>\n
Q4 revenue<\/small>$566.7 million \u00b7 +68% YoY<\/strong> [1]<\/a><\/sup><\/div>\n
Q4 adjusted EPS<\/small>$1.00 \u00b7 +133% YoY<\/strong> [1]<\/a><\/sup><\/div>\n
FY2027 outlook midpoint<\/small>$2.43 billion sales \/ $4.45 adjusted EPS<\/strong> [1]<\/a><\/sup><\/div>\n<\/div>\n
\n
\"Kash<\/p>\n

Kash Shaikh<\/strong>
President & CEO<\/p>\n<\/div>\n

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\u201cEnterprises, governments, and neocloud providers are racing to build AI factories, as platforms scale to power the next generation of inference workloads\u201d<\/p><\/blockquote>\n

\u2014 Kash Shaikh \u00b7 CEO \u00b7 Q2 earnings announcement \u00b7 April 1, 2026 \u00b7 Source<\/a><\/cite><\/div>\n<\/div>\n

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01<\/span>Investment Thesis \u2014 The Builder Behind Production AI<\/h2>\n

The bet is that Penguin becomes a major operating partner for the next wave of AI factories.<\/strong> An AI factory is a data center built to turn expensive processors, memory, networking and software into usable AI output. Penguin helps customers design the system, procure and integrate the equipment, deploy it, and keep it performing. Its proprietary cluster software and advanced memory products add technology value to that services model. [5]<\/a> [16]<\/a><\/sup><\/p>\n

The opportunity grows as AI moves into everyday production: voice agents, business automation and continuous inference require reliable response times and efficient use of costly GPUs. Buying the equipment is only the start. Customers need the whole system working together, often under demanding uptime commitments. That creates an opening for an experienced builder and operator. [8]<\/a> [14]<\/a><\/sup><\/p>\n

The Earnings Breakout Is the Main Event<\/h3>\n

October\u2019s results beat FactSet expectations by approximately 30% on adjusted EPS<\/strong> and 9% on revenue<\/strong>. The new fiscal 2027 midpoints also exceeded the cited analyst models: $3.39 EPS and $2.21 billion sales. The significance is the higher earnings trajectory investors now have to evaluate. [3]<\/a><\/sup><\/p>\n

Two growth engines are coming into focus.<\/strong> Memory supplies the immediate scale; the AI factory platform creates the possibility of more durable customer relationships. The investment case becomes stronger if deployment wins produce continuing software and operating-service income, with enough gross profit to fund growth and generate cash.<\/p>\n

What Makes Penguin Different<\/h3>\n
\n\n\n\n\n\n\n\n\n
Capability<\/th>\nWhat it does<\/th>\nWhy it matters<\/th>\n<\/tr>\n<\/thead>\n
Integrated architecture<\/td>\nCombines partner compute systems with memory, reference designs, software and deployment expertise. [8]<\/a><\/sup><\/td>\nA coordinated system can reach production faster and reduce costly implementation mistakes.<\/td>\n<\/tr>\n
ClusterWareAI software<\/td>\nAutomates deployment, monitors infrastructure and helps diagnose and remediate GPU problems. [10]<\/a> [16]<\/a><\/sup><\/td>\nPenguin can sell ongoing operational value after the initial equipment delivery.<\/td>\n<\/tr>\n
MemoryAI and advanced memory<\/td>\nEngineers memory solutions; its CXL-based KV cache appliance expands available memory for inference. [13]<\/a><\/sup><\/td>\nLong context windows and concurrent AI users make memory capacity and access a performance constraint.<\/td>\n<\/tr>\n
Lifecycle services<\/td>\nDesigns, deploys and manages customer infrastructure. [11]<\/a> [14]<\/a><\/sup><\/td>\nRepeated operating responsibilities can deepen relationships and support expansion.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

The economic distinction:<\/strong> Penguin can participate in AI expansion through equipment, memory and operating expertise while customers finance and own their AI capacity. This differs from a neocloud building a fleet to rent GPU time. It still requires working capital, and competitors can combine systems and services too. The potential advantage is Penguin\u2019s integration of memory engineering, cluster software and operating experience; superior returns must show up in customer performance, margins and cash generation.<\/p>\n

The Growth Driver Investors Should Understand<\/h3>\n

Memory contributed approximately 91% of Q4\u2019s total year-over-year revenue increase<\/strong>, calculated from the segment results. Advanced Computing grew much more slowly at the segment level, although management reported substantially faster growth in its non-hyperscale AI infrastructure business. The recent quarter demonstrates a memory surge; the outlook asks investors to believe the next phase also brings stronger AI infrastructure growth. [1]<\/a> [2]<\/a><\/sup><\/p>\n

Valuation reference:<\/strong> The $75 current price reference implies about 16.9 times<\/strong> management\u2019s fiscal 2027 adjusted EPS midpoint and about 21.4 times<\/strong> its GAAP EPS midpoint. These are calculations using guidance, rather than realized earnings or a price target. They show why delivering the outlook matters so much to the share-price debate. [1]<\/a><\/sup><\/p>\n<\/section>\n

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02<\/span>CEO Playbook \u2014 Own the Architecture and the Operations<\/h2>\n

Kash Shaikh became CEO on February 2, 2026. His background includes leading Securonix and Virtana, alongside enterprise infrastructure roles at Dell and HPE. His playbook connects two existing strengths\u2014memory and complex computing systems\u2014to a broader AI factory platform. [5]<\/a> [6]<\/a><\/sup><\/p>\n

The Destination \u00b7 Production AI at Scale<\/h3>\n
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\u201cAs enterprises move from proofs of concept to production AI environments, Penguin\u2019s focus on performance, reliability and time-to-value is increasingly critical.\u201d<\/p><\/blockquote>\n

\u2014 Kash Shaikh \u00b7 CEO appointment announcement \u00b7 February 2, 2026 \u00b7 Source<\/a><\/cite><\/div>\n

What it means:<\/strong> The target is the customer ready to run AI as an operating business. Reliability, deployment speed and predictable economics become purchasing criteria. Penguin wants to make those outcomes its product.<\/p>\n

The Architecture Shift \u00b7 Memory Becomes Central<\/h3>\n
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\u201cWe believe this is driving a re-architecture of the data center across compute, memory, interconnect, and software.\u201d<\/p><\/blockquote>\n

\u2014 Kash Shaikh \u00b7 Q2 earnings call \u00b7 April 1, 2026 \u00b7 Source<\/a><\/cite><\/div>\n

What it means:<\/strong> More inference demand creates an opportunity across the system. Penguin\u2019s thesis is that memory and infrastructure should be designed together. CXL connects additional memory to a system; a KV cache retains intermediate information used while generating AI responses, reducing repeated work.<\/p>\n

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\u201cAs inference and agentic AI workloads become more persistent and context-rich, memory is increasingly becoming one of the primary performance and scalability bottlenecks.\u201d<\/p><\/blockquote>\n

\u2014 Kash Shaikh \u00b7 Q3 earnings announcement \u00b7 July 7, 2026 \u00b7 Source<\/a><\/cite><\/div>\n

Why it matters:<\/strong> Solving a customer\u2019s performance constraint can support differentiated engineering value. The degree of pricing power remains an open question when part of the revenue increase comes from higher component prices.<\/p>\n

The Operating Layer \u00b7 Keep the Factory Productive<\/h3>\n
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\u201cThis release advances our vision of intelligent, self-managing AI infrastructure through AI-driven operations, automated remediation, and deep infrastructure awareness.\u201d<\/p><\/blockquote>\n

\u2014 Ian Colle \u00b7 Chief Product Officer at announcement \u00b7 June 25, 2026 \u00b7 Source<\/a><\/cite><\/div>\n

What it means:<\/strong> Automated fault detection and recovery can protect the productivity of an expensive GPU fleet. This is the software argument behind Penguin\u2019s platform: customers should keep paying for operational results after the hardware is installed.<\/p>\n

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\u201cThis designation validates Penguin’s deep capabilities to design, build, deploy, and operate full-stack AI factories at scale.\u201d<\/p><\/blockquote>\n

\u2014 Kash Shaikh \u00b7 NVIDIA partner announcement \u00b7 June 23, 2026 \u00b7 Source<\/a><\/cite><\/div>\n

What it means:<\/strong> NVIDIA\u2019s specialized partner designation adds credibility to the delivery capability. It does not confer exclusivity or guarantee contracts. Deepgram\u2019s deployment with Dell provides a concrete customer example of Penguin coordinating the surrounding infrastructure.<\/p>\n

The Commercial Model \u00b7 Become the Lifecycle Partner<\/h3>\n
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\u201cThis allows us to serve as the single builder and operator of AI factories across the entire lifecycle for our customers.\u201d<\/p><\/blockquote>\n

\u2014 Kash Shaikh \u00b7 Q4 earnings call \u00b7 October 6, 2026 \u00b7 Source<\/a><\/cite><\/div>\n

The upside mechanism:<\/strong> An initial system deployment can lead to software adoption, managed operations and later expansion. Investors need evidence that these continuing responsibilities generate attractive profit and collections, rather than mainly adding equipment volume.<\/p>\n

The Capital Plan \u00b7 Fund a Bigger Business<\/h3>\n
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\u201cDemand for memory and AI infrastructure is accelerating as inference and agentic AI workloads move into production at scale.\u201d<\/p><\/blockquote>\n

\u2014 Kash Shaikh \u00b7 financing announcement \u00b7 July 17, 2026 \u00b7 Source<\/a><\/cite><\/div>\n

What it means:<\/strong> The convertible financing gives Penguin more flexibility to support demand. A zero coupon reduces regular cash interest, but principal must still be repaid or converted, and growth ties up cash before customers pay.<\/p>\n

The Inflection \u00b7 Both Businesses Must Deliver<\/h3>\n
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\u201cAs we enter fiscal 2027, our memory business remains strong, and our AI Infrastructure business is accelerating further.\u201d<\/p><\/blockquote>\n

\u2014 Kash Shaikh \u00b7 Q4 earnings announcement \u00b7 October 6, 2026 \u00b7 Source<\/a><\/cite><\/div>\n

What it means:<\/strong> The next test is broader growth. Memory has already supplied the earnings acceleration; AI factory deliveries must now validate the expanded platform strategy.<\/p>\n

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\u201cWe enter fiscal 2027 with strong AI-driven momentum, meaningful operating leverage, and a clear strategy to scale our AI Factory Platform business\u201d<\/p><\/blockquote>\n

\u2014 Kash Shaikh \u00b7 CFO appointment announcement \u00b7 October 6, 2026 \u00b7 Source<\/a><\/cite><\/div>\n

The management priority:<\/strong> Scale gross profit faster than overhead, then convert the resulting earnings into cash. New CFO Stephen Cumming joins at a point when financial discipline matters as much as winning the next deployment.<\/p>\n

Financial Transformation \u2014 From Memory Surge to Platform Scale<\/h3>\n

USD millions unless stated. Adjusted means non-GAAP; guidance is a forecast. Source: company financial tables. [1]<\/a><\/sup><\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Metric<\/th>\nQ4 FY2025<\/th>\nQ4 FY2026<\/th>\nChange \/ interpretation<\/th>\n<\/tr>\n<\/thead>\n
Revenue<\/td>\n$337.9<\/td>\n$566.7<\/td>\n+67.7%<\/td>\n<\/tr>\n
Integrated Memory revenue<\/td>\n$132.2<\/td>\n$340.8<\/td>\n+157.9%; 60% of latest quarterly sales<\/td>\n<\/tr>\n
Advanced Computing revenue<\/td>\n$138.3<\/td>\n$154.0<\/td>\n+11.4%<\/td>\n<\/tr>\n
Optimized LED revenue<\/td>\n$67.4<\/td>\n$71.9<\/td>\n+6.6%<\/td>\n<\/tr>\n
GAAP operating income<\/td>\n$12.4<\/td>\n$69.5<\/td>\nOperating improvement independent of the tax benefit<\/td>\n<\/tr>\n
Adjusted operating income<\/td>\n$39.2<\/td>\n$89.8<\/td>\n+129.3%<\/td>\n<\/tr>\n
Adjusted operating margin<\/td>\n11.6%<\/td>\n15.8%<\/td>\n+4.2 percentage points<\/td>\n<\/tr>\n
Adjusted gross margin<\/td>\n30.9%<\/td>\n28.8%<\/td>\nGrowth came with a lower YoY margin rate<\/td>\n<\/tr>\n
GAAP diluted EPS<\/td>\n$0.11<\/td>\n$1.29<\/td>\nIncludes substantial tax and other adjustments<\/td>\n<\/tr>\n
Adjusted diluted EPS<\/td>\n$0.43<\/td>\n$1.00<\/td>\n+132.6%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n
\n\n\n\n\n\n\n\n\n\n
Full-year measure<\/th>\nFY2025 actual<\/th>\nFY2026 actual<\/th>\nFY2027 management outlook<\/th>\n<\/tr>\n<\/thead>\n
Revenue<\/td>\n$1,368.8<\/td>\n$1,731.5<\/td>\nApproximately $2,430 midpoint; growth 30%\u201350%<\/td>\n<\/tr>\n
Adjusted EPS<\/td>\n$1.90<\/td>\n$2.87<\/td>\n$4.45 \u00b1 $0.70<\/td>\n<\/tr>\n
GAAP EPS<\/td>\n$0.28<\/td>\n$2.60<\/td>\n$3.50 \u00b1 $0.70<\/td>\n<\/tr>\n
Operating cash flow, continuing operations<\/td>\n+$113.2<\/td>\n\u2212$151.9<\/td>\nNo quantitative cash-flow target in release<\/td>\n<\/tr>\n
Capital expenditures \/ equipment deposits<\/td>\n$9.0<\/td>\n$11.6<\/td>\nMonitor alongside working capital<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

Earnings quality:<\/strong> Q4 included a $57.6 million GAAP income-tax benefit and a $33.2 million debt-conversion inducement expense. Adjusted earnings remove these and other items. The continuing-operations cash-flow comparison is used consistently above; total FY2025 operating cash flow was $109.1 million after discontinued operations. Memory\u2019s contribution to incremental revenue and valuation multiples are Arena calculations from reported figures. [1]<\/a><\/sup><\/p>\n<\/section>\n

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03<\/span>CEO Signals Timeline \u2014 The Recent Strategic Shift<\/h2>\n
\n\n\n\n\n\n\n\n\n\n\n
Date<\/th>\nSignal<\/th>\nStrategic interpretation<\/th>\n<\/tr>\n<\/thead>\n
February 2, 2026<\/td>\nShaikh takes over as CEO. [6]<\/a><\/sup><\/td>\nA leader with software and enterprise infrastructure experience assumes responsibility for the platform transition.<\/td>\n<\/tr>\n
March 16\u201317, 2026<\/td>\nMemoryAI launch and Deepgram deployment. [13]<\/a> [14]<\/a><\/sup><\/td>\nThe strategy takes product and customer form: memory expansion plus real-time production inference.<\/td>\n<\/tr>\n
April 1, 2026<\/td>\nFirst earnings call under Shaikh; higher FY2026 outlook. [7]<\/a> [8]<\/a><\/sup><\/td>\nManagement describes a wider opportunity across enterprise, sovereign AI and neocloud customers.<\/td>\n<\/tr>\n
June 23\u201325, 2026<\/td>\nNVIDIA specialization and ClusterWareAI expansion. [10]<\/a> [11]<\/a><\/sup><\/td>\nDelivery credentials and operational software advance together.<\/td>\n<\/tr>\n
July 7\u201317, 2026<\/td>\nQ3 acceleration, higher outlook and financing. [9]<\/a> [12]<\/a><\/sup><\/td>\nDemand becomes financial growth; capital supports its next phase.<\/td>\n<\/tr>\n
October 6, 2026<\/td>\nRecord Q4, higher FY2027 outlook and large neocloud engagements. [1]<\/a><\/sup><\/td>\nThe commercial story expands from isolated installations toward substantial operating responsibilities.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

The progression:<\/strong> The recent sequence connects a leadership change, a defined product architecture, deployed customer applications and accelerating results. The remaining gap is evidence of sustained cash generation from that strategy.<\/p>\n<\/section>\n

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04<\/span>News Flow \u2014 The Material Developments<\/h2>\n

Ten material developments from the past nine months, newest first. Dates are announcement\/publication dates. Star weights reflect editorial strategic importance, rather than expected stock returns.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Date<\/th>\nHeadline & What It Signals<\/th>\nType<\/th>\nWeight<\/th>\n<\/tr>\n<\/thead>\n
October 6, 2026<\/td>\nRecord Q4 and higher FY2027 outlook<\/strong>
Announced:<\/strong> Record earnings; new neocloud engagements, including the 36,000-GPU Norway deployment and operations assignment.
What it means:<\/strong> The biggest recent update combines current profit growth with a larger commercial opportunity. The $3 billion and $10 billion contract figures discussed in the release belong to customers\u2019 downstream contracts, not Penguin revenue or bookings. [1]<\/a><\/sup><\/td>\n		Earnings \/ Contracts<\/td>\n\u2605\u2605\u2605\u2605\u2605<\/span><\/td>\n<\/tr>\n
July 17, 2026<\/td>\n$750 million financing closes at a zero coupon<\/strong>
Announced:<\/strong> 0% convertible senior notes due 2031; concurrent refinancing and capped calls.
What it means:<\/strong> Improves funding flexibility and maturity profile. Capped calls are intended to mitigate dilution up to an initial $175.05 cap, subject to their terms; zero interest does not eliminate debt or all dilution. [12]<\/a><\/sup><\/td>\n		Financing<\/td>\n\u2605\u2605\u2605\u2605\u2606<\/span><\/td>\n<\/tr>\n
July 7, 2026<\/td>\nQ3 revenue jumps 48%; outlook rises<\/strong>
Announced:<\/strong> Revenue $478.7 million, adjusted EPS $0.84; fiscal 2026 adjusted EPS outlook raised to $2.60 \u00b1 $0.05.
What it means:<\/strong> The growth acceleration was already visible before Q4, strengthening the case that October\u2019s result has a broader demand backdrop. [9]<\/a><\/sup><\/td>\n		Earnings<\/td>\n\u2605\u2605\u2605\u2605\u2605<\/span><\/td>\n<\/tr>\n
June 25, 2026<\/td>\nClusterWareAI adds AI-powered operations<\/strong>
Announced:<\/strong> New operations agent, GPU remediation for Kubernetes workloads and expanded health visibility.
What it means:<\/strong> Strengthens the continuing software proposition: improve uptime and help operators resolve faults across a factory. [10]<\/a><\/sup><\/td>\n		Product \/ Software<\/td>\n\u2605\u2605\u2605\u2605\u2606<\/span><\/td>\n<\/tr>\n
June 23, 2026<\/td>\nNVIDIA AI Factory specialization<\/strong>
Announced:<\/strong> Penguin joins NVIDIA\u2019s invitation-only group of specialized solution providers.
What it means:<\/strong> Validates relevant competencies and operating experience; helps customer credibility without establishing exclusivity. [11]<\/a><\/sup><\/td>\n		Strategic Partnership<\/td>\n\u2605\u2605\u2605\u2606\u2606<\/span><\/td>\n<\/tr>\n
April 1, 2026<\/td>\nQ2 outlook rises despite lower quarterly revenue<\/strong>
Announced:<\/strong> Revenue $343 million, down 6%; full-year growth midpoint raised to 12%, adjusted EPS midpoint to $2.15.
What it means:<\/strong> Memory demand supports the outlook while large infrastructure deployments remain uneven. This is the starting point for the later acceleration. [7]<\/a><\/sup><\/td>\n		Earnings<\/td>\n\u2605\u2605\u2605\u2605\u2606<\/span><\/td>\n<\/tr>\n
April 1, 2026<\/td>\nBrazil memory divestment completes<\/strong>
Announced:<\/strong> Remaining 19% stake sold for $46.08 million; the transaction closed March 30.
What it means:<\/strong> Releases capital from the Brazilian commodity module business and completes that exit. Publication date and transaction date are distinguished. [15]<\/a><\/sup><\/td>\n		Portfolio \/ Capital<\/td>\n\u2605\u2605\u2605\u2606\u2606<\/span><\/td>\n<\/tr>\n
March 17, 2026<\/td>\nDeepgram selects Penguin for enterprise voice AI<\/strong>
Announced:<\/strong> Production inference infrastructure delivered with Dell and NVIDIA technology.
What it means:<\/strong> A named customer deployment illustrates the platform\u2019s practical value in latency-sensitive voice applications. Contract value was not disclosed. [14]<\/a><\/sup><\/td>\n		Customer \/ Partnership<\/td>\n\u2605\u2605\u2605\u2605\u2606<\/span><\/td>\n<\/tr>\n
March 16, 2026<\/td>\nMemoryAI KV cache server launches<\/strong>
Announced:<\/strong> CXL-based memory appliance supporting up to 11 TB, compatible with NVIDIA Dynamo.
What it means:<\/strong> Creates a product designed to address inference memory constraints. Future sales and economics determine its investment significance. [13]<\/a><\/sup><\/td>\n		Product \/ Memory<\/td>\n\u2605\u2605\u2605\u2605\u2606<\/span><\/td>\n<\/tr>\n
February 2, 2026<\/td>\nKash Shaikh becomes CEO<\/strong>
Announced:<\/strong> Mark Adams retires; Shaikh assumes the CEO and board roles.
What it means:<\/strong> A material leadership change precedes the AI factory strategy and subsequent growth acceleration; results will test execution. [6]<\/a><\/sup><\/td>\n		Leadership \/ Strategy<\/td>\n\u2605\u2605\u2605\u2605\u2606<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

Inside the October Update \u2014 The Important Commercial Wins<\/h3>\n

Beyond Norway, Penguin disclosed a GB300 NVL72 platform assignment for a neocloud backed by a South Korean technology company; deployment and 24\/7 operations for a publicly traded neocloud; and a Lektra engagement covering distributed AI micro data centers using existing carbon-free energy. The update also identified additional AI infrastructure and memory supply arrangements. Most counterparties and Penguin contract values were not disclosed. [1]<\/a><\/sup><\/p>\n

Management reported 99% Q4 growth in non-hyperscale AI infrastructure<\/strong>, which accounted for 66% of Advanced Computing revenue. That faster-growing business sits within a segment still affected by declining legacy activity. Total services sales nevertheless fell 11% to approximately $57 million. Investors should distinguish new multi-year operating wins from the overall reported services trajectory. [2]<\/a><\/sup><\/p>\n

News Flow Analysis<\/h3>\n

The most useful connection is product \u2192 customer \u2192 financial performance.<\/strong> MemoryAI addresses a bottleneck, Deepgram demonstrates deployment capability, and ClusterWareAI adds operational functionality. Those developments give the factory-platform strategy substance beyond its branding.<\/p>\n

The latest earnings change the financial stakes.<\/strong> Investors now have a higher profit forecast to test against actual deployments. A software-and-services attachment can improve the quality of equipment relationships, but a large project announcement alone cannot establish recurring revenue, margin or cash value.<\/p>\n

Upcoming Catalysts<\/h3>\n