Raspberry Pi's H1 2026 revenue hit $256.9M (+90%), with gross profit per board climbing to $12.2 (from $8). Pre-tax profit surged 217% YoY to $19.6M. The driver: aggressive RAM stockpiling (8.3M GB) to hedge against volatile semiconductor costs (up 269% to $13.3/GB). The company is shifting to 81% in-house manufacturing—a structural play for supply security and margin protection in a tightening chip market.