Global Memory Interface Chip: Competitive dynamics deep dive

研报英文原文证据摘录

Global Memory Interface Chip: Competitive dynamics deep dive

27 July 2026

China Semiconductors

We highlighted in our memory interface chip industry deep dive that all three major sector Qingyuan Lin, Ph.D.

+852 2123 2654 vendors (Montage, Renesas, Rambus) will benefit from the agentic AI boom, in the report

qingyuan.lin@bernsteinsg.com we provide a deep dive to the competitive dynamics with a focus on Rambus (RMBS, not

covered). Our industry model can be downloaded here.

Francis Ma

+852 2123 2626 Rambus derives revenue from memory interface chips, DRAM-related IP royalties, francis.ma@bernsteinsg.com

and computing-chip IP licensing, exposed to three AI-driven growth engines that

Kai Zhang should support a strong revenue growth through 2030. Each segment is leveraged to

+852 2123 2665 a major secular AI theme: memory interface chips benefit from the server CPU Renaissance

kai.zhang@bernsteinsg.com driven by agentic AI; DRAM royalties are tied to memory tech migration; and computing-

chip IP licensing benefits from growing share of AI ASICs. Together, these businesses

provide broad exposure to the core infrastructure layers underpinning AI development. We

project the memory interface chip market alone to reach nearly USD 20Bn by 2030. ASIC

will account for over two-thirds of CoWoS-based XPU shipments in 2027. Both highlight

the magnitude of the opportunities available to Rambus.

However, each of Rambus’s core businesses faces competitive constraints that are

likely to keep growth below Montage. In memory interface chips, we believe its historical

litigation-driven relationship with memory manufacturers limits its ability to gain shares

from Montage and Renesas. In DRAM royalties, long-duration licensing contracts provide