Bernstein: AI agents drive memory interface chip TAM to triple in three years to $20 billion

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TechFlow News, according to Chaoxiang Research, a July 9 Bernstein in-depth report on memory interface chips pointed out that AI's shift from training to inference has repositioned the CPU as the core of task scheduling, driving server CPU shipments to grow at a 24% compound annual growth rate from 2025 to 2030.

Driven by three factors — growth in CPU shipments, an increase in the number of DRAM modules per CPU, and the MRDIMM upgrade raising the value of a single module chip from $7 to $70-80 — the global TAM for memory interface chips has been significantly revised upward from approximately $7 billion to $20 billion by 2030, corresponding to a 65% CAGR.

Montage Technology, Renesas, and Rambus together account for a 92% market share. Bernstein has sharply raised its target price for Montage Technology A-shares from RMB 220 to RMB 400, and for H-shares from HKD 320 to HKD 520, maintaining an outperform rating on both.

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