TechFlow reports, according to Chaoxiang Research, Bernstein's July 9 in-depth report on memory interface chips pointed out that the shift of AI from training to inference makes CPU once again the core of task scheduling, driving server CPU shipments to grow at a 24% CAGR from 2025 to 2030.
The combination of three driving forces—CPU shipment growth, increased DRAM modules per CPU, and MRDIMM upgrades—causes the value of chips per module to jump from $7 to $70-80, significantly upwardly revising the global memory interface chip TAM from about $7 billion to $20 billion by 2030, corresponding to a 65% CAGR.
Montage Technology, Renesas, and Rambus collectively occupy 92% market share. Bernstein significantly upwardly revised Montage's A-share target price from 220 yuan to 400 yuan, and H-share from 320 HKD to 520 HKD, maintaining an Outperform rating for both.
