CXL：互联筑池化，破局内存墙 20260314 摘要 CPU 核心数与内存带宽增速失配制约算力，CXL 协议通过 PCIe 物理层 实现内存池化与共享，是解决 AI 大模型存力不足的必由之路。 CXL 市场规模预计 2030 年达 600 亿美元，CXL Switch 芯片市场同步 增至 7.3 亿美元，渗透率随服务器平台升级加速提升。 CXL 控制器在模组 BOM 成本中占比超 10%，核心部件包括控制器与 Switch 芯片，主要玩家为澜起科技、Astera Labs、博通等。 澜起科技作为全球内存接口龙头（份额约 40%），已推出 CXL 3.0/3.1 拓展芯片，预计 2026 年利润体量有望冲击 40 亿元。 技术演进路径明确：CXL 2.1 已落地，4.0 版本规划于 2025 年，未来 向大规模 Fabric 扩展及光互联电光转换方向演进。 AI 服务器存储需求较通用服务器呈数倍增长，CXL 支持 DRAM 与 NAND Flash 混合方案，可有效降低访问延迟并提升存储密度。 Q&A CXL 协议旨在解决什么核心问题？其技术基础和主要功能是什么？ CXL 协议旨在通过内存池化技术，有效解决 ...

Summary of Conference Call on Changjiang Electronics and Rambus Industry and Company Involved - The conference call primarily discusses **Changjiang Electronics** and **Rambus**, focusing on the semiconductor and memory interface industry trends. Core Insights and Arguments - **Rambus Performance Impact**: Rambus faced a decline in Q1 performance guidance due to quality issues in packaging and testing, leading to a significant drop in stock price. However, this does not alter the overall positive industry trend [1] - **Future Growth in Server Memory**: The company remains optimistic about future growth in server CPU memory modules and the ramp-up of MRDIMM products, indicating a sustained upward trend in the industry [1] - **Google TPUv8p Memory Pooling**: Insights from the supply chain suggest that Google's TPUv8p may introduce memory pooling to expand memory capacity, potentially adding hundreds of GBs of additional memory per TPU. This memory pooling is expected to gradually commercialize and scale up [1] - **CXL Expansion Players**: The main players in the CXL expansion chip market are identified as Changjiang Electronics and Rambus, with high-priced, high-margin products likely to see market scale expansion and profit growth in the context of industry ramp-up [2] - **AI Server Growth**: The AI server market is projected to experience significant growth, with the general server market also expected to show double-digit growth by 2025. This growth in AI and general server CPUs is anticipated to accelerate the memory module market [2] - **MRDIMM and Memory Interface Chips**: As MRDIMM scales up, the memory interface chips MRCD and MDB, which have higher price points, are expected to see significant volume growth [3] Other Important but Potentially Overlooked Content - **Investment Recommendations**: The call recommends investing in Changjiang Electronics, highlighting the recent release of AEC Retimer and the anticipated launch of switch chips. The long-term profit potential is estimated to reach 100-150 times earnings, with a target market capitalization of 300-450 billion [3] - **Rambus as a US Market Player**: Rambus is also mentioned as a key player in the US market, indicating its relevance in the broader semiconductor landscape [3]