具体来看，SK 海力士有三个布局：定制化HBM（Custom HBM）、AI DRAM（AI-D）和AI NAND（AI-N）。 在HBM方面，SK海力士将推出HBM4 16层堆叠产品，并从HBM4E开始供应定制化HBM解决方案。定制化HBM通过 将协议和控制器从XPU芯片移至HBM基础裸片，为计算单元释放更多空间，显著降低接口能耗。 今年下半年来，存储涨价已经成为大众热议的话题。未来，存储将怎么走？ 01 SK 海力士的野心：AI 在最近自家举行的SKAI Summit 2025峰会上，SK海力士CEO郭鲁正宣布了新的战略愿景："全线AI存储创造者"。并且 给出了非常详细的产品路线图，涵盖了从2026年至2031年的时间跨度。 当前，NAND闪存晶圆供应进一步收紧，部分产品11月份合同价格涨幅超过60%。 内存价格上涨显著推高了消费电子产品的物料清单成本，导致智能手机、笔记本电脑、游戏机等设备出货量减少。 人工智能基础设施持续推动NAND闪存需求增长，全球排名前五的NAND 闪存供应商的总营收环比增长 16.5%，接近 171 亿美元。 在DRAM领域，公司将推出LPDDR5R和LPDDR6等标准解决方案， ...

(三)SPD&VPD芯片空间广阔。随DDR5渗透不断扩大，SPD芯片技术规格和单价较DDR4世代更高，在 价值量与需求量的双重维度驱动，DDR5 SPD市场快速发展。SSD升级有望带来VPD成长机会。SSD性 能提升将推动VPDEEPROM产品技术规格升级，VPDEEPROM价值量也有望随性能升级进一步提升。 智通财经APP获悉，广发证券发布研报称，AI的进击时刻，模型创新与CAPEX筑基，AI产业链协同发 展;AI推理驱动存储周期持续向上，扩产与升级同发力。AI驱动存储价格持续上涨，原厂毛利率显著提 升;DRAM和NAND架构升级，设备需求迎来新机;存储代工模式迎来产业变革机会;接口芯片MRDIMM 和VPD打开新空间;建议关注存储产业链相关标的。 广发证券主要观点如下： 存储是Tokens的积分，推理驱动AI存储快速增长 AI服务器中的存储主要包括HBM、DRAM、SSD等，呈现性能逐级下降、容量逐级增加、成本逐级降 低特征。推理驱动AI存储快速增长。(一)内存受益于超长上下文和多模态推理需求，处理大量序列数据 或多模态信息时，高带宽与大容量内存可降低访问延迟、提升并行效率。(二)SSD和HDD是Toke ...

Investment Rating - The industry investment rating is "Buy" with a previous rating of "Buy" as well [2]. Core Viewpoints - The storage sector is crucial for AI inference, driving rapid growth in storage demand, particularly for HBM, DRAM, and SSD, characterized by decreasing costs and increasing capacities [5][13]. - AI-driven storage demand is expected to surge, with projections indicating a need for hundreds of exabytes (EB) of storage capacity in the near future [5][24]. - The report emphasizes the broad space within the industry chain, highlighting opportunities in eSSD, MRDIMM, SPD, and VPD chips, as well as CXL storage pooling [5][79]. Summary by Sections 1. Storage as Tokens for AI Inference - AI servers utilize various storage types, including HBM, DRAM, and SSD, with a focus on high bandwidth and large capacity to support efficient data processing [13][17]. - The demand for SSD and HDD is projected to grow significantly, with estimates suggesting a requirement of 49 EB for ten Google-level inference applications by 2026 [24]. 2. AI-Driven Storage Demand Growth - eSSD is identified as a core demand area for AI and storage servers, with increasing needs for high bandwidth and large capacity due to long-context inference and RAG databases [25][26]. - The market for AI server eSSD is expected to expand, with theoretical maximum capacities of 59 EB, 89 EB, and 120 EB for 2024, 2025, and 2026 respectively [27][34]. 3. MRDIMM Applications - MRDIMM is anticipated to enhance performance in large model inference, providing significant bandwidth improvements and capacity expansions [38][39]. 4. SPD and VPD Chip Opportunities - The transition to DDR5 memory modules presents growth opportunities for SPD and VPD chips, driven by increased specifications and demand [45][46]. 5. CXL Storage Pooling - CXL technology facilitates storage pooling, enhancing computational efficiency and enabling better resource allocation for AI applications [53][54]. - The report notes significant TCO advantages in KV Cache performance when utilizing CXL in high-concurrency, long-context workloads [56][59]. 6. Investment Recommendations - The report suggests focusing on storage industry chain-related entities, as AI-driven storage prices are expected to rise, leading to improved profit margins for manufacturers [79].

Rambus FY Conference Summary Company Overview - Rambus has over 35 years of experience in high-performance memory subsystems, providing leading ICs and Silicon IP solutions that enhance data center connectivity, addressing the bottleneck between memory and processing [3][4] Financial Performance - Patent licensing business generates approximately $210 million annually with a 100% margin, stable but not expected to grow long-term [4] - Silicon IP business generated $120 million last year, growing at 10%-15% annually [5] - ICs business projected to reach about $340 million this year, with a growth rate of 40% year-over-year, driven by data center demand [5] Market Dynamics - The market for interface chips is estimated at $800 million annually, with additional opportunities from companion chips adding $600 million, and further expansion into high-end client systems adding another $200 million [6][7] - Transition to DDR5 technology has created new chip opportunities, increasing the total addressable market (TAM) from $800 million to $1.4 billion [9] AI and Server Market - AI servers are driving demand for traditional servers, as they require both AI and traditional processing capabilities [10] - AI inference is expected to be a significant growth driver, as it is more cost-effective and simpler than AI training [11] MRDIMM Technology - MRDIMM technology doubles memory capacity and bandwidth on existing infrastructure, significantly increasing Rambus's content opportunity [12][14] - Expected rollout linked to next-generation platforms from Intel and AMD by late 2026 to early 2027 [15] CXL Opportunities - Rambus has a CXL offering as part of its Silicon IP business, but the market is fragmented, and the company sees MRDIMM as a more elegant solution for memory expansion [16][17] Silicon IP Business Strategy - Focused on security and high-speed interfaces, with a projected growth of 10%-15% annually [20][21] - Minimal exposure to China, with less than 5% of business from that market [22] Patent Licensing Insights - Patent licensing provides a stable revenue stream and insights into future technology trends, with contracts typically lasting 3 to 10 years [23][24] Financial Model and Capital Allocation - Patent licensing has a 100% gross margin, Silicon IP at 95%, and product business between 61%-63% [28] - Rambus aims to return 40%-50% of free cash flow to investors, having generated $300 million in cash from operations over the last 12 months [30] Competitive Landscape - Rambus maintains a strong position in hardware-based security against fast followers and internally developed solutions [34][35] - The company is developing quantum-safe security solutions in anticipation of future challenges posed by quantum computing [35] Conclusion - Rambus is well-positioned for growth in the evolving data center and AI markets, leveraging its strong patent portfolio, innovative technologies, and strategic focus on high-performance memory solutions [1][2]

Group 1: Market Trends and Pricing - The demand for CSP in high-performance TLC eSSD and QLC eSSD is expected to rise due to AI applications, while HDD supply remains tight, supporting a continued increase in NAND Flash prices in Q4 [2][3] - Major manufacturers are maintaining a cautious capacity expansion strategy, which may limit the contribution to bit output growth in 2026 due to the lag in capacity construction cycles [2] Group 2: Supply Chain and Partnerships - The company has established long-term direct cooperation with major global storage wafer manufacturers, providing a competitive edge in the supply chain [3] - Supplier information is disclosed in public documents such as the prospectus [3] Group 3: Technology and Product Development - The company's self-developed controller chip technology offers significant performance and power consumption advantages, utilizing advanced foundry processes and proprietary firmware algorithms [3] - The company has launched several cutting-edge high-performance storage products, including MRDIMM and CXL2.0 memory expansion modules, and is focused on market demand for future product development [3] Group 4: Clientele and Market Engagement - The company actively participates in technology and new product bidding for major clients, with enterprise storage products integrated into the supply chains of leading internet companies, including telecom operators and server manufacturers [3] Group 5: Disclosure Compliance - The activity does not involve any undisclosed significant information [3]

Core Insights - The report from GF Securities highlights the synergy between MRDIMM and CXL in enhancing AI server memory supply and elastic expansion, addressing the challenges of high cost and limited capacity of HBM, diverse memory demands, and CPU memory expansion bottlenecks [1] Group 1: MRDIMM and CXL Benefits - MRDIMM and CXL create a "near-end high bandwidth + far-end large capacity" layered collaboration to increase AI server memory supply and elastic expansion at a lower TCO [1] - MRDIMM provides deterministic gains in KVCache scenarios, with higher concurrency, longer context, and lower end-to-end latency, significantly optimizing CPU-GPU memory orchestration [2] - MRDIMM Gen2 supports speeds up to 12800MT/s, offering a 2.3 times bandwidth increase over DDR5 RDIMM under AI loads, which reduces KVCache read/write latency and supports high-throughput inference [2] Group 2: CXL Advantages - CXL 3.1 significantly enhances performance for KVCache, particularly for high concurrency and ultra-long context loads [3] - CXL enables memory pooling and expansion, allowing KVCache to be elastically offloaded from expensive GPU memory to CXL devices, expanding effective capacity to TB levels without increasing GPU costs [3] - The decoupled KVCache architecture allows for a 30% increase in batch size and a 87% reduction in GPU demand, with a 7.5 times increase in GPU utilization during the prefill phase [3]

Financial Data and Key Metrics Changes - Revenue for Q3 was $178.5 million, exceeding expectations, with product revenue reaching a record $93.3 million, representing a 15% sequential increase and a 41% year-over-year growth [12][13] - Cash generation for the quarter was strong at $88 million, contributing to a total of $673.3 million in cash, cash equivalents, and marketable securities [12][14] - Non-GAAP net income for the quarter was $68.2 million, with an expected non-GAAP earnings per share range between $0.64 and $0.71 for Q4 [14][16] Business Line Data and Key Metrics Changes - The chip business saw significant growth, driven by DDR5 products and new product contributions, with expectations of over 40% full-year product revenue growth [6][12] - Silicon IP business is experiencing momentum due to AI demand, with key products like HBM4, GDDR7, and PCIe7 driving growth [7][12] Market Data and Key Metrics Changes - The market for servers and DIMMs is expected to grow mid to high single digits, with increasing demand driven by AI workloads and the need for higher memory bandwidth and capacity [8][51] - The total addressable market (TAM) for RCD is estimated at $800 million, with additional TAMs for companion chips and MRDIMM contributing to overall growth [46][48] Company Strategy and Development Direction - The company is focused on delivering complete solutions for high-performance memory subsystems, leveraging expertise in signal and power integrity [5][10] - The strategic roadmap includes capitalizing on the growing opportunities in data centers and AI, with a strong alignment to positive secular trends [10][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in ongoing success and long-term profitable growth, citing strong alignment with market trends in data centers and AI [10][16] - The economic environment remains dynamic, with careful monitoring of supply chain situations and inventory levels [36][56] Other Important Information - The company is not on leading-edge technology nodes, which has helped maintain a robust supply chain and support growth objectives [36] - The MRDIMM product is expected to ramp in large volumes towards the end of 2026 and into 2027, with a long-term market share goal similar to DDR5 [19][48] Q&A Session Summary Question: Can MRDIMM replicate DDR5 market share? - Management believes MRDIMM can achieve similar market share as DDR5, depending on the rollout of platforms from Intel and AMD, with expectations for ramping volumes towards late 2026 and 2027 [19] Question: Opportunities from Ethernet scale-up networking architecture? - The silicon IP portfolio is well-positioned for high-speed memory and interconnect, with accelerating demand for the latest technology like PCIe7 [21] Question: Supply chain considerations and order lead times? - The company has grown inventory to support Q4 demand and has not seen notable customer inventory buildup, maintaining a robust supply chain [36] Question: RCD market share and potential caps? - Current market share is in the early 40% range, with potential for growth towards 45-50% as the DDR5 cycle continues [38] Question: Update on total addressable market (TAM)? - The TAM for RCD is around $800 million, with additional contributions from companion chips and MRDIMM expected to grow the overall market [46] Question: Outlook for CXL and Rambus strategy? - Rambus is focusing on silicon IP for CXL, with a belief that memory expansion through MRDIMM is the most promising usage model [64] Question: MRDIMM qualifications and share capture? - The success of MRDIMM depends on collaboration with customers and platform providers, with a complete chipset enhancing interoperability [70] Question: Traction with PCIe7 and secured IP? - Security represents about 50% of the silicon IP business, with traction in PCIe7 and HBM being strong among large customers [71] Question: Evolution of RCD business and channel growth? - AI workloads are driving the need for more memory and bandwidth, with expectations for CPU vendors to announce 16-channel solutions [77]

Financial Data and Key Metrics Changes - Revenue for Q3 was $178.5 million, exceeding expectations, with product revenue at a record $93.3 million, representing a 15% sequential increase and a 41% year-over-year growth [12][13] - Cash generation for the quarter was strong at $88 million, contributing to a total of $673.3 million in cash, cash equivalents, and marketable securities [12][14] - Non-GAAP net income for the quarter was $68.2 million, with an expected non-GAAP earnings per share range between $0.64 and $0.71 for Q4 [14][16] Business Line Data and Key Metrics Changes - The chip business achieved a record product revenue of $93 million, driven by DDR5 RCD leadership and new product contributions [6][12] - Silicon IP business is seeing increased demand driven by AI, with significant traction in high-speed memory and interconnect solutions [7][12] Market Data and Key Metrics Changes - The market for servers and DIMMs is expected to grow mid to high single digits, with specific tailwinds from AI workloads and the refresh cycle in hyperscaler and enterprise segments [8][51] - The total addressable market (TAM) for the RCD market is estimated at $800 million, with additional opportunities in companion chips and MRDIMM [46][48] Company Strategy and Development Direction - The company is focused on delivering complete solutions for high-performance memory subsystems, leveraging expertise in signal and power integrity [5][10] - The strategic roadmap includes capitalizing on the growing opportunities in data centers and AI, with a strong alignment to positive secular trends [10][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in ongoing success and long-term profitable growth, driven by product leadership in DDR5 and increasing momentum in new products [10][12] - The economic environment remains dynamic, with careful monitoring of supply chain situations and inventory levels [36][56] Other Important Information - The company is not on leading-edge technology nodes, which helps mitigate supply chain risks, and it has strong relationships with manufacturing partners [36] - The MRDIMM is expected to ramp in large volumes towards the end of 2026 and into 2027, with a long-term market share goal similar to DDR5 [19][46] Q&A Session Summary Question: Can MRDIMM replicate DDR5 market share? - Management believes that with time, MRDIMM can achieve similar market share as DDR5, depending on the rollout of platforms from Intel and AMD [19] Question: Opportunities from Ethernet scale-up networking architecture? - The silicon IP portfolio is well-positioned to capitalize on the demand for high-speed memory and interconnect solutions, particularly with the transition to PCIe7 [21] Question: Supply chain considerations and lead times? - The company has grown inventory to support Q4 demand and has not seen notable customer inventory buildup, maintaining a robust supply chain [36] Question: RCD market share potential? - Management indicated that there is room to gain share in the RCD market, with an objective of achieving 40%-50% market share [38] Question: Update on total addressable market (TAM)? - The TAM for the RCD market is around $800 million, with additional opportunities in companion chips and MRDIMM expected to contribute in the future [46][48] Question: Outlook for CXL and Rambus strategy? - Rambus is focusing on silicon IP for CXL, with a belief that memory expansion through MRDIMM will be a promising usage model [64] Question: MRDIMM qualification and share capture? - The success in capturing share will depend on collaboration with customers and platform providers, with a complete chipset being critical for interoperability [70] Question: Traction in PCIe7 and secured IP? - Security represents about 50% of the silicon IP business, with traction in PCIe7 and HBM being strong among large customers [71]

Financial Data and Key Metrics Changes - Revenue for Q3 was $178.5 million, exceeding expectations, with product revenue reaching a record $93.3 million, representing a 15% sequential increase and a 41% year-over-year growth [10][11] - Royalty revenue was $65.1 million, while licensing billings were $66.1 million, with a notable difference attributed to timing [10][11] - Operating costs totaled $99.3 million, with operating expenses at $64.6 million, reflecting disciplined investment in growth opportunities [12] - Non-GAAP net income for the quarter was $68.2 million, with cash generation of $88 million strengthening the balance sheet [13][10] Business Line Data and Key Metrics Changes - The chip business delivered a product revenue record at $93 million, marking the sixth consecutive quarter of growth, driven by DDR5 RCD leadership and new product contributions [5][10] - Silicon IP business saw increased demand driven by AI, with significant contributions from HBM4, GDDR7, and PCIe7 solutions [6][10] Market Data and Key Metrics Changes - The market for servers and DIMMs is expected to grow mid to high single digits, with AI workloads driving demand for increased memory bandwidth and capacity [7][45] - The total addressable market (TAM) for the RCD market is estimated at $800 million, with an additional $600 million for companion chips, and $600 million for MRDIMM expected to launch in late 2026 or 2027 [40][41] Company Strategy and Development Direction - The company is focused on leveraging its expertise in signal and power integrity to deliver complete solutions for high-performance memory subsystems, aligning with strong trends in data center and AI markets [4][9] - The strategic roadmap includes continued leadership in DDR5 products and ramping contributions from new products, with expectations of over 40% full-year product revenue growth [5][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in ongoing success and long-term profitable growth, citing strong alignment with positive secular trends in data center and AI [9][15] - The economic environment remains dynamic, with careful monitoring of supply chain situations and expectations for Q4 revenue between $184 million and $190 million [14][15] Other Important Information - The company ended the quarter with cash, cash equivalents, and marketable securities totaling $673.3 million, up from Q2 [13] - Capital expenditures for Q3 were $8.4 million, with expectations for Q4 capital expenditures around $10 million [14] Q&A Session Summary Question: Can MRDIMM replicate DDR5 market share? - Management believes MRDIMM can achieve similar market share as DDR5, with ramp-up expected towards late 2026 and 2027 [17] Question: Opportunities from Ethernet scale-up networking architecture? - The silicon IP portfolio is well-positioned for high-speed memory and interconnect, with accelerating demand for PCIe7 technology [19] Question: Supply chain considerations and lead times? - The company has grown inventory to support Q4 demand and maintains strong relationships with manufacturing partners, monitoring supply chain tightness [33][34] Question: RCD market share potential? - Current market share is in the early 40% range, with potential to grow to 45% or 50% as the DDR5 cycle continues [35][36] Question: Outlook for CXL and MRDIMM? - CXL is seen as an exciting interface, but the focus is on MRDIMM for memory expansion, leveraging existing infrastructure [56] Question: MRDIMM qualifications and share capture? - The company is well-prepared with a complete chipset for MRDIMM, which is critical for interoperability [58] Question: Trends in server and AI markets? - The server market is expected to grow mid to high single digits, with favorable tailwinds from AI workloads [45]

Financial Data and Key Metrics Changes - Revenue for Q3 was $178.5 million, exceeding expectations, with product revenue reaching a record $93.3 million, representing a 15% sequential increase and 41% year-over-year growth [14][15][12] - Cash from operations was strong at $88 million, contributing to a total of $673.3 million in cash, cash equivalents, and marketable securities at the end of the quarter [13][16] - Non-GAAP net income for the quarter was $68.2 million, with an expected Q4 non-GAAP earnings per share range between $0.64 and $0.71 [15][17] Business Line Data and Key Metrics Changes - The chip business delivered a product revenue record of $93 million, marking the sixth consecutive quarter of growth, driven by DDR5 product leadership and new product contributions [6][12] - Silicon IP business saw increased demand driven by AI, with significant contributions from HBM4, GDDR7, and PCIe 7 solutions [8][11] Market Data and Key Metrics Changes - The market for servers and DIMMs is expected to grow mid to high single digits, with ongoing demand for AI workloads driving this growth [9][60] - The total addressable market (TAM) for RCD is estimated at $800 million, with additional opportunities from MRDIMM expected to be around $600 million, projected to materialize by late 2026 or 2027 [54][56] Company Strategy and Development Direction - The company is focused on leveraging its expertise in signal and power integrity to deliver complete solutions for high-performance memory subsystems, aligning with strong trends in data centers and AI markets [6][11] - The strategic roadmap includes continued investment in product development and market expansion opportunities, particularly in the silicon IP and chip solutions sectors [18][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver long-term profitable growth, supported by strong product leadership and alignment with positive market trends [12][18] - The economic environment remains dynamic, with ongoing monitoring of supply chain conditions and customer demand [17][45] Other Important Information - The company is utilizing both GAAP and non-GAAP financial presentations to provide clarity in financial reporting, with reconciliations available for investor insights [4] - The company is not on leading-edge technology nodes, which has helped maintain a robust supply chain and support growth objectives [44][45] Q&A Session Summary Question: Can Rambus replicate MRDIMM market share similar to DDR5? - Management believes that with time, they can achieve similar market share in MRDIMM as with DDR5, with significant ramp-up expected towards late 2026 and 2027 [20][21] Question: Opportunities from Ethernet scale-up networking architecture? - The company sees opportunities in high-speed memory and interconnect technology, particularly with the transition from PCIe 5 to PCIe 7 [23] Question: Outlook on SOCAM and its impact on Rambus? - Management is optimistic about SOCAM's emergence, which aligns with the company's strengths in signal and power integrity, although they do not expect high volumes initially [28][32] Question: Supply chain considerations and lead times? - The company has not seen notable inventory buildup and is monitoring supply chain conditions closely, with expectations of slight increases in internal inventory to support future demand [44][45] Question: Market share potential in RCD? - Management indicated that they are currently above 40% market share in RCD and see potential for further growth, aiming for 40% to 50% in the future [46][48] Question: Update on MRDIMM and its market potential? - MRDIMM is expected to double capacity and bandwidth, with the company well-positioned due to its complete chipset solutions [81][82] Question: CXL market evolution and Rambus' strategy? - The company is focusing on silicon IP for CXL, as the market is fragmented and developing bespoke solutions for specific customers is not economically viable [76][77] Question: Trends in server and AI markets? - Management anticipates continued growth in the server market, driven by AI workloads, with a positive outlook for 2026 [60][61]