伯恩斯坦-中国半导体：全球存储接口芯片竞争态势深度剖析-China Semiconductors Global Memory Interface Chip：Competitive dynamics deep dive-20260727

27July2026

ChinaSemiconductors

GlobalMemoryInterfaceChip:Competitivedynamicsdeepdive

QingyuanLin,Ph.D.

+85221232654

qingyuan.lin@

FrancisMa

+85221232626

francis.ma@

KaiZhang

+85221232665

kai.zhang@

Wehighlightedinourmemoryinterfacechipindustrydeepdivethatallthreemajorsectorvendors(Montage,Renesas,Rambus)willbenefitfromtheagenticAIboom,inthereportweprovideadeepdivetothecompetitivedynamicswithafocusonRambus(RMBS,notcovered).Ourindustrymodelcanbedownloadedhere.

Rambusderivesrevenuefrommemoryinterfacechips,DRAM-relatedIProyalties,andcomputing-chipIPlicensing,exposedtothreeAI-drivengrowthenginesthat

shouldsupportastrongrevenuegrowththrough2030.EachsegmentisleveragedtoamajorsecularAItheme:memoryinterfacechipsbenefitfromtheserverCPURenaissancedrivenbyagenticAI;DRAMroyaltiesaretiedtomemorytechmigration;andcomputing-

chipIPlicensingbenefitsfromgrowingshareofAIASICs.Together,thesebusinesses

providebroadexposuretothecoreinfrastructurelayersunderpinningAIdevelopment.WeprojectthememoryinterfacechipmarketalonetoreachnearlyUSD20Bnby2030.ASICwillaccountforovertwo-thirdsofCoWoS-basedXPUshipmentsin2027.BothhighlightthemagnitudeoftheopportunitiesavailabletoRambus.

However,eachofRambus’scorebusinessesfacescompetitiveconstraintsthatarelikelytokeepgrowthbelowMontage.Inmemoryinterfacechips,webelieveitshistoricallitigation-drivenrelationshipwithmemorymanufacturerslimitsitsabilitytogainshares

fromMontageandRenesas.InDRAMroyalties,long-durationlicensingcontractsprovidestablecashflowbutinherentlycapfurthergrowth.InIPforcomputingchips,Rambus

competesagainstbothverticallyintegratedAIASICdesignerswithextensivein-houseIPportfoliosandecosystemleaderssuchasCadenceandSynopsys,whoseIPofferingsaretightlybundledwithEDAtoolsandfoundryworkflows.Consequently,RambusislargelypositionedtoserveAIchipstartupsratherthanfirst-tierhyperscalerASICprograms.

Abroadertechnologyportfoliocombinedwithslowerrevenuescalingshould

translateintoasloweroperatingleveragethanMontage.Rambusinvestsacross

memoryinterfacechips,memorycontrollers,interconnectIP,securitytechnologies,and

applicationsindiverseendmarkets,resultinginannualR&Dspendingroughly40-50%

higherthanMontage,whosetechportfolioismorefocused.Whilethisbroadportfolio

expandsRambus’saddressablemarket,italsorequiresasignificantlylargerengineering

organization.Becauserevenuegrowthismoderatedbythefiercecompetitiondiscussed

above,RambusgenerateslessrevenueperdollarofR&DspendingthanMontage.

Consequently,weexpectoperatingleveragetoemergemoregraduallyforRambus,leadingtoslowernetincomegrowththanMontage.

WeexpectRambustogrowslowerthanMontageinbothrevenueandearningsasaresult.MarkethasbeentradingRambusatadiscountvs.Montage,givenslowerexpectedrevenueandearningsgrowth.Nevertheless,abusinessthatrideson65%TAMgrowth

remainsanattractivegrowthasset.

SeetheDisclosureAppendixofthisreportforrequireddisclosures,analystcertificationsandotherimportantinformation.Alternatively,visitourGlobalResearchDisclosureWebsite.

FirstPublished:26Jul202620:55UTCCompletionDate:24Jul202602:24UTC

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BERNSTEINTICKERTABLE

23Jul2026

TTM

ReportedEPSReportedP/E(x)

Ticker

Rating

Cur

Closing Price

Price

Target

Rel.

Perf.

Cur2025A2026E2027E

2025A2026E2027E

6809.HK(Montage)

O

HKD

311.80

520.00

NA

CNY

1.97

3.21

5.68

136.7

84.0

47.4

688008.CH(Montage)

O

CNY

225.50

400.00

142.3%

CNY

1.97

3.21

5.68

114.5

70.3

39.7

ASIAX

1,880.30

O-Outperform,M-Market-Perform,U-Underperform,NR-NotRated,CS-CoverageSuspendedSource:Bloomberg,Bernsteinestimatesandanalysis.

INVESTMENTIMPLICATIONS

WerateMontageOutperform,withA-ShareTPatCNY400andH-ShareTPatHKD520.

CHINASEMICONDUCTORSBERNSTEINlsocIeTecENeRAlECROUP2

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27July2026

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TableOfContents

Companyoverview 3

Memoryinterfacechips:acceleratingTAMgrowth 5

RoyaltiesofIPinsidetheDRAMmodule:stablebutlow-growth 10

LicensingIPinsidethecomputingchips:attractiveendmarket,butintensecompetition 11

ModerateoperatingleverageandearningsgrowthrestrictedbyR&Dintensity 14

DETAILS

COMPANYOVERVIEW

COMPANYINTRODUCTION

RambusisaSiliconValleyveteranthathasreinventeditselftwice-fromamemorytechnologyinventorintoapatent-licensinghouse,andoverthepastdecadeintoafablessasmemoryinterfacechipsupplier.Foundedin1990by

StanfordengineersMikeFarmwaldandMarkHorowitzandlistedonNasdaqin1997,thecompanyfirstrosetoprominencewithRDRAM,aproprietaryhigh-speedmemoryinterfaceadoptedbyIntelaroundthePentium4era.WhentheindustrystandardizedonDDRSDRAMinstead,Rambusspentthefollowingdecademonetizingitspatentestatethroughlitigationandlicensing

againstthemajorDRAMmanufacturers,ahistorywedetailintheRoyaltiesbusinesssectionbelow.Thepivotbacktosilicon

beganin2016withtheacquisitionofInphi’smemoryinterconnectbusiness,whichbroughtDDR4bufferchips,andacceleratedundercurrentCEOLucSeraphin,whowasappointedin2018andrefocusedonmemoryinterfacechips.

Today,Rambusoperatesthreerevenuepillars:memoryinterfacechips,whereitranksthirdgloballywith~21%shareofthecoremarketin2024;patentroyaltiesfromDRAMmanufacturers;andsiliconIPlicensedtocomputingchipdesigners.ThecompanygeneratedUSD708Mnofrevenuein2025,up27%YoY.

PRODUCTOFFERINGS

Rambusrunstwobroadbusinesssegments,ProductsandRoyalties/IPLicensing,whicharereportedinthreelinesinitsfinancialstatements:Productrevenue,Royaltyrevenue,andContract&otherrevenue.

TheProductlineconsistsofmemoryinterfacechipsintegratedinDDRmodulestoconnectwithserverCPU,improvingbandwidthandsignalintegrityforservers.Thisspansthecorememoryinterfacechips(RCD,DB,MRCD,MDB,andCKD)andthecomplementarysupportingchips(SPDHub,PMIC,temperaturesensors,andvoltageregulators).Productrevenuecontributed49%oftotalrevenuein2025andgrew40.9%YoY,makingitthecomany’slargestandfastest-growingline.

TheRoyalties/IPLicensingsegmentmonetizestwodistinctgroupsofIPfortwodistinctcustomerbases,memory

manufacturersandcomputingchipdesigners.IPinsidetheDRAMmodulecontributed~33%of2025revenueandgrewin

LSDYoY.Thesepatentsaremainlyrelatedtothemodule’sdevicephysicsandarchitecture,licensedtomemorymanufacturersunder10-20yearcontractsstructuredasfixedupfrontpaymentsorper-moduleroyaltieswithcaps.SiliconIPcontributedtheremaining~18%of2025revenueandisguidedtogrowat10-15%YoY.SiliconIPlicensesIPinsidecomputingchipstoASIC/SoCdesigners,includingmemorycontrollersIPforDDR/HBM/LPDDR/GDDRandinterconnectIPforPCIe/CXL,aswellassecurityIPspanningrootoftrust,securenetworking,quantum-safecryptography,andanti-counterfeit.Theseengagementscombinelicensefeeswithengineeringcontractscarryingmilestonepayments.

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EXHIBIT1:Rambushastwoprimarybusinesssegmentsbutreportsfinancialstatementsinthreelines.TwobusinesssegmentsrideonthewaveofCPURenaissanceandAIASICrespectively

Products

Memoryinterface

chips

ChipsintegratedonDDRmodulestoconnectwithCPU,improving

bandwidthandsignalintegrityforservers

•Corememoryinterfacechips:RCD,DB,MRCD,MDB,CKD

•Complementary

supportingchips:SPD,PMIC,TS,voltage

regulators

RoyaltiesandIPLicensing

Royalties1SiliconIP1

IPinsidetheDRAMmodule:

•IPrelatedtoDRAMmodule’s

devicephysicsandarchitecture

•10to20-yearlicensingcontractswithmemorymanufacturers

•Fixedupfrontpaymentor

royaltiespermodulewithcaps

IPinsidecomputingchips:

•InterfaceIP:memorycontrollersforDDR/HBM/LPDDR/GDDR,

PCIe,CXL,videocompressionetc.

•SecurityIP/software:rootof

trust,securenetworking,quantumsafecryptography,anti-counterfeit

•LicenseIPtoCPU/ASICdesigners

•Engineeringcontractswith

milestonepayments,licensefee

49%

Revshare

in'25

409%

YoYin’25

.

~33%

Revsharein'25

LSD

YoYin’25

~18%

Revsharein'25

10-15%

YoYin’25

Therevenuemixandgrowthratenumbersareoperationalapproximationspermanagementcommentary,notformalreportingsegmentsSource:companyreports,Bernsteinanalysis

BUSINESSMODEL

Thetwosegmentsrunonfundamentallydifferentbusinessmodels-onesellschips,theotherlicensesIPrights.

ThememoryinterfacechipProductbusinessisaclassicfablessmodel:Rambusdesignsthechipsets,outsourcesfabricationtofoundrypartners,andsellsphysicalchipstoSamsung,SKhynix,andMicron.Revenuescalesdirectlywithmodulevolumesandcontentperchipset,givingthebusinessfullexposuretotheservermemoryupgradecycle.

TheRoyaltiesandSiliconIPbusinessesarelicensingmodels:Rambusmonetizesintangibleassetsthroughlong-durationpatentcontractsanddesign-win-basedIPlicenseswithengineeringmilestones.Licensingrevenueisextremelyhigh-marginand

recurring,butitsgrowthisboundedbycontractstructures.

Overall,theProductbusinesscarriesthegrowthstory,whilelicensingprovidesthestablecashflowthatfundsR&D.

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MEMORYINTERFACECHIPS:ACCELERATINGTAMGROWTH

Aswehaveelaboratedinourmemoryinterfacechipprimer,thesechipsareacorebeneficiaryoftheAgenticAIera,and

Rambusenjoysthefullstrengthofthisindustrybeta.AgenticAIisstructurallyreshapingdemandforserverCPUs,DDR

memory,andtheinterfacechipsconnectingthem.AsworkloadsshiftfromGPU-centrictrainingtowardinference-heavyagenticdeployments,theCPUreclaimsitsroleasorchestratorofmultistep,sequentialtasks.

EXHIBIT2:ProvidingmemoryinterfacechipsforRDIMM&MRDIMMalongsideMontage,RambusistheonlysupplierofSOCAMM2interfacechipstoday

InterfacechipsforRDIMM

InterfacechipsforMRDIMM

InterfacechipsforSOCAMM2

Source:companyreports,Bernsteinanalysis

WeprojecttheglobalmemoryinterfacechipTAMtogrowat~65%CAGR’25-’30toreachUSD20Bnin2030.The

strongmomentumwillbedrivenbythreecompoundingtailwinds:risingserverCPUvolumes,moreDRAMpackageperCPU,

andhigherchipsetvaluepermodulethroughtheMRDIMMupgrade.MRDIMMisthesinglelargestcontributor:weproject

MRCDandMDBtoaccountfor73%of2030TAM,asinterfacesiliconcontentperMRDIMMmodulerunsroughly10xthatof

RDIMM.Importantly,thedownsideiswellprotected:eveninabear-casescenarioonCPUshipmentsandMRDIMMpenetration,the2030TAMstillreachesourprior-versionprojectionin$8Bn.

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EXHIBIT3:WeraiseourglobalmemoryinterfaceTAMprojectiontoUSD20Bnin2030,withMRDIMM’sMRCDandMDBcontributing73%,drivenbysignificantlyhigherchipsetvaluepermodule

19.9

2.5

6.0

8.6

1.00.6

1.2

2030E

Coreinterfacechips

Complementarysupporting

chips

14.0

2.0

4.0

5.8

0.8

0.9

2029E

0.90.8

0.30.50.30.320222023

+65%

8.3

1.7

GlobalmemoryinterfacechipsTAM(BnUSD)

2.0

2.9

0.72028E

4.7

1.4

0.8

1.2

0.52027E

RCD-DDR4DB-DDR4RCD-DDR5

3.0

1.1

0.5

2026E

DB-DDR5MRCD

MDB

1.6

0.7

2025

SPD

TS

PMIC

1.2

0.5

2024

0.8

0.5

2021

0.4

0.2

0.4

0.5

0.3

0.6

0.3

OurTAMforecastdoesnotincludememoryinterfacechipsusedinNVIDIAproprietaryCPUs,suchasvoltageregulatorsandPMICs.WeexpecttheimpacttobeonlyLSD,asNVIDIACPUsaccountforasmallportionofserverCPUshipmentsandtherelatedcomponentsareofrelativelylowvalue.

Source:Mercury,TrendForce,Gartner,Bernsteinanalysisandestimates

Driver3:Avg$contentofinterface

EXHIBIT4:TheexpansionoftheTAMisdrivenbythreecorefactors,eachofwhichisexpectedtoaccelerateinthesecondhalfofthisdecaderelativetothepast5years

Driver2:Avg.#ofDIMMpackage

perCPU(Units)

contributedbyAIserverCPU

contributedbyGPserverCPU

13.612.6

11.7

9%p.a.10.338%

9.5

8.99.0

7.9

6.37.0

1%

63%

99%

9%p.a

.

.

chipsperDIMMmodule(USD)

22%p.a.

15.812.8

10.08.3

17

15

14

13

12

11

10

9

8

7

6

5

4

3

2

1

0

blendedavg.$contentofinterfacechipsperDIMM

9%p.a.

16.3

4.2

4.3

4.6

5.5

5.9

Driver1:GlobalserverCPUshipmentvol(Mnunits)

Intel

AMD

Hygon

ARM-NonNV

24%

45.5

37.330.6

89.3

70.4

31.631.4

22.8

-1%p.a.

24.1

55.4

2021

2022

2023

2024

2025

2026E

2027E

2028E

2029E

2030E

2021

2022

2023

2024

2025

2026E

2027E

2028E

2029E

2030E

2021

2022

2023

2024

2025

2026E

2027E

2028E

2029E

2030E

Source:Gartner,Mercury,Bernsteinanalysisandestimates

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27July2026

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EXHIBIT5:2030TAMSensitivityAnalysis:Eveninabear-casescenario,theglobalmemoryinterfacechipTAMreachesourprior-versionprojection,reinforcingawell-protecteddownsideforallmemoryinterfacechip

suppliers

2030TAMsensitivityanalysis(BnUSD)

ServerCPUshipmentin2030(excl.NV,Mnunits)

60

70

80

89

100

110

120

MRDIMM

penetrationin

2030

10%

8

9

10

12

13

14

16

15%

10

11

13

14

16

18

19

20%

12

13

15

17

19

21

23

25%

13

16

18

20

22

24

27

30%

15

18

20

23

25

28

30

35%

17

20

23

25

28

31

34

40%

19

22

25

28

32

35

38

Source:Bernsteinanalysisandestimates

Withinthisexpandingmarket,Rambuscompetesfromthethirdpositioninatextbookoligopolyandholdsa

differentiatedfootprintacrossmoduleformfactors.Thetopthreeplayersconsolidated90%ofthecorememoryinterfacechipmarketin2024,withRambusas~21%behindMontageandRenesas.ForDDR5RDIMMRCD,Rambusmanagement

claimsthatthecompanyisexpandingitsmarketsharecontinuously.Thecompanyhasalsocloseditshistoricalgapin

complementarysupportingchipsthroughsequentialin-housedevelopmentsince2022topursuea“fullchipset”strategy,

asmanagementnotedthatcustomersincreasinglywantthewholechipsetfromonesupplierforinteroperabilityreasonsat

highspeed.NowRambusoffersafullyin-housechipsetforbothRDIMMandMRDIMM,andthemanagementhasguidedthecomplementarysupportingchipstocontributemid-double-digitpercentageofrevenuebyyearend2026.Notably,RambusistodaytheonlysupplierofSOCAMM2interfacechips,givingitafirst-moverpositioninemergingsocket.

AsalateentranttoMRDIMM,RambushasmaterialroomtoexpandshareinthesegmentwheretheTAMgrowthisconcentrated.SkippingtheMRDIMMGen1,RambusdirectlyresourcestoGen2.Startingfromacurrentlyalmostnegligiblesharebase,everyGen2designwinisincremental:wemodelRambus’sMRDIMMinterfacechipsetsharerisingfrom2%in

2026to18%by2030,conservativelyassumingitslong-termmarketshareinMRDIMMchipsetlowerthanthatinRDIMMchipset.Meanwhile,managementhasalsoguidedforcontinuedsharegainsincomplementarysupportingchips,whereitsportfoliobuild-outisnowcomplete.Inshort,thecompany’ssharetrajectoryinthehighest-growthproductcategorypointsupwardfromalowbase,afavorablesetuprelativetocompetitorsdefendinghighshares.

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EXHIBIT6:Thecorememoryinterfacechipsmarketisatextbookoligopoly,withtop3playersconsolidating90+%ofmarketshare.Rambusisrankedinthe3rdplace.

Marketlandscapeofthecorememory

interfacechipsin2024

36%

BoardofDirectorsinJEDEC

Source:companyreports,Bernsteinanalysisandestimates

37%

BoardofDirectorsinJEDEC

21%MemberinJEDEC

Others

7%

MemberinJEDEC

DDR5Gen6

9200MT/s

In2Q26

DDR5Gen47200MT/sInOct’25

DDR5Gen5

8000MT/s

In4Q24

DDR5Gen14800MT/s

DDR5Gen25600MT/s

DDR5Gen36400MT/s

Mass

production

Sampling

R&D

EXHIBIT7:ThreeindustryleadersremaincloselymatchedinDDR5RDIMMandMRDIMMofferings.However,RambusisthelateentrantinMRDIMMmemoryinterfacechips

Product

roadmapof

chipsetsforDDR5RDIMM

Product

roadmapofchipsetsforDDR5

MRDIMM

MRDIMMGen1

8800MT/s

Productintroductionandsamplingin

2022

MRDIMMGen1

8800MT/s

Productintroductionandsamplingin

2022

MRDIMMGen2

12800MT/s

SamplinginJan’25,backlogtobe

deliveredin1H26worth20MnUSD

DDR5Gen58800MT/s

DDR5Gen58000MT/sInOct’24

DDR5Gen69600MT/sInNov’25

DDR5Gen6

DDR5Gen14800MT/s

DDR5Gen14800MT/s

DDR5Gen47200MT/s

DDR5Gen47200MT/s

DDR5Gen25600MT/s

DDR5Gen25600MT/s

DDR5Gen36400MT/s

DDR5Gen36400MT/s

MRDIMMGen2

12800MT/s

SamplinginOct’24

MRDIMMGen2

SamplinginNov’24

Source:companiesofficialwebsites,Bernsteinanalysis

However,webelieveRambus’smarketshareisstructurallycapped,owingtoitshistoricaldelicaterelationshipwithmemorymanufacturers.Rambus’shistoryisdeeplyrootedinpatentenforcementandlitigationagainsttheDRAMmakers,

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27July2026

whoarethecustomersandco-validationpartnersthatmemoryinterfacechipvendorsdependon.Whilethisstrategybuilta

valuableintellectualpropertyportfolio,webelievethelegacyrelationshipmayconstrainRambus’sabilitytoachieveadominantposition.DRAMmakerscontrolmodulequalificationandfavorsupplierswithwhomtheyhavedeepco-developmenttrust,thedual-sourcingpreferencesnaturallydistributesharetowardthetwocompetitors.WeexpectRambustocontinuegainingshareasMRDIMMadoptionaccelerates,butwebelieveitslong-termshareinMRDIMMinterfacechipsislikelytoberestrictedtothethirdposition,giventhecompetitivelandscapeandcustomerdynamics.

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ROYALTIESOFIPINSIDETHEDRAMMODULE:STABLEBUTLOW-GROWTH

TwodecadesofpatentlitigationconvertedRambus’sIPestateintoarecurringroyaltyannuity,theoriginoftoday’ssecond-largestrevenueline.ThecampaignbeganwiththeInfineonsuitinAug2000,thefirstmajortestofRambus’sDDRpatentclaims,andranthroughtheFTC’santitrustactionoverRambus’sconductattheJEDECstandardsbody,removingthe

principallegaloverhandandpreservingtheenforceabilityofthepatentestate.AjuryverdictinRambus’sfavoragainstSKhynixandMicronin2008thensetthestagefornegotiatedsettlementswithallthreemajorDRAMmakers:Samsungin2010,andSK

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hynix&Micronin2013.Thesesettlementshavesincebeenrenewedandextendedintothe10-20yearlicensingcontractsthatunderpinthesegmenttoday.

EXHIBIT8:TwodecadesofpatentlitigationconvertedRambus’sIPestateintorecurringroyaltiesrevenue.Butwethinkthisdelicaterelationshipwithmemoryvendorsmaystructurallyrestrictitsshareininterfacechipsector

Source:SECfilings,Bernsteinanalysis

Theresultisastable,annuity-likerevenuestream,butonethatmanagementhasguidedtoremainlargelyflat,

offeringlimitedgrowth.Theagreementsarestructuredasfixedupfrontpaymentsorper-moduleroyaltieswithcaps,whichinsulatesthestreamfromDRAMcyclevolatilitybutequallyexcludesRambusfromexpandinginthecurrentDRAMvolume

andpricingupcycle.Weviewthissegmentasadependablecashgeneratorthatfundsthecompany’sR&D,butnotasourceofgrowth,adistinctionthatmattersforthecompany-levelgrowthprofilediscussedinthefollowingsections.

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LICENSINGIPINSIDETHECOMPUTINGCHIPS:ATTRACTIVEENDMARKET,BUTINTENSECOMPETITION

TheaddressablemarketformemorycontrollersandinterconnectIPusedincomputingchipsisexpandingrapidly,

drivenbythestrongdemandforcustomAIASICs.OurglobalsemiteamprojectsAIASICcanreach20%oftheXPUmarketbyvaluein2027,upfrom10%in2026.Measuredbyshipmentvolume,BernsteinprojectsASICwillaccountforovertwo-

thirdsofCoWoS-basedXPUshipmentsin2027.ASICbenefitsfromtheindustry’sinflectionfromtrainingtoinferenceandwillgrowfasterthanthebroaderacceleratormarket.CSP,includingGoogle,Microsoft,Amazon,andMeta,areacceleratingASIC

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adoptiontoimproveperformanceperdollar,lowertotalcostofownership,andreducerelianceonexternalGPUsupplychains.EveryoneofthesecustomASICchipsneedsHBMandDDRcontrollers,interconnect,andsecurityIP,whichareexactportfolioRambuslicenses.

EXHIBIT9:AdiversifiedIPbusinessspanningmemorycontrollers,interconnectcontrollers,andsecuritytechdriveshigherR&DintensitythanMontage(1/2)

Source:companyreports

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EXHIBIT10:AdiversifiedIPbusinessspanningmemorycontrollers,interconnectcontrollers,andsecuritytechdriveshigherR&DintensitythanMontage(2/2)

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Source:companyreports

However,wethinkRambusfacesintensecompetitioninthisattractivemarket,fromtwostructurallyadvantagedgroups.

•LeadingAIASICdesignparters,suchasBroadcom,Marvell,andMediaTek,possessextensivein-houseexpertiseandproprietaryportfoliosofmemorycontrollersandinterconnectIP,leavinglittleroomforthird-partylicensingwithintheirhyperscalerprograms.Thesecapabilitiesaretheby-productofdecadesofshippingconnectivity-intensive

siliconatscale,hardenedacrossthousandsoftape-outsratherthandevelopedforlicensing.Broadcomrefineditsindustry-leadingSerDesandHBMPHY/controllerstackthroughsuccessivegenerationsofnetworkingswitchsiliconandcustom

acceleratorengagements,especiallyGoogleTPUprogramithasservedacrossmultiplegenerations.Marvellbuiltits

portfolioonstorageandnetworkingcontrollerheritageandreinforceditthroughacquisition-Avera(theformerIBM/

GlobalFoundriesASICdesignunit)in2019andInphi’shigh-speedinterconnectfranchisein2021.MediaTek’shigh-volumesmartphoneSoCbusinesshaskeptitsDDRmemorycontrollerssilicon-provenatleading-edgenodesforoveradecade.

QualcommhasinternalheritagedevelopedthroughsmartphoneSoC,butalsoacquiredAlphawavein2025,whichprovideshigh-speedconnectivityIPtoAIdatacenter.BecausememorycontrollerandinterconnectIPportfoliosaretheperformance-criticalportionofanAIASIC,thesevendorstreatitascoredifferentiationforwinningwhole-chipengagements,resultinginbundlingtheIPwithinthedesigncontractratherthansourcingitexternally.

•CadenceandSynopsysbenefitfromstrongecosystemadvantages,integratingtheircontrollers,PHY,and

interconnectIPofferingswithindustry-leadingEDAtoolsandfoundrydesig