Rambus (RMBS) 2026 Evercore Global TMT Conference summary

Business overview and market positioning

• Operates across product, silicon IP, and patent business lines, generating strong cash flow and gross margins.

• Positioned at the center of the compute revolution, especially in data center and AI-driven markets.

• Sees cyclical growth opportunities with a solid foundation in the semiconductor industry.

AI and memory market dynamics

• AI market shift from training to inference and agentic AI is increasing CPU and memory demand.

• Memory industry faces supply tightness, creating constraints for agentic AI infrastructure.

• Growth in CPU core counts drives demand for more memory channels and DIMMs, boosting unit-based revenue.

Competitive landscape and product evolution

• Achieved 25% market share in DDR4, rising to 45% in DDR5 by investing early and focusing on high-quality products.

• DDR5 product generations (gen 1–5) are ramping, with strong market footprint in each.

• Gen 3 aligns with Intel Granite Rapids and AMD Turin; Gen 4 with Arm-based CSPs; Gen 5 with Intel Diamond Rapids and AMD Venice.

• Gen 5 server launches expected at year-end for AMD and next year for Intel.