中国下一代赢家：澜起科技——乘智能体AI（Agentic AI)东风

This report is part of a series on China Next Winners, in which Bernstein identifies the next generation of industries and corporate winners in China, highlighting Montage (688008.CH / 6809.HK) as the key beneficiary of accelerating Agentic AI adoption. Memory interface chips offer amplified exposure to the CPU renaissance driven by agentic AI. Bernstein projects the memory interface chip TAM to reach approximately USD20bn by 2030, growing at a ~65% CAGR from 2025-30, far outpacing the ~24% growth in server CPU shipments. Agentic AI expands the role of server CPUs beyond supporting accelerator workloads to orchestrating, retrieving data for and executing multistep tasks. Three multiplicative drivers benefit the industry: more server CPUs, more DIMMs per CPU and higher interface-chip value per DIMM. Agentic AI strengthens DDR bandwidth demand and could accelerate MRDIMM penetration, lifting estimated interface-chip value from approximately USD6-7 per RDIMM to USD50-70 per MRDIMM;