22 September 2026 China Semiconductors Qingyuan Lin, Ph.D.+852 2123 2654 qingyuan.lin@bernsteinsg.com Francis Ma+852 2123 2626 francis.ma@bernsteinsg.com Kai Zhang+852 2123 2665 kai.zhang@bernsteinsg.com As we highlighted in our memory interface chip primer, the rollout of agentic AI is creating significant incremental demand for CPUs and thereby server DRAM. However, DRAM supply shortages have become a key bottleneck facing hyperscalers, as new solutions to increase supply became increasingly urgent. Meta recently published a paper using Compute Express Link (CXL) Memory eXpander Controller (MXC) to reuse retiring DDR4. Our discussion with Montage also confirmed that local CSPs are developing similar solutions. We updated our company model and industry model to reflect this upside. We believe this could become a new growth engine for Montage, bring ~10% upside to their 2028 revenue, reiterate Outperform. We believe DDR4 reuse could become the first large-scale commercial application o