Management Visit: Montage AI Growth and New Memory Products

Following a management visit, Goldman Sachs remains positive on Montage, noting that AI-driven demand for MRCD/MDB chipsets and a strong 2027 product pipeline (CXL 3.0, PCIe 6.0) support a Buy rating.

Key Takeaways

• 1.Management is positive on MRCD/MDB demand driven by AI and targets higher market share compared to RCD.
• 2.New products like MRDIMM gen2, PCIe gen6, and CXL 3.0 are expected to drive growth and high margins in 2027.
• 3.The diversifying CPU market (including in-house chips from US tech giants) is unlikely to disrupt Montage's competitive landscape due to product standardization.

Table of Contents

• Key takeaways
• Price target methodology and risks - Montage
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Target price history table(s)
• Regulatory disclosures

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