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Rambus (RMBS) may be one of the quieter winners of the shift to AI agents. The company makes the chips that sit on server memory modules, helping CPUs work with memory. And CPUs are becoming more important. In a recent note, Bank of America explained that GPUs do the “thinking” in AI, while CPUs carry out the tasks, like running code and pulling data. BofA expects the server CPU market to grow from about $61 billion this year to roughly $211 billion by 2030. The part tied to AI agents could rise about 14-fold.
Rambus has already noticed the shift. Management said AI agents are pushing server designs toward more CPUs, and the company holds a mid-40% share of its main memory interface chip market. Its next big opportunity is MRDIMM, a faster memory module carrying about four times the interface chip content of today's standard DDR5 modules. Sales should start ramping in 2027 alongside new Intel (INTC) and AMD (AMD) platforms. Rambus has also launched chips for SOCAMM2, a memory format for servers built around LPDDR memory, though sales there are small for now.
