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The Server Plumbing — Memory Controllers, Retimers & Interconnect · The Memory Wall — HBM, DRAM, NAND & the AI Memory Cartel

RMBS

Rambus
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~45% share of DDR5 RCDs. MRDIMM optionality emerging late 2026. The IP-and-silicon hybrid behind every modern AI server's memory subsystem.

What they do

Sells DDR5 registering clock drivers (RCDs), power management ICs (PMICs), and IP licenses . Every DDR5 DIMM in an AI server needs an RCD chip — Rambus exited 2025 with mid-40% share (up from "early 40s" in 2024); long-term target 40-50%. PMIC content growing toward 20% target share. Competes vs Renesas and Montage.