Montage Technology (06809) rose more than 8%, bringing its cumulative monthly gain to over 70%. At the time of writing, the stock was up 8.33% to HK$447.4, with a turnover of HK$1.425 billion.

The catalyst for the move was a recent Morgan Stanley research report. The report indicates that with the emergence of Agentic AI, AI infrastructure is shifting from a GPU-centric model to an architecture emphasizing "CPU + memory + system coordination." Under a baseline scenario, Morgan Stanley forecasts the global server CPU market could reach $125 billion by 2030, with new DRAM demand hitting 74 exabytes. In an optimistic scenario, the global server CPU market could potentially expand to as much as $283 billion by 2030, with new DRAM demand potentially reaching 221 exabytes—approximately five times the current global market size.

CLSA notes that as AI transitions from model training to inference, particularly with the development of AI agents, demand for server CPUs is rising steadily. Montage Technology is positioned as a primary beneficiary of this robust CPU demand. Furthermore, the company's new products address a large serviceable market, and growth in this segment is accelerating.