Montage Technology (06809) rose nearly 6% in morning trading, reaching HK$208.8 by the time of writing, with a trading volume of HK$264 million. The increase follows recent reports that SK Hynix indicated its DRAM and NAND inventory levels have dropped to an "extremely low" point of approximately four weeks and are expected to continue declining throughout the year. Additionally, market sources suggest Samsung is negotiating prices for its latest-generation AI memory chip, HBM4, which is projected to be 20% to 30% higher than the previous generation, with an estimated price of around US$700.

Financial Street Securities previously noted that looking ahead to 2026, the tight supply trend in memory production capacity is likely to persist. Domestic manufacturers, especially those in the memory sector, have strong incentives to expand production. The firm is optimistic about the capacity increases from domestic memory makers and the value enhancement driven by advances in manufacturing processes.

First Shanghai Research highlighted that with the arrival of the AI era, the rapid growth in computing power has made interconnect capabilities a bottleneck in AI computing clusters. Montage Technology's interconnect chip business is expected to experience significant growth, supported by upgrades in memory interface technology from DDR4 to DDR5 and eventually DDR6, as well as transitions from PCIe 4.0 to 6.0 and beyond. The introduction of the CXL standard for memory pooling is also anticipated to substantially increase the value of related interface chips. The report concludes that Montage Technology is well-positioned to benefit from the AI infrastructure boom, as the interconnect chip industry enters a new cycle of rapid expansion.