Rambus is a semiconductor company focused on data center and AI infrastructure, operating across three businesses: memory interface chips, silicon IP licensing, and patent licensing. The memory interface chip business is Rambus's largest and fastest-growing segment. Rambus makes chips that sit on DRAM memory modules (DIMMs) in servers, controlling signal integrity, power management, and data reliability at high speed. The flagship product is the Registering Clock Driver (RCD), a critical component on every Registered DIMM in a server. Rambus also sells companion chips including power management ICs, data buffers, temperature sensors, and SPD hubs. Rambus is fabless, outsourcing manufacturing to third-party foundries in Taiwan and Korea. The silicon IP business licenses high-speed memory controllers (HBM, GDDR), interconnect controllers (PCIe, CXL), and security IP to chip designers building AI accelerators and other data center silicon. Revenue is recognized at the time of licensing, typically 12–24 months before a customer's chip enters production. The patent licensing business earns royalties from long-term agreements with semiconductor companies, including AMD, Nvidia, Micron, Samsung, and Qualcomm, providing stable and predictable cash flow. Rambus's growth strategy centers on expanding content per server by broadening its chipset beyond RCDs into companion chips, and by targeting next-generation memory architectures like MRDIMM, which require more complex chips and multiply Rambus's content per module.