Bernstein has issued a comprehensive report on Montage Technology (06809), reaffirming its 'Outperform' rating. The report raises the target price for its A-shares to RMB 400 and establishes the target price for its H-shares at HK$520. It highlights that as AI applications transition from single-round question-and-answer formats to intelligent agent models capable of continuous task execution, there will be a concurrent surge in demand for server CPUs, memory configurations, and high-speed interface chips. Montage Technology is poised to capitalize on two significant trends: the MRDIMM upgrade and CXL memory expansion. Bernstein asserts that while the primary focus of AI computing will remain on GPUs rather than shifting to CPUs, the advent of agent models will introduce a multitude of ancillary tasks to support model inference. These tasks include information retrieval, database access, and code execution, thereby creating a more comprehensive and interconnected AI ecosystem.