--- title: "eMemory closed up 6.12% after a 'miss' wire; royalties grew 27.1%, up from 7.8%" description: "Taipei answered the Taiwanese IP licensor's faster-royalty-growth guidance with a 6.12% close at NT$2,340, against a wire headline calling the quarter a miss. The promise leans on PUFrt security silicon inside Nvidia's Vera Rubin platform, whose royalties were promised for this half under an interim chief executive." publisher: "The Inference" section: "Chips" published: 2026-11-13T14:20:01.847Z modified: 2026-11-13T14:20:01.847Z canonical: https://theinference.org/article/ememory-closed-up-6-12-after-a-miss-wire-royalties-grew-27-1-up-from-7-8 language: en keywords: "EMemory, Nvidia, Semiconductor IP, Royalties, Taiwan" --- # eMemory closed up 6.12% after a 'miss' wire; royalties grew 27.1%, up from 7.8% > Taipei answered the Taiwanese IP licensor's faster-royalty-growth guidance with a 6.12% close at NT$2,340, against a wire headline calling the quarter a miss. The promise leans on PUFrt security silicon inside Nvidia's Vera Rubin platform, whose royalties were promised for this half under an interim chief executive. The transcript headline and the Taipei close disagreed, and the slides explain why. The wire read "[eMemory Q3 2026 misses forecasts as stock slips](https://au.investing.com/news/stock-market-news/earnings-call-transcript-ememory-q3-2026-misses-forecasts-as-stock-slips-93CH-4768403)" [3]; by the November 13 close the shares stood at NT$2,340, up 6.12% [2]. What the market bought was in the company's own deck: continued licensing momentum and faster royalty growth, on advanced nodes, product ramps and AI security demand [1]. ## The royalty acceleration promised in August arrived in the print Third-quarter royalties grew 27.1% year on year [1]. In the second quarter they grew 7.8%, after a first-quarter dip caused by a Taiwan foundry customer's sale, and management told investors then that [royalty growth would accelerate in the second half as new designs reached mass production](https://www.investing.com/news/company-news/ememory-q2-2026-slides-strong-growth-ai-security-push-93CH-4860110) [7][8]. Royalties are the heart of the model, about 70% of revenue, collected on every wafer carrying [eMemory's circuitry](https://theinference.org/markets/companies/ememory-technology) across hundreds of production processes [7]. PUF-based security revenue, the fastest line in the deck, more than tripled [1]. *Chart: **The royalty acceleration eMemory promised for the second half arrived in Q3** Column chart comparing year-on-year growth of eMemory's royalty and PUF-based revenue in Q2 2026 versus Q3 2026, showing royalties accelerating from 7.8 to 27.1 percent and PUF-based revenue from 153.8 to 213.1 percent.* *Year-on-year revenue growth, percent, by stream, per eMemory's Q2 and Q3 2026 investor slides. [7][1]* ## Caliptra turned chip identity into a requirement, and eMemory sells the answer The engine behind that line is a standard. Caliptra, the Open Compute Project's open specification for a hardware root of trust, gives every chip in a cloud server a verifiable identity and a trusted boot path, and [it is spreading across CPUs, GPUs, accelerators and networking silicon](https://www.edn.com/caliptra-enabled-hardware-security-solution-eyes-ai-socs/) [5][6]. The spec needs three things on the die: a unique device secret, secure one-time-programmable storage, and a qualified randomness source [7]. PUFrt supplies all three, keyed to manufacturing variation no attacker can copy, and it already sits inside server-management chips from ASPEED and in security systems at major memory and networking chipmakers [5]. ## Vera Rubin carries it, and the royalty ramp with it [Nvidia](https://theinference.org/markets/companies/nvidia)'s next-generation Vera Rubin platform carries it too, adopted, by the chairman's February account, with royalties set to grow significantly this half [4]. The spec creates the requirement; eMemory did the work of making it manufacturable, and is paid back one wafer at a time. ## The royalty ramp rests on a shipping date, not a signed order Every link up to here is observable in silicon or in reported revenue. The last one is a schedule. Vera Rubin was promised for volume in this half, and it now ships under finance chief [Colette Kress](https://theinference.org/markets/people/colette-kress), interim chief executive since founder [Jensen Huang](https://theinference.org/markets/people/jensen-huang) resigned on November 12 [4]. [Nvidia reports its own quarter on November 17](https://theinference.org/article/ememory-passes-nt-4-13-billion-beating-its-record-2025-with-two-months-to-spare) [4], and no document yet says the royalty ramp holds its dates [4]. That is what 73.7 times trailing earnings buys [2]: a demand link already etched into data-center chips, and a timing link still a promise, in a stock that had already nearly halved from its peak before this week [4]. ## Takeaway eMemory's royalties accelerated to 27.1% growth, as promised in August, and Taipei bought it. The ramp still rests on Nvidia's Vera Rubin shipping on time. ## Sources 1. [TradingView (Quartr summary of eMemory slides release), "eMemory Technology: Q3 revenue rose 27.1% YoY as royalties and PUF demand strengthened", 13 November 2026](https://www.tradingview.com/news/urn:summary_document_slides:quartr.com:4268754:0-ememory-technology-q3-revenue-rose-27-1-yoy-as-royalties-and-puf-demand-strengthened/) 2. [Yahoo Finance Australia, eMemory Technology Inc. (3529.TWO) quote page, collected 13 November 2026](https://au.finance.yahoo.com/quote/3529.TWO/) 3. [Investing.com, "Earnings call transcript: eMemory Q3 2026 misses forecasts as stock slips", 13 November 2026](https://au.investing.com/news/stock-market-news/earnings-call-transcript-ememory-q3-2026-misses-forecasts-as-stock-slips-93CH-4768403) 4. [The Inference, "eMemory passes NT$4.13 billion, beating its record 2025 with two months to spare", 12 November 2026](https://theinference.org/article/ememory-passes-nt-4-13-billion-beating-its-record-2025-with-two-months-to-spare) 5. [PR Newswire via Morningstar, "eMemory/PUFsecurity Showcases OCP S.A.F.E.-Approved PUFrt at OCP Global Summit, Strengthening AI Data Center Security with Caliptra", 19 October 2026](https://www.morningstar.com/news/pr-newswire/20261019hk75144/ememorypufsecurity-showcases-ocp-safe-approved-pufrt-at-ocp-global-summit-strengthening-ai-data-center-security-with-caliptra) 6. [EDN, "Caliptra-enabled hardware security solution eyes AI SoCs", 15 September 2026](https://www.edn.com/caliptra-enabled-hardware-security-solution-eyes-ai-socs/) 7. [Investing.com, "eMemory Q2 2026 slides: strong growth, AI security push", 14 August 2026](https://www.investing.com/news/company-news/ememory-q2-2026-slides-strong-growth-ai-security-push-93CH-4860110) 8. [Design-Reuse, "eMemory Technology Inc (ROCO:3529) Q1 2026 Earnings Call Highlights", 14 May 2026](https://www.design-reuse.com/news/202530515-ememory-technology-inc-roco-3529-q1-2026-earnings-call-highlights-record-revenue-growth-and-strategic-expansion/) --- eMemory closed up 6.12% after a 'miss' wire; royalties grew 27.1%, up from 7.8% — The Inference. Canonical: https://theinference.org/article/ememory-closed-up-6-12-after-a-miss-wire-royalties-grew-27-1-up-from-7-8