eMemory passes NT$4.13 billion, beating its record 2025 with two months to spare

eMemory Technology▲+6.12% — eMemory Technology, up 6.12 percent today, the Taiwanese licensor of embedded memory and security circuitry, has beaten its best year with two months to spare. Revenue from January through October reached NT$4.13 billion, up 20.6% year on year and past the NT$3.85 billion booked in all of 2025, a record year ¹². October alone brought NT$726 million, up 16.6%. ¹²

A 27% quarter, a two-day rally, a NT$3,000 target

Third-quarter results↗ point the same way: revenue of NT$1.21 billion, up 27%; net income NT$639 million, up 31%; earnings per share NT$8.56 against NT$6.52 a year earlier. ³ The stock jumped 9.93% to NT$2,215 on November 10, added 2.26% to reach NT$2,265 the next day, then settled back to NT$2,205 on November 12. ⁴⁵⁶ A Taipei financial-group research desk rates the shares a buy with a NT$3,000 target, about a third above the market, on estimated 2026 earnings of NT$32.31 a share. ⁷

Vera Rubin pays by the wafer

eMemory collects per-project license fees plus a royalty on every wafer carrying its silicon. Chairman Charles Hsu told investors in February↗ that PUFrt, its root-of-trust design that gives each chip a unique hardware identity, had been adopted into NVIDIA's▼−3.21% — NVIDIA, down 3.21 percent today next-generation Vera Rubin platform, with related royalties set to grow significantly in the second half of 2026. ⁸ PUF security IP reached 10.9% of revenue in the second quarter, as the Open Compute Project's Caliptra specification steers such blocks into server processors, baseboard management chips, SSD and CXL controllers. ²

The anchor customer lost its founder

Hours after that November 12 close, Jensen Huang resigned as NVIDIA's president, chief executive and director↗ with immediate effect, days after admitting an affair with an alleged Chinese spy; finance chief Colette Kress takes over as interim CEO ⁹. NVIDIA shares had fallen as much as 19% since Friday, erasing more than $855 billion of market value. ⁹

The bull and bear cases both land on tomorrow's call

The online investor conference↗ opens November 13 at 16:00 Taipei time, the company's first outlook since the exit, with NVIDIA reporting its own results next Tuesday. ⁶⁹ The bear case is concentration: the promised second-half royalty ramp leans on Vera Rubin silicon now shipping under an interim chief, and whether that schedule holds is a question no filing yet answers.

The bull case is breadth: royalties are collected per wafer across more than 700 production process platforms, and the stock had already nearly halved from its peak by early November↗. ⁸⁷ Watch the royalty line in the new guidance, and any wording on Vera Rubin's timing.