--- title: "eMemory passes NT$4.13 billion, beating its record 2025 with two months to spare" description: "The Taiwanese IP licensor collects a royalty on every wafer carrying its security silicon, including chips built on NVIDIA's Vera Rubin platform. It briefs investors on November 13, hours after NVIDIA's founder-CEO of 33 years resigned." publisher: "The Inference" section: "Chips" published: 2026-11-13T00:04:25.821Z modified: 2026-11-13T00:04:25.821Z canonical: https://theinference.org/article/ememory-passes-nt-4-13-billion-beating-its-record-2025-with-two-months-to-spare language: en keywords: "Earnings, Semiconductors, Nvidia, Taiwan, EMemory Technology" --- # eMemory passes NT$4.13 billion, beating its record 2025 with two months to spare > The Taiwanese IP licensor collects a royalty on every wafer carrying its security silicon, including chips built on NVIDIA's Vera Rubin platform. It briefs investors on November 13, hours after NVIDIA's founder-CEO of 33 years resigned. [eMemory Technology](https://theinference.org/markets/companies/ememory-technology), 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 [1][2]. October alone brought NT$726 million, up 16.6%. [1][2] *Chart: **Ten months of 2026 already beat eMemory's record full-year 2025** Column chart of eMemory consolidated revenue: January to October 2025 NT$3,423 million, full year 2025 NT$3,849 million, January to October 2026 NT$4,127 million* *Consolidated revenue, NT$ millions. Ten-month 2026 cumulative against the ten-month and full-year 2025 figures the company reported. Sources: MoneyDJ via Yahoo Taiwan; Commercial Times. [1][2]* ## A 27% quarter, a two-day rally, a NT$3,000 target [Third-quarter results](https://hk.marketscreener.com/news/ememory-technology-inc-reports-earnings-results-for-the-third-quarter-and-nine-months-ended-septemb-ce785fdadc8cf026) 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. [4][5][6] 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](https://news.cnyes.com/news/id/6342130) that PUFrt, its root-of-trust design that gives each chip a unique hardware identity, had been adopted into [NVIDIA](https://theinference.org/markets/companies/nvidia)'s 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](https://theinference.org/markets/people/jensen-huang) [resigned as NVIDIA's president, chief executive and director](https://techcrunch.com/2026/11/12/nvidias-jensen-huang-resigns-chipmaker-names-cfo-colette-kress-as-interim-ceo/) with immediate effect, days after admitting [an affair with an alleged Chinese spy](https://theinference.org/article/singapore-declines-to-prosecute-alice-huang-but-nvidia-s-601-billion-wipeout-never-touched-estimates); finance chief [Colette Kress](https://theinference.org/markets/people/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](https://news.cnyes.com/news/id/6618954) opens November 13 at 16:00 Taipei time, the company's first outlook since the exit, with NVIDIA reporting its own results next Tuesday. [6][9] 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](https://tw.stock.yahoo.com/news/ai%E6%99%B6%E7%89%87%E5%90%B9%E9%9F%BFsoc%E6%95%B4%E5%90%88%E6%88%B0-%E5%8A%9B%E6%97%BA-m31-%E6%99%B6%E5%BF%83%E7%A7%91%E8%82%A1%E5%83%B9%E8%85%B0%E6%96%AC-%E9%80%99%E6%AA%94eps%E7%AB%9F%E6%9A%B4%E5%A2%9E895-080530979.html). [8][7] Watch the royalty line in the new guidance, and any wording on Vera Rubin's timing. ## Takeaway eMemory has already beaten its best year, but the royalty ramp it promised leans on NVIDIA's Vera Rubin silicon, now shipping under an interim chief executive. ## Sources 1. [MoneyDJ via Yahoo Taiwan Stock, "力旺 115年10月營收7.26億、年增16.61%" (eMemory October revenue NT$726M, up 16.61%), 5 November 2026](https://tw.stock.yahoo.com/news/%E5%8A%9B%E6%97%BA-115%E5%B9%B410%E6%9C%88%E7%87%9F%E6%94%B67-26%E5%84%84-%E5%B9%B4%E5%A2%9E16-61-070400323.html) 2. [Commercial Times (工商時報), "AI商機熱 創意、力旺業績帶勁" (AI demand lifts Creative and eMemory), 6 November 2026](https://www.ctee.com.tw/news/20261106700221-439901) 3. [MarketScreener Hong Kong, "eMemory Technology Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2026", 2 November 2026](https://hk.marketscreener.com/news/ememory-technology-inc-reports-earnings-results-for-the-third-quarter-and-nine-months-ended-septemb-ce785fdadc8cf026) 4. [Global Banking & Finance Review, "eMemory Technology rises 9.93% in Tuesday's session", 10 November 2026](https://www.globalbankingandfinance.com/ememory-technology-3529-two-rises-2026-11-10/) 5. [Global Banking & Finance Review, "eMemory Technology rises 2.26% in Wednesday's session", 11 November 2026](https://www.globalbankingandfinance.com/ememory-technology-3529-two-rises-2026-11-11/) 6. [Cnyes (鉅亨網), "力旺:本公司舉辦2026年第3季線上法人說明會" (eMemory Q3 online investor conference, 13 November 16:00), 30 September 2026; page carried the 12 November TPEX quote of NT$2,205, -2.65%](https://news.cnyes.com/news/id/6618954) 7. [Yahoo Taiwan Stock (旺得富/杜大澂), "AI晶片吹響SoC整合戰！力旺、M31、晶心科股價腰斬…矽智財IP三雄可以撿？最新目標價一次看" (IP trio halved from peak; NT$3,000 target, 2026 EPS NT$32.31), 4 November 2026](https://tw.stock.yahoo.com/news/ai%E6%99%B6%E7%89%87%E5%90%B9%E9%9F%BFsoc%E6%95%B4%E5%90%88%E6%88%B0-%E5%8A%9B%E6%97%BA-m31-%E6%99%B6%E5%BF%83%E7%A7%91%E8%82%A1%E5%83%B9%E8%85%B0%E6%96%AC-%E9%80%99%E6%AA%94eps%E7%AB%9F%E6%9A%B4%E5%A2%9E895-080530979.html) 8. [Cnyes (鉅亨網), "力旺PUF報捷 打入輝達新一代平台 下半年權利金顯著增" (eMemory PUF enters NVIDIA new platform, H2 royalties to grow significantly), 11 February 2026](https://news.cnyes.com/news/id/6342130) 9. [TechCrunch, "Nvidia's Jensen Huang resigns, chipmaker names CFO Colette Kress as interim CEO", 12 November 2026](https://techcrunch.com/2026/11/12/nvidias-jensen-huang-resigns-chipmaker-names-cfo-colette-kress-as-interim-ceo/) --- eMemory passes NT$4.13 billion, beating its record 2025 with two months to spare — The Inference. Canonical: https://theinference.org/article/ememory-passes-nt-4-13-billion-beating-its-record-2025-with-two-months-to-spare