Rambus (RMBS) Posted Record AI Revenue, Is The Stock Still 32% Undervalued?

Rambus (RMBS) recently reported record second-quarter revenue driven by AI data center demand, despite experiencing margin pressure and supply chain costs. While the stock has seen a 40.51% return over the past year, it has pulled back 20.58% in the last 90 days. A "most popular narrative" suggests RMBS is 32.5% undervalued at $100.55 compared to a fair value of $149, primarily due to anticipated growth from the upcoming MRDIMM technology transition, though the SWS DCF model presents a different, more expensive valuation of $35.03.