That said, as semiconductor companies pivot their business models from high-margin IP licensing to direct chip manufacture, investors have started to evaluate gross margin trends and capital intensity instead of just top-line growth. Record Q2 ResultsRambus Inc. (NASDAQ:RMBS) displayed significant top-line performance on July 27, generating the highest quarterly revenue in the company's history for Q2 2026. Total revenue increased by 20% year-over-year and 15% sequentially to $207.4 million, exceeding the analyst forecast of $198.3 million. Margin Compression and Valuation FrictionDespite record revenue and strong forward guidance, Rambus Inc. (NASDAQ:RMBS) shares fell as much as 20% in the sessions following the earnings announcement, with gross margin developments and evolving financial profiles driving institutional selling. Product gross margin landed in the low-60% area during the quarter, within management's 60% to 65% long-term target, though drifting toward the lower end due to product mix variations and supply chain cost pressures.