MediaTek: Firmer TPU visibility supplemented by expanding cloud AI ASIC pipeline

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MediaTek: Firmer TPU visibility supplemented by expanding cloud AI ASIC pipeline

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MediaTek

Firmer TPU visibility supplemented by

expanding cloud AI ASIC pipeline

Reiterate Rating: BUY | PO: 4,300 TWD | Price: 3,230 TWD

TPUv8t demand solidifying; TPUv9t design well on track 21 May 2026

In conjunction with our industry CoWoS supply/demand model update, we forecast TPU Equity

shipment to reach 4.6mn/8.5mn units in ’26/27 (vs. 4.6mn/6.5mn units prior), reflecting

Google’s target to accelerate its own silicon across TPU, CPU and networking switch. For

Key ChangesMediatek, we expect TPUv8t shipment to reach ~450k/2.5mn units in ’26/27, supporting

US$2bn/US$12bn revenue. As the chipset design matures, TPUv9t should be on track (NT$) Previous Current

for tape out in late ’26, ramping production from mid-’27 and contributing to Mediatek Price Obj. 3,000.00 4,300.00

in 4Q27. The uncertainty of EMIB-T yield learning curve could require dual track of the 2028E EPS 176.15 252.13

packaging design for TPUv9t with CoWoS-L as a back up option for smooth transition. 2028E EBITDA (m) 330,319.7 471,636.6

At 3.5mn unit demand assumption, TPUv9t could contribute ~US$40bn sales in ’28.

Haas Liu >>

Multiple ASIC projects in discussion as a 2nd growth leg ResearchMerrill LynchAnalyst(Taiwan)

On top of the firm business visibility for TPUv8t and TPUv9t through ’28, we believe +886 2 2376 3727 haas.liu@bofa.com

Mediatek is in early engagement on TPUv10t for more value add on the compute tile

Mike Yang >>

design vs. its strong presence in I/O and HBM base dies. More importantly, with its track Research Analyst

record delivering design service for TPU, the company has opportunity to secure Meta Merrill Lynch (Taiwan) mike.c.yang@bofa.com