ASIA TECHNOLOGY TRACKER

研报英文原文证据摘录

ASIA TECHNOLOGY TRACKER

Asia Pacific Equity Research

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Asia Technology Tracker 16 June 2026

Asia Reports/Notes

GUC (Neutral), Taiwan

AI CPU expectations rise, Tesla outlook mixed; stay Neutral and raise PT to NT$4400 (Gokul

Hariharan)

We raise estimates to reflect upward revisions in GUC’s AI CPU projects (primarily Google Axion) due to

strong demand from agentic AI workloads and increased bundle rates for CPUs. GUC is likely to remain the

back-end logistics partner for the next generation Google CPU project as well, which should drive continued

growth into 2028, even though gross margins remain under pressure. For Tesla, we believe that the AI5

project should be largely handled by GUC with mass production ramp in mid 2027, but AI6 is likely to move

back to Samsung Foundry. Future allocation for AI projects is more uncertain, given that Tesla is engaging

TSMC (AI 6.5), Samsung and Intel/TeraFab for this project. While GUC’s revenue outlook remains strong,

led by Google CPUs, we remain Neutral due to (1) continued downward pressure on gross margins due to

lower margin CPU engagement, (2) increasing competition for CPU projects as design service space sees

more aggressive pricing, and (3) lack of any CoWoS-based ASICs in GUC’s pipeline. Key upside risks are

(1) upside to Microsoft MAIA projects, especially if GUC is able to find a role for MAIA400, (2) more clarity on

Tesla’s future AI series engagement; while key downside risks are (1) more competition in ARM CPUs,