MediaTek Inc. Addressing Key Investor Questions

研报英文原文证据摘录

MediaTek Inc. Addressing Key Investor Questions

Gokul Hariharan AC Asia Pacific Equity Research

(852) 2800-8564 01 July 2026 J P M O R G A N

gokul.hariharan@jpmorgan.com

awarded to Marvell (SRAM based inference, codenamed Merope), as Google’s Compute

program expands in scope and attempts to match workloads with specific ASICs.

4. More progress on new customer RFQs; increased rack-level design from smaller

customers; Tesla most likely in the next 1-2 quarters: We believe MediaTek is in RFQ

discussions with several hyperscalers (we believe Tesla, Meta, and Microsoft, etc.).

While all are still in RFQ stage, we see the best chance of a win at Tesla, given its need

for more front‑end design support, which aligns with MediaTek's strengths. While any

win would not contribute revenue before late 2028-2029, confirmation would be positive

for sentiment as it demonstrates diversification away from a single large customer. We

believe that MediaTek is now securing multiple RFQs from various ASIC design service

projects, after the successful tape out of TPUv8t. Several of these projects are also seeing

some design engagement at a rack-level basis, rather than just for ASIC chip design.

5. Intel EMIB-T likely for TPUv9; a return to TSMC 3D SoIC is possible for TPU v10:

We now believe that MediaTek has finalized Intel EMIB-T as the primary packaging

choice for TPU v9 Humufish, with CoWoS based solution unlikely to be pursued. Based

on our checks, EMIB yield for large‑size packaging remains low (likely around 60%),

but MediaTek appears to be confident that yield can improve before mass production

ramps up in late 2027 and the chance of meaningful execution risk remains low. However,

for TPU v10, we believe Google is considering a 3D packaged IC solution for logic-logic