确认赢得美国汽车客户下一代AI芯片设计；增持

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M

Update

July 31, 2026 12:30 PM GMT

Morgan Stanley Taiwan Limited+

Global Unichip Corp | Asia Pacific

Charlie Chan

Equity Analyst

Confirmed design win on next

generation AI chip from US auto

customer; OW

Daniel Yen, CFA

Equity Analyst

Morgan Stanley Asia Limited+

Daisy Dai, CFA

Equity Analyst

Morgan Stanley Taiwan Limited+

AlphaSignals Earnings Reaction

Tiffany Yeh

Unchanged

Modest upside

Modest revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Equity Analyst

Lucas Wang

Research Associate

Source: Company data, Morgan Stanley Research

Morgan Stanley Asia Limited+

Key Takeaways

Henry Zhao

Next-generation Google CPU remains on track to tape out by late 2026 or early

2027.

Research Associate

Ethan Jia

GUC has no problem with other packaging technology and will fully support

Research Associate

customers if needed (we believe management is referring to Intel EMIB-T).

Management is optimistic about 2027 wafer support from TSMC, and allocation

should be finalized in the next two months.

We stay OW on the stock given more CSP design wins and well-diversified

revenue portfolio in coming years.

Global Unichip Corp (3443.TW, 3443 TT)

Confirmed design win on next generation Tesla AI6: Management stated that the

design win on a next-generation US automotive customer's AI chip is confirmed. We

believe it refers to Tesla AI6. Without a detailed timeline, management believes the

AI6 tape-out schedule and PPA (power, performance, area) would both beat foundry

competitors (Samsung), which we view as a good sign for GUC's AI6 share.

Greater China Technology Semiconductors | Taiwan

Stock Rating

Industry View

Price target

Up/downside to price target (%)

Shr price, close (Jul 31, 2026)

52-Week Range

Overweight

Attractive

NT$5,688.00

49

NT$3,805.00

NT$5,950.001,160.00

NT$513,188

NT$8,149

2H26 could show better shipments than 1H26: Management indicated more TSMC

Mkt cap, curr (mn)

Avg daily trading value (mn)

capacity support in 2H26, suggesting stronger shipment/revenue momentum H/H.

Fiscal Year Ending

12/25 12/26e 12/27e 12/28e

…