Asia Pacific Reports/Notes

研报英文原文证据摘录

Asia Pacific Reports/Notes

Asia Pacific Equity Research

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Asia Technology Tracker 03 August 2026

GUC (Overweight), Taiwan

Stronger Google CPU ramp, and upside optionality in Google ASICs; Upgrade to OW (Gokul

Hariharan)

We are upgrading GUC to OW with a Jun-27 PT of NT$5500 (34x 12m forward PE), to reflect the stronger

ramp in Google CPU revenues (up 4x from 2026-28), and reflecting the potential optionality of some Google

ASIC Turnkey 3 (TK3) revenues from 2029-30 timeframe. We raise our FY26-28 EPS estimates by

20%/24%/14%, mainly to reflect stronger CPU momentum, while being a bit more guarded on Tesla AI5

ramp, given recent commentary from Elon Musk that AI5 may not be adopted in cars, but go straight to

robotics. GUC is probably the best pure-play on AI CPU ramp, given its 60+% revenue exposure to Google

Axion CPUs, with revenues likely ramping meaningfully into 2027 and 2028. In addition, Google’s

systematic embrace of a Customer-Owned Tooling (CoT) model for its AI ASICs, is creating more

opportunities for design service vendors such as GUC and Alchip, likely in the TPU v10 family. Key catalysts

for the stock are: (1) an increase in 3nm allocation at TSMC for Google CPUs in 2027; (2) Further ramp of

Microsoft Cobalt CPU volumes; and, (3) clarity on the extent of engagement within Google TPU v10 and

other ASIC projects. We currently model only a modest ramp in Tesla AI5, given uncertainty regarding