联发科（2454.TW）：谷歌扩大定制芯片生态系统的启示

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20 Aug 2026 09:17:17 ET │ 15 pages

Mediatek (2454.TW)

Read across from Google broadening its custom-silicon ecosystem

CITI'S TAKE

We note recent newsflow (see below) around AMD and Marvell both

working with Google on AI ASIC. We view this as evidence of Google

broadening its own custom-silicon ecosystem rather than current

suppliers such as Mediatek's already-awarded programs being displaced.

The key distinction is between projects already in execution for 2027–28

and competition for subsequent generations/new architectures.

MediaTek’s latest 2Q26 call mentioned that its current two ASIC projects

should provide strong growth over the next few years. We maintain our

positive view with AI ASIC revenue to reach US$2bn/18bn/40bn in

2026/2027/2028 and reiterate our Buy rating on Mediatek.

• ASIC Roadmap Intact Despite Broader TPU Multi-sourcing. Google

appears to be broadening its TPU ecosystem as recent news (Yahoo

Finance, 18th August 2026) suggests they are accelerating diversification of

their custom-silicon ecosystem, with AMD potentially taking a significantly

bigger role (Seeking Alpha, 18 August 2026). Marvell has formally

announced a broad custom-chip agreement with Google covering AI

processors, storage and networking technologies, with potential revenue of

up to US$120bn through FY33 if associated targets are achieved. In our

view, neither development indicates that existing MediaTek programs have

been either cancelled or transferred. Rather, we believe the announcements

appear consistent with Google building a broader multi-vendor ecosystem

of its own as TPU deployments expand rapidly.

Buy

Short-Term View: Upside, expires 30-OCT-26

Price (20 Aug 26 13:30)

Target price

Expected share price

return

Expected dividend yield

Expected total return

Market Cap

NT$3,700.00

NT$6,800.00

83.8%

1.4%

85.2%

NT$5,934,413M

US$186,295M

Laura (Chia Yi) ChenAC

• Limited Impact on MediaTek’s Confirmed 2027–28 product pipeline. We

see limited implications for MediaTek’s near-term AI ASIC outlook because

its next two years are increasingly defined by projects already under

development rather than future RFQs. MediaTek reiterated in its 2Q26

…