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Analysts Bullish on MediaTek's TPU Growth; GUC Poised for Upside
Electronic Technology · Semiconductors · economic_daily · 2026-08-25
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Foreign analysts expect MediaTek's TPU revenue to reach $70 billion by 2029, driven by complex v10 chip designs and partnerships that benefit design firms like GUC.
What Happened
Industry Trends: As TPU v10 architecture becomes more complex, analysts expect increased demand for design service providers to supply specialized functional blocks for MediaTek to integrate. This shift is expected to strengthen MediaTek's position in the ASIC market and drive sustained revenue growth.
Revenue Outlook: Projections suggest that MediaTek will reach peak shipments for v9 and v10 chips by 2029, with total TPU-related revenue potentially hitting $70 billion. The company is also expected to secure additional 3nm capacity from TSMC next year while winning key projects from tech giants like Meta and Microsoft.
Stock Valuation: GUC is viewed as a primary beneficiary of MediaTek's TPU expansion, with analysts suggesting a re-rating of its valuation is warranted. Earnings per share forecasts for MediaTek from 2026 to 2028 have been revised upward, reflecting strong confidence in its long-term profitability.
Strategic Outlook: Analysts are valuing MediaTek based on a 45x P/E ratio for next year, highlighting its core role in the AI chip supply chain. As collaborations with major players like Google deepen, MediaTek's competitive edge in advanced process nodes and custom silicon is expected to widen.
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