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Citi Reaffirms 'Buy' Rating on MediaTek, Citing AI ASIC Growth Potential

Electronic Technology · Semiconductors · economic_daily · 2026-08-21

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Citi maintains a 'Buy' rating on MediaTek with a 6,800 TWD target, highlighting its long-term growth prospects in the AI ASIC market.

What Happened

Google's Strategic Impact: Citi Securities clarifies that Google's recent collaborations with AMD and Marvell in the AI ASIC space are intended to expand its own ecosystem rather than displace existing suppliers. This assessment alleviates concerns regarding MediaTek's market share and reinforces its strategic importance.

AI Growth Catalyst: MediaTek's AI ASIC business is expected to become a major revenue driver starting in the second half of 2026. Citi projects that revenue from this segment could reach $40 billion by 2028, fueled by strong demand in cloud infrastructure and edge AI.

Stock Outlook: Following a recent rebound, MediaTek's stock shows renewed investor confidence. Citi maintains a 'Buy' rating with a target price of 6,800 TWD, suggesting a potential upside of nearly 80% over the next year.

Risk Factors: Despite the bullish outlook, Citi highlights four key risks: potential underperformance in the AI ASIC segment, intensified smartphone market competition, macroeconomic headwinds, and further increases in foundry pricing.

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