Mediatek basically was ignored on handset weakness for two years, then TPU upside tripled the stock in the 6 months after we wrote about it in November. I’m wondering if there’s a version of this for Trainium. Is it just Alchip?

👀 #MediaTek# confirms its AI ASIC collaboration with #Intel’s# EMIB-T advanced packaging. The chipmaker is now pushing 400G SerDes IP to target next-gen ASIC opportunities, including reportedly #Google’s# TPU v10 and Meta’s custom AI chips.💡More: 🔗

Google and MediaTek Deepen TPU v9 Collaboration with Upgraded Triggerfish, Targeting AI Agents, Reinforcement Learning, and Effective Compute Maximization 1. My latest industry checks indicate that Google is developing an upgraded v9 chip, likely codenamed Triggerfish, based on TPU v9 / Humufish, with MediaTek exclusively securing this new, higher-priced order. 2. This upgraded chip is a Humufish-based follow-on program, positioned as a v9 variant with stronger inference capabilities that can help mitigate both the CPU wall and the memory wall. The project also further confirms MediaTek as Google’s preferred development partner for the TPU v9 generation. 3. The key differences between this v9 variant and Humufish are: SRAM capacity is significantly increased to 2–3 times that of Humufish, a new simulation die is added, and memory is upgraded to HBM4E, versus HBM4 on Humufish. 4. Beyond local TPU management and training / inference mode switching, the newly added simulation die's likely role centers on reinforcement learning (RL) and AI-agent coordination. 5. The larger SRAM keeps more of the active working set required by RL and AI agents local to the TPU, reducing data-movement costs and improving efficiency in the ultra-low-latency decode stage. 6. With Humufish lifetime shipments still estimated at 4–5 million units, Google is adding an incremental Triggerfish order of 1–2 million units, with production expected to begin in late 2027 and ramp in volume in 2028. As Triggerfish carries a unit price roughly 30% higher than Humufish, it could become an incremental driver of MediaTek’s 2028 business momentum.

#ZTE# and MediaTek partner to launch premium #WiFi7# & #XGSPON# solutions at #ZTEBroadbandUserCongress# 2026. With tri-band connectivity and MLO technology, we're helping operators and #ISPs# deliver faster, more stable, low-latency experiences for high-end homes and small businesses.

My latest industry checks indicate that MediaTek has upgraded the strategic positioning of its AI business from "IC / ASIC design" to "system-level design," initially targeting the PCBA (L6) for Google's TPU and the L10 rack for Elon Musk-affiliated companies' in-house AI chips. Overall, this strategic shift aligns with industry trends and, if executed well, should help strengthen MediaTek's customer relationships and long-term competitive advantage. Industry checks and analysis: ▎This is a long-term play, with immaterial impact on fundamentals over the next two years. The aim is to capture new growth opportunities while mitigating potential risks. 1. Opportunity: Two factors are jointly raising the value-add of system-level design: increasing server rack design complexity, driven by the adoption of technologies such as CPO and 800V HVDC, and refresh cycles comparable to those of consumer electronics. 2. Risk: Growth momentum in ASIC design may begin to slow in 2–3 years as the Semi-COT business model takes hold. 3. To secure a gross margin of at least 40–50% in its system-level integration business, MediaTek is expected to adopt an asset-light model in which it leads design and validation, leverages the strengths of Taiwan's hardware supply chain ecosystem, and outsources manufacturing. ▎Google TPU PCBA: 1. MediaTek aims to begin with TPU v10 (Icefish), while also pursuing the integration of its own CPO solution. 2. Google's hardware assembly ecosystem is already well-established, so MediaTek's chances of winning L10 are slim. ▎The L10 rack for Musk's in-house AI chips: 1. The AI compute currently being built out by Musk's companies relies mainly on Nvidia chips, so the assembly ecosystem for their own AI chip racks is not yet in place, and that's where MediaTek's opportunity lies. 2. This business still lacks clear timeline visibility. Long-term success will hinge on whether MediaTek can leverage Taiwan's hardware supply chain ecosystem and its partnership with Terafab to land L10 rack orders.

💡 What breakthroughs have APAC enterprises achieved with #NVIDIADGX#? Across the region, leaders like @HonHai_Foxconn, @MediaTek, @official_naver, and @NTTData are utilizing DGX SuperPOD to build agentic AI factories, scale intelligence from edge to cloud, and deliver sovereign AI. #DecadeOfDGX# 🔗 Learn more about how customers use the DGX platform as the blueprint for the modern AI factory:

Nvidia $NVDA CEO Jensen Huang says Nvidia’s new AI PC can run “everything the world has ever created” “This is the N1X that we built in partnership with MediaTek.” “100% of Nvidia’s software stack runs here.” “If you want to run digital biology, no problem. Seismic processing, no problem. Astrophysics, no problem.” “Every single application Nvidia has ever created and every single application that Windows has ever run.” “This computer literally runs everything the world has ever created, plus it now runs agents.” “An incredible computer. I’m so proud of it.”

💻 #Googlebook# chip lineup is taking shape—and #Intel# is officially in. However, Team Blue isn’t alone, with #Google# also said to be working with #Qualcomm# and #MediaTek# on the broader silicon mix and hardware standards.💡More: 🔗

I didn’t realize this, but it looks like AWS may be using EMIB for a lower-end version of Trainium through MediaTek. Similar to the TPU v9 program handled by MediaTek, next-generation Trainium seems likely to use both EMIB and CoWoS. $INTC

Earnings Takeaways - MTK (2454 TT) * 2Q26 revenue NT$152.2B (+2% QoQ, +1% YoY) was above guidance. * 2Q26 GM/EPS in line: 46.2% GM; EPS NT$15.28. * Smart Edge +19% QoQ, offsetting smartphone weakness. * 3Q26 guide: Revenue NT$152.2–159.8B (flat to +5% QoQ) better than recent broker’s -5% but inline with us * 3Q26 GM: 46.0% ±1.5%, inline. * Maintain Buy: TP NT$6,420 * ASIC guidance raised: 2026 from $2B to >$2B. * 2027 ASIC share target: Raised to 15–20% (from 10–15%). * We estimate Zebrafish shipments to be 2–3 months earlier than Sunfish * MTK’s Triggersfish to drive inference share gains with larger SRAM (4x 250MB) in 2028 * Reit SpaceX is the likely 2nd datacenter ASIC customer * We est. MTK’s Icefish is by now the only official v10 project. * Smartphone better than feared; 2nm SoC to drive share gains in Android’a Ultra models #MTK# #Mediatek#