MediaTek is transforming its business model as UBS forecasts Google TPU sales to surge from US$2,113mn in 2026E to US$43.5bn in 2028E, reaching 65% of total corporate revenue. Improving EMIB-T substrate yields at Ibiden, Unimicron, and Shinko underpin projected volume exceeding 2mn TPU v9 units in 2028. UBS models TPU operations generating a 42% gross margin and contributing NT$291.4 to MediaTek's NT$363.4 consolidated EPS in 2028E, alongside potential US$10-15bn pipeline projects across SpaceX Dojo 3 and Tesla AI6. Key variables to track include substrate yield learning curves and ASIC delivery schedules. #
Semiconductors# #
Technology# Report date: 2026-09-28 · UBS