huh? _ JPM: Given recent positive commentary from pure design-service vendorssuch as GUC and Alchip, there has been some concern in the market that $GOOGL TPUv10 will come to a more advanced CoT model, where MediaTek will lose significant $ content perChip, vs. v9 Humufish. First, the project is still in RFQ stage, implying that severalcompeting proposals are being floated, and should see a conclusion by end 2026. Our checks indicate that the business model for v10 Icefish is likely to remain largely similarto the TPUv9 Humufish, with High-Speed Serdes, I/O Dies and Die-to-Die interconnectIP, as well as packaging design and full-chip implementation coming from MediaTek, while the Compute die design is likely to be largely handled by Google’s in-house designteam. Only variable is likely to be for the Compute die back-end design, which may beoutsourced to pure design-service vendors like Alchip / GUC for certain SKUs, althoughthis is not yet crystallized based on our checks. All said, we believe that MediaTek’s dollar content per chip is likely to still rise modestly in v10, with the chance to secure majority market share – implying overall revenues still growing materially from the v9 generation.