MediaTek is set to generate US$18bn in Google TPU sales in 2027, according to UBS forecasts. TPU contribution will surge from US$2,113mn in 2026 to US$43.5bn in 2028, representing 65% of company sales. Operating margins on custom silicon should widen from 22% in 2026 to 37% in 2027 and 39% in 2028, lifting consolidated EPS from NT$67.6 to NT$363.4. Volume deliveries of v8t chips remain on track for over US$2bn in Q4 2026. On next-generation v9 silicon built on TSMC N2 and EMIB-T packaging, Ibiden packaging substrate yields have reached the 50% target for mass production ahead of schedule. The key near-term indicator is Google tape-out delivery by early November, with any push-out requiring customer notice within three weeks. #Semiconductors# #TSMC# Report date: 2026-10-12 · UBS