Summary of MTK (2454 TT): NVDA’s $3.5bn investment + intact TPU progress 📈 Nvidia to invest $3.5bn in MediaTek via its $3.9bn CB. Alphabet also participating in the CB. * This marks Nvidia’s first investment in a Taiwan-listed company. * Nvidia/MTK expanding collaboration across AI infrastructure, local AI and automotive. * MTK to adopt NVLink Fusion for custom XPU integration. * Collaboration spans NVLink/NVLink-C2C, NVHBM, advanced packaging and SerDes. * MTK/Nvidia aim to provide chip-to-“””rack infrastructure”””, not just silicon. 🐟 Humufish EMIB progress is better than feared. * Japanese substrate suppliers’ yields improved from 20–25% → ~45% on recent testing vehicles. * Yield remains on track toward the first-stage 55–60% target. * Humufish lifecycle volume appears revised up, not cut. * Foe now, We maintain 4.6m Humufish/Triggerfish units in 2028E. * Triggerfish’s large SRAM should help MTK expand into AI inference. We expect MTK to gain TPU share across volume, value and workloads. 🤝Nvidia + Alphabet backing reinforces confidence in MTK’s datacenter trajectory. 📈 Remain positive #NVDA# #GOOG# #TPU# #Mediatek#