联发科活动要点：云现在，边缘稍后

MediaTek Inc yipin.cai@bernsteinsg.comEdward Hou, CFA OutperformPrice Target edward.hou@bernsteinsg.com ? 2454.TT takeaways below.Data Center business saw"a strong pipeline of new programs coming in",There was no change to therevenue guidance (i.e.US$2B for 2026, US$11-12Bfor 2027),butthe company highlighted the strong demand & its key differentiation in SerDes, advancedpackaging (>1Ox reticle size &hybrid bonding),DTCO/STCO (design-/system-technologyco-optimization),¬ablymemorysourcing thanksto the volumeof its consumerbusiness. components beyond its coreXPU offering.NVLink Fusion support for example helpscustomers connecta MediaTekASIC trayto an NVIDIAswitchtray &addsvalue especiallytoCSPswith limitedengineering resources.Collaborationswithpartnerssuchas Microsoft onactiveoptical cable also elevate itsroleto a system-level enabler. supplier with>50% share in2026,and is akeysiliconpartnerforGoogle'sGemini-enabledlaptopGooglebook.Andthecollaboration inNVIDIADGXSparkextendsMediaTek'sproductspectrum to the enterprise side. Further collaboration with Samsung?The company did not comment directly on SamsungChairman'srecent visit to MediaTek but acknowledged ongoing efforts to deepen andbroadencollaborationwith Samsung. LaunchingAlglassesproductnextyear.Despitetechnical challenges in powerconsumption,formfactor,and always-on environmental sensing,MediaTek regards Alglasses asthepersonal devicewiththegreatestpotential &targetsto launchan initialproduct next year. Following video in4G &high-throughputloT in5G,Agentic Alis viewed asthenext majortechnology inflection.Looking aheadto 6G, MediaTek expectstoken-based Agentic Alapplications the next"killerusecase"to shape compute.connectivity,and system architecture requirements in both data centers &edge devices,to optimizetokengenerationefficiency,latency, and cost.This structural shift positions MediaTek to participate across multiple layers and multiple productlines. :MediaTek reiterated its US$2B revenue target for 2026 and the TAM estimate of US$70-80B for 2027,mainly driven by programs coming in". componentsuppliessuchasmemory: .SerDes:MediaTekhas hadateamdedicatedtoSerDesdevelopmentforoveradecade.Itnowhas224GSerDesavailableformultipleprocess nodes and SerDes with higherdata rates has beenmade availabletodata center customerstoo(Exhibit 1). DTco/sTco:MediaTek is capableofmakingover 1Ox-reticlesize ofheterogeneouspackagedesign.Its technologyportfolio-e.g.die-to-dieintegration,electrical &optical interconnects,memory,and both scale-up &scale-outarchitectures -enables optimization at the design level. Through Design Technology Co-Optimization (DTCO), thecollaborating with TSMC tofurther extendto System Technology Co-Optimization (STCO)and to optimize at the fullsystem level to better address the performance and efficiency requirements of data center customers (Exhibit 2). The roadmap (Exhibit 2) presented by MediaTek also will progress from 2.5D to 3.5D packaging technology, i.e.adding companya competitive advantage overotherASiCvendors insourcingmemoryforcustomers. MediaTekdoesnotsell rack-level solutions,butitoffersXPU-adjacentcomponentstospeedupthedeploymentofitspartners'ecosystem. Fusion customers can connecta MediaTekASiC computetraywithan NvSwitchtray,andthesolution canscale outtoother racks through either InfiniBand or Ethernet and form a complete data center platform.This adds value to smallercadence &time-to-market(Exhibit 3). MediaTek is also collaborating with Microsoft (MSFTUS, coveredby Bernsteinglobal software team)in the design ofMicroLED-powered AOC (Active Optical Cable),which could extend rack-level connections withmuchfarther reach(Exhibit 4). available for multipleprocess nodes, with higher data rate SerDes alreadybeen made available todata centercustomers. area densityorpower efficiencyfor existing designs.MediaTekis working withTSMC tofurther extend to SystemTechnologyCo-Optimization (STco)and to optimizeat thefull systemlevel. EXHIBIT3:The support of NVLinkFusion,possiblywiththe inclusion of customer IPs, enables to connect aMediaTek ASIC compute traywith an NvSwitch one.This adds value especially for second-tierCSPswith limitedengineeringresources. Cable)to extend rack-level connections with muchfarther reach. ·MediaTekhas rapidlyscaled its Chromebookpresence froma smallsharethreeyearsagoto likelyover50%marketsharein 2026, making it the No.1 supplier in Chromebook CPUs. The company is also becoming a key silicon supplierfor Googlebook(Googleis coveredby Bernstein US Internetteam),the new laptop built with Gemini Alcapabilities thatis expected tolaunchlater this year.In enterprise segment, MediaTek is collaborating withNVIDIA on solutions such as NemoClaw onNVIDIA'sDGX Sparkplatform, which enables enterprises to generate tokens at lower or zero marginal cost. This aligns with the broader industryfocus on reducing inference costs and improving Al workload efficiency (Exhibit 5). Wi-Fiisdeemed as“thelastmile" of da