Fabless mobile and automotive SoC

MediaTek

One of the largest mobile-SoC fabless firms, designing only and outsourcing all production to TSMC, so dependence on Arm IP, EDA and foundry capacity is structural. The thesis has two axes — mobile APs (Dimensity) as the core, diversifying into automotive (Dimensity Auto) and AI at the edge, chasing advanced nodes with ~$4B annual R&D. As a fabless firm inventory/capex risk is low, but securing TSMC advanced-node capacity and the smartphone demand cycle drive results.

2454.TW Updated Jul 12, 2026 4 AI consumers· 4 recurring

Per the valuechain.wiki graph, MediaTek is directly linked to 12 companies (9 supply, 3 revenue relationships) and reaches 86 companies within two hops; the links are backed by 16 dated sources, 2 of them primary filings (as of 2026-07-12).

Annual return · 2026-09-04'21+27.8%'22-26.6%'23+52.9%'24+58.3%'25+24.9%YTD+152.4%
Money in ▸smartphone · vehicle OEM (undisclosed)◐Amount NT$596BSamsung Electronics◐Amount NT$596BNVIDIA (GB10 custom silicon)◐Amount $1BAlphabet (Google TPU v7e/v8e)◐Amount $1B
MediaTekNT$596bn
▸ Money outArm Holdings●Amount NT$596BUnited Microelectronics (UMC)●Amount NT$596BJCET (Jiangsu Changjiang Electronics)●Amount NT$596BTSMC●Amount NT$596BKing Yuan Electronics (KYEC)◐Amount NT$596BSiemens EDA◐Amount NT$596BSynopsys◐Amount NT$596BCadence Design Systems◐Amount NT$596BNan Ya PCB◐Amount NT$596Bcomponents, materials & R&D (undisclosed)○

Financials & Segments

  • Total revenue · NT$596bn (2025 consolidated, +12.3%, record; US$19bn+)
  • Customer concentration · A design-only fabless firm outsourcing all production to TSMC — mobile APs are the core, but it is diversifying into smart edge (+21%) and cloud AI ASICs (Google TPU, NVIDIA GB10); smartphones were 59% of Q4 2025 revenue.
  • Segments · Mobile APs (Dimensity) · Smart Edge (connectivity, AI) · Power IC · Cloud AI ASIC (Google TPU, NVIDIA GB10)

Revenue from

  • smartphone · vehicle OEM (undisclosed) Medium confidence· Amount NT$596B · MediaTek FY2025 매출(+12.3%)
    Supplies mobile APs (Galaxy A, etc.) to smartphone and automotive OEMs.
    Confirms EN MediaTek Published May 1, 2025: MediaTek IR
  • Samsung Electronics Medium confidence· Amount NT$596B · MediaTek FY2025 매출(+12.3%)
    Supplies mobile APs for Samsung's Galaxy A — a revenue axis selling chips to an OEM that also competes (Exynos).
    Confirms EN MediaTek IR Published Feb 4, 2026: MediaTek Q4/FY2025 earnings (revenue NT$596bn, +12.3%)
    Confirms EN MediaTek Published May 1, 2025: MediaTek IR
    Confirms EN Company IR / exchange filing Published Apr 1, 2025: MediaTek annual report (TWSE)
    Confirms KO Namu Published Jan 1, 2025: MediaTek as a TSMC customer
  • NVIDIA (GB10 custom silicon) Medium confidence· Amount $1B · 2026 클라우드 ASIC 매출 목표(합산)
    Co-designed NVIDIA's GB10 Grace Blackwell Superchip powering the DGX Spark personal AI supercomputer — one strand of the re-rating axis extending MediaTek's fabless design/IP capability into cloud AI ASICs.
    Confirms EN TrendForce Published Dec 15, 2025: TrendForce — MediaTek secures Google v7e/v8e TPU orders; 7x CoWoS request to TSMC
  • Alphabet (Google TPU v7e/v8e) Medium confidence· Amount $1B · 2026 클라우드 ASIC 매출 목표(합산)
    Secured Google TPU v7e/v8e custom ASIC orders — alongside Broadcom, MediaTek handles I/O design and TSMC production coordination (Ironwood 2026). v7e ships in H2 2026, prompting a 7x CoWoS capacity request at TSMC. The core of the $1bn 2026 cloud-ASIC target.
    Confirms EN TrendForce Published Dec 15, 2025: TrendForce — MediaTek secures Google v7e/v8e TPU orders; 7x CoWoS request to TSMC

Pays to

  • Arm Holdings High confidence· Amount NT$596B · MediaTek FY2025 매출(+12.3%)
    Licenses Arm architecture IP — the instruction-set foundation of its SoC designs, with royalties a structural fixed cost.
    Confirms EN MediaTek IR Published Feb 4, 2026: MediaTek Q4/FY2025 earnings (revenue NT$596bn, +12.3%)
    Confirms EN TechInsights Published Nov 26, 2025: Dimensity 9500 Debuts Arm C1 Cores and Dual-NPU
    Confirms EN MediaTek Published May 1, 2025: MediaTek IR
    Confirms KO Namu Published Jan 1, 2025: MediaTek as a TSMC customer
  • United Microelectronics (UMC) High confidence· Amount NT$596B · MediaTek FY2025 매출(+12.3%)
    Outsources some mature-node production to UMC — a dual-foundry split, advanced at TSMC and mature at UMC.
    Confirms EN MediaTek IR Published Feb 4, 2026: MediaTek Q4/FY2025 earnings (revenue NT$596bn, +12.3%)
    Confirms EN Tom's Hardware Published Jun 15, 2025: UMC mature-node roadmap and major customers (TI, MediaTek, Qualcomm)
  • JCET (Jiangsu Changjiang Electronics) High confidence· Amount NT$596B · MediaTek FY2025 매출(+12.3%)
    Uses assembly and test from JCET.
    Confirms EN MediaTek IR Published Feb 4, 2026: MediaTek Q4/FY2025 earnings (revenue NT$596bn, +12.3%)
    Confirms EN TrendForce Published May 13, 2025: Top 10 OSAT 2024 (PTI No.5)
    Confirms EN JCET Published May 1, 2025: JCET IR
  • TSMC High confidence· Amount NT$596B · MediaTek FY2025 매출(+12.3%)
    Outsources all production to TSMC advanced foundry — as a fabless firm, securing advanced-node capacity is both the shipment ceiling and its biggest dependency.
    Confirms EN TrendForce Published May 29, 2026: MediaTek CEO Reaffirms TSMC as Key Long-Term Foundry Partner
    Confirms EN MediaTek IR Published Feb 4, 2026: MediaTek Q4/FY2025 earnings (revenue NT$596bn, +12.3%)
    Confirms EN TechInsights Published Nov 26, 2025: Dimensity 9500 Debuts Arm C1 Cores and Dual-NPU
    Confirms EN MediaTek Published May 1, 2025: MediaTek IR
    Confirms KO Namu Published Jan 1, 2025: MediaTek as a TSMC customer
  • King Yuan Electronics (KYEC) Medium confidence· Amount NT$596B · MediaTek FY2025 매출(+12.3%)
    Uses semiconductor test from KYEC.
    Confirms EN MediaTek IR Published Feb 4, 2026: MediaTek Q4/FY2025 earnings (revenue NT$596bn, +12.3%)
    Confirms EN KYEC Published May 1, 2025: KYEC IR
    Confirms EN Mordor Published Jan 1, 2025: KYEC, a pure-play test OSAT
  • Siemens EDA Medium confidence· Amount NT$596B · MediaTek FY2025 매출(+12.3%)
    Pays for Siemens EDA (Calibre etc.) licenses.
    Confirms EN MediaTek IR Published Feb 4, 2026: MediaTek Q4/FY2025 earnings (revenue NT$596bn, +12.3%)
    Confirms KO Wikipedia Published Jan 1, 2026: Mentor Graphics (Siemens EDA)
    Confirms EN SemiWiki Published Jun 1, 2025: Siemens EDA (Mentor Graphics) wiki
  • Synopsys Medium confidence· Amount NT$596B · MediaTek FY2025 매출(+12.3%)
    Licenses Synopsys EDA tools and IP — software cost essential to chip design.
    Confirms EN MediaTek IR Published Feb 4, 2026: MediaTek Q4/FY2025 earnings (revenue NT$596bn, +12.3%)
    Confirms EN MediaTek Published May 1, 2025: MediaTek IR
    Confirms KO Namu Published Jan 1, 2025: MediaTek as a TSMC customer
  • Cadence Design Systems Medium confidence· Amount NT$596B · MediaTek FY2025 매출(+12.3%)
    Licenses Cadence EDA tools — design/verification software cost.
    Confirms EN MediaTek IR Published Feb 4, 2026: MediaTek Q4/FY2025 earnings (revenue NT$596bn, +12.3%)
    Confirms EN MediaTek Published May 1, 2025: MediaTek IR
    Confirms KO Namu Published Jan 1, 2025: MediaTek as a TSMC customer
  • Nan Ya PCB Medium confidence· Amount NT$596B · MediaTek FY2025 매출(+12.3%)
    Uses BT and package substrates from Nan Ya PCB.
    Confirms EN MediaTek IR Published Feb 4, 2026: MediaTek Q4/FY2025 earnings (revenue NT$596bn, +12.3%)
    Confirms EN Nan Ya PCB Published May 1, 2025: Nan Ya PCB
    Confirms EN MatrixBCG Published Jan 1, 2025: Nan Ya PCB AI/HPC strategy
  • components, materials & R&D (undisclosed) Low confidence
    Parts, materials and R&D (undisclosed).
    Confirms EN MediaTek Published May 1, 2025: MediaTek IR

Value-chain ripple (2 tiers)

Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.

CompanyChain'21'22'23'24'25YTD
Dell Technologieslead2+51.2-26.6+95.9+53+11.2+320.2
Lenovolead2-4.6-20.9+36.2+18.2-0.6+269.8
Marvelllead2+84.6-57.5+63.7+83.8-22.8+163.4
AMDlead2+56.9-55+127.6-18.1+77.3+123
Wiwynnlead2+24.7-22.3+206.4+3.5+64.4+120.2
ASUSTeK Computerlead2+35.5-12.9+72+41.1-14.1+119.8
Hewlett Packard Enterpriselead2+37.4+4.5+9.7+29.1+15.5+118.5
Aurora Innovationlead2·-89.3+261.2+44.2-39+65.1
Gigabyte Technologylead2+82.3-3.4+173.2-15.9-4.7+60.7
Wistronlead2+7.9+9.7+272.7-1.6+22.7+57.3
TeraWulflead2+77.1-95.5+258.2+135.8+103+43.7
Cloudflarelead2+73-65.6+84.2+29.3+83.1+41.5
Super Microlead2+38.8+86.8+246.2+7.2-4+35.3
SK Telecomlead2+7.9-12+15.8+15.5+37.5+29.7
Quanta Computerlead2+22.2-12.8+254.5+12.7+8.9+28.5
Foxconn (Hon Hai)lead2-5.1+2.8+7.8+80.1+26.9+19.6
IRENlead2·-92.3+472+37.3+284.6+18.3
Mercury Systemslead2-37.5-18.7-18.3+14.8+73.8+12.9
Amazonlead2+2.4-49.6+80.9+44.4+5.2+12
Geely Autolead2-40.8-22.9-40.3+98.5+14.5+10.2
Tempus AIlead2····+74.9+9.4
General Motorslead2+40.8-42.4+7.9+49.8+54.2+8.4
Alphabet (Google)lead2+65.3-39.1+58.3+36+66+8.3
Celesticalead2+37.9+1.3+159.8+215.2+220.3+5.7
Microsoftlead2+52.5-28+58.2+12.9+15.6+4
Broadcomlead2+56.5-13.3+104.2+110.5+50.6+3.8
Yum! Brandslead2+30.1-6+3.9+4.7+14.9+0.6
Qualcommlead2+22.3-38.6+35.1+8.3+13.8+0.2
Meta Platformslead2+23.1-64.2+194.1+66+13.1-6.4
Toyota Motor Corporationlead2+58.1-13.4+63+1.8+21.8-10.8
IonQlead2·-79.3+259.1+237.1+7.4-11.9
Oraclelead2+36.9-4.6+30.9+60+18.1-17.8
IBMlead2+16.7+10.6+21.8+39.3+38.2-19.1
Teslalead2+49.8-65+101.7+62.5+11.4-21.3
Alibaba Grouplead2-49-25.8-10.8+11.8+75.8-22
Hyundai Motor Companylead2-16.7-4.7+16.2+12.3+158.8-22.2
Tencent Holdings Limitedlead2-28.6-14.2-28.7+49.8+52.1-26.1
Rigetti Computinglead2·-92.9+35.1+1449.2+45.2-31.4
Kratos Defenselead2-29.3-46.8+96.6+30+187.8-37
Baidulead2·-8.2-23.4-13.5+74.2-37.2
Pony.ailead2····+1-49.3
Samsung Electronicslead1-9-14.2+20.9-26.4+212.9+59.7
NVIDIAlead1+125.5-50.3+239+171.2+38.9+23.7
MediaTeknode+27.8-26.6+52.9+58.3+24.9+152.4
Nan Ya PCBbenef1+110.6-46.7-0.5-38.3+188.2+172.1
United Microelectronics (UMC)benef1+43.2-40.3+39.2-19+28.8+168.9
Arm Holdingsbenef1···+64.2-11.4+130.6
TSMCbenef1+12.1-36.7+42.3+92.6+55.9+41.9
JCET (Jiangsu Changjiang Electronics)benef1-34+0.2-15.2+73.3+28+36.3
King Yuan Electronics (KYEC)benef1+26.7-7.7+132.4+38.6+171-6.7
Global Unichipbenef2+21.4+67.6+99.4-13.7+101.4+122.8
SUMCO Corporationbenef2-4.3-3.9+21.3-48.1+41.7+100.6
GlobalWafersbenef2+26.9-29.9+14.3-39+48.9+98.1
Teradynebenef2+36.8-46.3+24.8+16.5+54.4+84.6
Lam Researchbenef2+53.7-40.7+88.6-6.8+139.2+80.1
Kulicke & Soffabenef2+92.4-25.8+25.5-13.2-0.3+80
Applied Materialsbenef2+83.6-37.5+68+1.1+59.6+77.6
Resonacbenef2-2.6-4+37.5+30.3+137.9+73.5
Onto Innovationbenef2+112.9-32.7+124.6+9-5.3+69.8
Entegrisbenef2+44.6-52.5+83.5-17.1-14.6+65.1
ASMLbenef2+64.1-30.5+39.9-7.7+55.8+61.1
KLAbenef2+68-11.2+56+9.4+94.5+53.3
Qnity Electronicsbenef2·····+47.8
SCREEN Holdingsbenef2+40.7-13.2+220.1-24.1+84.9+33.7
SoftBank Groupbenef2-37.8+23.7+6+46.4+81.5+31.6
Tokyo Electron (TEL)benef2+40.4-14.5+89.8-4.4+61.6+30.3
Advantestbenef2+17-2.3+155.7+49.5+196+29.9
Fujimi Incorporatedbenef2+64.7-1.6+40.4-24.2+28.4+23.4
Air Liquidebenef2+14.3+8.1+21.1+8.7-4.6+21.3
BESIbenef2+33.7-6.1+121.8-9.3+35+20.3
EO Technicsbenef2+7.6-28.2+130.5-16.2+163.2+17.8
ASM Internationalbenef2+44.2+2.9+68.7+10.3+25.9+16.7
Tokyo Ohka Kogyo (TOK)benef2-2.7-3+63.8+4.3+111.5+14.1
Shin-Etsu Chemicalbenef2+6.3+3.1+57.8-15.6+7.6+13.8
Lindebenef2+33.4-4.4+27.7+3.2+3.2+13.1
HPSPbenef2··+216.5-30.4+54.7+9.2
Siemens AGbenef2+12.2+5.1+20.1+28+26.4+8.6
Ebarabenef2+58.1+2.3+76.1+41+84-4.2
Cadence Design Systemsbenef2+36.6-13.8+69.6+10.3+4-6.4
Lasertecbenef2+78.9+2.4+57-60.6+138.9-8.5
Photronicsbenef2+68.9-10.7+86.4-24.9+35.8-9
Synopsysbenef2+42.1-13.4+61.3-5.7-3.2-16.2
Disco Corporationbenef2-6.6+27.7+218.5+11.6+49.6-17.3
Leeno Industrialbenef2+21-5.3+18.3+9.5+150.1-37.1

YTD as of 2026-09-04 · source: Yahoo Finance

MediaTek operates across Fabless mobile and automotive SoC. Momentum stayed firm and it is +152.4% in 2026. The stock (+152.4%) is ahead of both its demand side (avg +30.6%) and supply side (avg +94.4%). Having run ahead of its chain, it is the first spot to give back if customer numbers fail to follow. Among connected nodes the furthest ahead is United Microelectronics (UMC) (+168.9%) and the furthest behind is Alphabet (Google) (+8.3%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. As a fabless firm inventory/capex risk is low, but securing TSMC advanced-node capacity and the smartphone demand cycle drive results.

Analysis generated from returns as of 2026-09-04

Analyst ratings

Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target NT$6,129 · Price NT$4,415 (09-04) · Upside +39%

BrokerRatingTargetPublished
Goldman Sachs買進 (Buy)NT$6,800Jul 3, 2026Report ↗
UBS買進 (Buy)NT$6,500Jun 25, 2026Report ↗
Morgan Stanley優於大盤 (Overweight)NT$5,088May 26, 2026Report ↗

Google TPU ASIC momentum drove successive H1 2026 target hikes on MediaTek to TWD 5,088-6,800; consensus is a strong buy.

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