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· 2 recurring

Per the valuechain.wiki graph, MediaTek is directly linked to 12 companies (9 supply, 3 revenue relationships) and reaches 85 companies within two hops; the links are backed by 16 dated sources, 2 of them primary filings (as of 2026-07-12).

Annual return · 2026-07-09'21+27.8%'22-26.6%'23+52.9%'24+58.3%'25+24.9%YTD+124.3%
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+248.1
Marvelllead2+84.6-57.5+63.7+83.8-22.8+177.8
Lenovolead2-4.6-20.9+36.2+18.2-0.6+175.7
AMDlead2+56.9-55+127.6-18.1+77.3+160.5
Hewlett Packard Enterpriselead2+37.4+4.5+9.7+29.1+15.5+104
TeraWulflead2+77.1-95.5+258.2+135.8+103+91.2
Aurora Innovationlead2·-89.3+261.2+44.2-39+66.1
Mercury Systemslead2-37.5-18.7-18.3+14.8+73.8+47.9
ASUSTeK Computerlead2+35.5-12.9+72+41.1-14.1+46.7
Wiwynnlead2+24.7-22.3+206.4+3.5+64.4+45.1
Gigabyte Technologylead2+82.3-3.4+173.2-15.9-4.7+44.4
Cloudflarelead2+73-65.6+84.2+29.3+83.1+36.1
Quanta Computerlead2+22.2-12.8+254.5+12.7+8.9+33.4
SK Telecomlead2+7.9-12+15.8+15.5+37.5+23.4
Celesticalead2+37.9+1.3+159.8+215.2+220.3+21.7
Geely Autolead2-40.8-22.9-40.3+98.5+14.5+18.9
Broadcomlead2+56.5-13.3+104.2+110.5+50.6+16
Wistronlead2+7.9+9.7+272.7-1.6+22.7+14.8
Alphabet (Google)lead2+65.3-39.1+58.3+36+66+14.3
Qualcommlead2+22.3-38.6+35.1+8.3+13.8+11.7
Foxconn (Hon Hai)lead2-5.1+2.8+7.8+80.1+26.9+10.9
IRENlead2·-92.3+472+37.3+284.6+8.9
Amazonlead2+2.4-49.6+80.9+44.4+5.2+6.3
Meta Platformslead2+23.1-64.2+194.1+66+13.1+1.6
Tempus AIlead2····+74.9-1.4
IBMlead2+16.7+10.6+21.8+39.3+38.2-1.6
Super Microlead2+38.8+86.8+246.2+7.2-4-3.3
General Motorslead2+40.8-42.4+7.9+49.8+54.2-3.8
IonQlead2·-79.3+259.1+237.1+7.4-4.5
Hyundai Motor Companylead2-16.7-4.7+16.2+12.3+158.8-7.8
Teslalead2+49.8-65+101.7+62.5+11.4-9.3
Toyota Motor Corporationlead2+58.1-13.4+63+1.8+21.8-18.2
Microsoftlead2+52.5-28+58.2+12.9+15.6-20
Alibaba Grouplead2-49-25.8-10.8+11.8+75.8-22.7
Tencent Holdings Limitedlead2-28.6-14.2-28.7+49.8+52.1-23.2
Baidulead2·-8.2-23.4-13.5+74.2-24.5
Rigetti Computinglead2·-92.9+35.1+1449.2+45.2-25.3
Oraclelead2+36.9-4.6+30.9+60+18.1-27.4
Kratos Defenselead2-29.3-46.8+96.6+30+187.8-36.5
Pony.ailead2····+1-54.6
Samsung Electronicslead1-9-14.2+20.9-26.4+212.9+77.9
NVIDIAlead1+125.5-50.3+239+171.2+38.9+13.3
MediaTeknode+27.8-26.6+52.9+58.3+24.9+124.3
United Microelectronics (UMC)benef1+43.2-40.3+39.2-19+28.8+215.1
Nan Ya PCBbenef1+110.6-46.7-0.5-38.3+188.2+213.4
Arm Holdingsbenef1···+64.2-11.4+195.8
JCET (Jiangsu Changjiang Electronics)benef1-34+0.2-15.2+73.3+28+104.6
TSMCbenef1+12.1-36.7+42.3+92.6+55.9+43.6
King Yuan Electronics (KYEC)benef1+26.7-7.7+132.4+38.6+171+4.2
SUMCO Corporationbenef2-4.3-3.9+21.3-48.1+41.7+225.8
GlobalWafersbenef2+26.9-29.9+14.3-39+48.9+171.6
Kulicke & Soffabenef2+92.4-25.8+25.5-13.2-0.3+150.1
Applied Materialsbenef2+83.6-37.5+68+1.1+59.6+135
Lam Researchbenef2+53.7-40.7+88.6-6.8+139.2+105
Onto Innovationbenef2+112.9-32.7+124.6+9-5.3+103.6
KLAbenef2+68-11.2+56+9.4+94.5+91
SCREEN Holdingsbenef2+40.7-13.2+220.1-24.1+84.9+86.3
Teradynebenef2+36.8-46.3+24.8+16.5+54.4+85.9
Resonacbenef2-2.6-4+37.5+30.3+137.9+80.4
Tokyo Electron (TEL)benef2+40.4-14.5+89.8-4.4+61.6+78.2
Qnity Electronicsbenef2·····+76.3
Entegrisbenef2+44.6-52.5+83.5-17.1-14.6+72.8
ASMLbenef2+64.1-30.5+39.9-7.7+55.8+68.6
Global Unichipbenef2+21.4+67.6+99.4-13.7+101.4+66.4
BESIbenef2+33.7-6.1+121.8-9.3+35+56.2
Fujimi Incorporatedbenef2+64.7-1.6+40.4-24.2+28.4+54.6
Shin-Etsu Chemicalbenef2+6.3+3.1+57.8-15.6+7.6+44
Tokyo Ohka Kogyo (TOK)benef2-2.7-3+63.8+4.3+111.5+42.9
Ebarabenef2+58.1+2.3+76.1+41+84+32.3
ASM Internationalbenef2+44.2+2.9+68.7+10.3+25.9+28.8
Lindebenef2+33.4-4.4+27.7+3.2+3.2+25.1
Cadence Design Systemsbenef2+36.6-13.8+69.6+10.3+4+22.9
Lasertecbenef2+78.9+2.4+57-60.6+138.9+22.4
Advantestbenef2+17-2.3+155.7+49.5+196+17.1
Air Liquidebenef2+14.1+7.9+20.9+8.5-4.8+12.5
Disco Corporationbenef2-6.6+27.7+218.5+11.6+49.6+10.2
Siemens AGbenef2+12.2+5.1+20.1+28+26.4+8.7
SoftBank Groupbenef2+10.2+9.9+39.2+6.5+8.5+3.2
EO Technicsbenef2+7.6-28.2+130.5-16.2+163.2+0.7
HPSPbenef2··+216.5-30.4+54.7-4.5
Synopsysbenef2+42.1-13.4+61.3-5.7-3.2-5.2
Photronicsbenef2+68.9-10.7+86.4-24.9+35.8-6.6
Leeno Industrialbenef2+21-5.3+18.3+9.5+150.1-30.3

YTD as of 2026-07-09 · source: Yahoo Finance

A world-scale fabless mobile-SoC firm designing only and fully outsourcing to TSMC, with structural dependence on Arm IP, EDA and foundry capacity. The thesis is diversifying from mobile APs (Dimensity) into automotive and edge AI, with $4B annual R&D the entry ticket to advanced-node competition. Risks are the smartphone demand cycle and securing TSMC advanced-node capacity, and in graph terms MediaTek volume connects up to TSMC/UMC foundry and KYEC test, and down to OEM demand like Samsung.

Analysis generated from returns as of 2026-07-09

Analyst ratings

Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target NT$6,129 · Price NT$3,925 (07-09) · Upside +56%

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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