郭明錤｜Ming-Chi Kuo@mingchikuo

2026-06-16 00:46·17天前

AI 摘要

郭明錤最新调查显示，联发科将AI业务从“IC/ASIC设计”升级为“系统级设计”，初期目标Google TPU v10的PCBA（L6）及马斯克关联公司自研AI芯片的L10机架。此举旨在抓住服务器机架复杂度提升（CPO、800V HVDC）带来的增值机会，并应对2-3年后Semi-COT对ASIC设计的冲击。联发科将采用轻资产模式，主导设计验证并外包制造，以维持40-50%毛利率。Google TPU L10中选几率低；马斯克AI芯片机架生态尚未成熟，联发科可借台湾供应链和Terafab合作争取订单，但时间表不明确。该战略对近两年基本面影响有限，旨在捕捉长期新增长。

My latest industry checks indicate that MediaTek has upgraded the strategic positioning of its AI business from "IC / ASIC design" to "system-level design，" initially targeting the PCBA （L6） for Google's TPU and the L10 rack for Elon Musk-affiliated companies' in-house AI chips.

Overall， this strategic shift aligns with industry trends and， if executed well， should help strengthen MediaTek's customer relationships and long-term competitive advantage.

Industry checks and analysis：

▎This is a long-term play， with immaterial impact on fundamentals over the next two years. The aim is to capture new growth opportunities while mitigating potential risks.

Opportunity： Two factors are jointly raising the value-add of system-level design： increasing server rack design complexity， driven by the adoption of technologies such as CPO and 800V HVDC， and refresh cycles comparable to those of consumer electronics.

Risk： Growth momentum in ASIC design may begin to slow in 2-3 years as the Semi-COT business model takes hold.

To secure a gross margin of at least 40-50% in its system-level integration business， MediaTek is expected to adopt an asset-light model in which it leads design and validation， leverages the strengths of Taiwan's hardware supply chain ecosystem， and outsources manufacturing.

▎Google TPU PCBA：

MediaTek aims to begin with TPU v10 （Icefish）， while also pursuing the integration of its own CPO solution.

Google's hardware assembly ecosystem is already well-established， so MediaTek's chances of winning L10 are slim.

▎The L10 rack for Musk's in-house AI chips：

The AI compute currently being built out by Musk's companies relies mainly on Nvidia chips， so the assembly ecosystem for their own AI chip racks is not yet in place， and that's where MediaTek's opportunity lies.

郭明錤｜Ming-Chi Kuo@mingchikuo · X

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2026-06-16 00:46·17天前

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AI 摘要

Overall， this strategic shift aligns with industry trends and， if executed well， should help strengthen MediaTek's customer relationships and long-term competitive advantage.

Industry checks and analysis：