JP Morgan says MediaTek’s custom AI-chip business is likely to sustain strong
growth beyond 2028 as its involvement in Google’s AI accelerator project
deepens. Despite intensifying competition among other chip-design partners, JP
Morgan views market concerns over MediaTek’s role in Google’s AI supply chain as
overstated and expects MediaTek to remain a key partner across future chip
generations. The bank points to MediaTek’s connectivity, interconnect and
system-level design capabilities as supportive of continued participation, and
has raised its 2027 and 2028 earnings estimates. JP Morgan also lifted its
June-2027 target price to TWD 5,600 from TWD 5,300, citing a more optimistic
long-term growth outlook and stronger operating leverage from the custom AI-chip
business.
