#Gate Launches Taiwan Stock Trading

MediaTek is the Taiwanese stock among the 19 that I’m most conflicted about. Bulls and bears are looking at the same set of facts, yet their conclusions differ by nearly a factor of two.

The facts: Revenue from its first AI accelerator was revised up to $2.5 billion for 2026, with 2027 guidance of $16 billion. It has already secured an ASIC order from a second non-China data center customer, with revenue contributions beginning in 2028. MediaTek won the Google TPU v9 upgrade, Triggerfish, exclusively. Its unit price is about 30% higher than Humufish’s, with an additional 1 million–2 million units expected to ship over its lifecycle. Foreign brokers’ target prices range from NT$5,500 to NT$7,300, based on the thesis that the company is “structurally transforming from a mobile chip company into an ASIC company.”

But the bears’ concerns are just as specific. GF Securities cut its target price to NT$4,380 and downgraded the stock to “Hold,” citing a jump in third-quarter inventory days from 102 to 127 and negative operating cash flow. The design complexity of the TPU v9 Core A could delay shipments again, and after lowering its 2028 Humufish/Triggerfish shipment forecast, it cut EPS from NT$375 to NT$258. Simply put: MediaTek’s AI ASIC growth trajectory is steep, but the timeline for delivering on it is more fragile than the market initially thought.

My view: this is an option, not a value investment. You’re not buying “what MediaTek is worth today”; you’re buying the possibility that “MediaTek could become a company with $26 billion in data center ASIC revenue in 2028.” If it delivers, the current pullback is an opportunity; if the TPU v9 is delayed once more, NT$4,380 may not be the bottom either.

So I wouldn’t take a large position in MediaTek, but I would use Gate’s fractional-share feature to build a “watch position.” The point of being able to start with 0.01 shares is that you can gain real exposure to a high-upside thesis at very low cost, rather than just acting as a commentator.
#每周来晒