Quick Look
聯發科因成功切入Google TPU供應鏈，亞系外資將其目標價上調至5922元，並重申「高度確信優於大盤」評等。聯發科股價今日開盤即漲停，再創掛牌新高。
AI-generated summary
Why It Matters
聯發科 (MediaTek) is a leading IC design company. Google is developing Tensor Processing Units (TPUs) for AI acceleration. Analyst reports often influence stock prices in the tech sector.
聯發科今日開盤即漲停，再創掛牌天價。（記者卓怡君攝）
〔記者卓怡君／台北報導〕IC設計龍頭聯發科（2454）成功切入Google TPU供應鏈，亞系外資出具最新報告指出，根據最新TPU路線圖變化顯示，Google已不再只是把聯發科視為替代供應商，而是逐步將其推向下一世代TPU策略核心供應商，市場尚未完全反映這項策略性轉變，將聯發科目標價由4500元上調5922元，為目前外資圈最高目標價，並重申「高度確信優於大盤（High Conviction Outperform）」評等。
聯發科今日股價開盤即漲停，漲停價4245元，再創掛牌新高，截至9:08分左右，聯發科緊鎖漲停，成交量約1688張，漲停委買張數逾4700張。
亞系外資指出，TPU v9供應鏈策略出現重大調整，Google 近期取消原本由Broadcom（博通）主導的 TPU v9 專案「Pumafish」，該專案啟動約一個月後即遭撤換，改由新專案「Whalefish」取代，Whalefish 的架構更接近「Sunfish Ultra」版本，相當於將兩顆Sunfish（TPU 8i）整合在一起，意味著 Broadcom 的 v9 TPU很可能維持採用3nm（奈米）製程，搭載HBM3e，至於聯發科的v9 TPU（Humufish，又稱A5922）將升級至2奈米製程並搭載 HBM4e，聯發科將成為Google TPU路線圖中的核心平台，Broadcom方案則更偏向備援或策略重要性較低的角色。
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What to Watch
AI outlook — possibilities, not facts
聯發科's stock price will continue to be influenced by analyst ratings and Google's TPU roadmap developments.
Very likely · Medium term
Increased competition in the AI chip market as companies like MediaTek gain traction.
Likely · Long term
Open Questions
- What is the exact timeline for the 'Whalefish' and 'Humufish' TPU development?
- What is the specific market share MediaTek is expected to capture with these new TPUs?
- Will Broadcom's role be entirely diminished, or will it retain some strategic importance?
- What are the implications for other AI chip manufacturers?
