联发科ASIC业务，拿下大客户

Core Viewpoint - MediaTek has secured a second ASIC project expected to contribute revenue starting in 2028, with an overall market size for AI ASIC projected to reach at least $50 billion by 2028, aiming for a market share of 10% to 15% [2]. Group 1: ASIC Projects and Revenue - The first ASIC project is on track to generate approximately $1 billion in revenue by 2026, excluding NRE, and is expected to scale to several billion dollars by 2027 [2]. - The second ASIC project will begin contributing to revenue from 2028 and is anticipated to grow continuously [2]. Group 2: Technology Development and Market Outlook - MediaTek is developing key technologies and IPs, including high-speed interconnects, silicon photonics, 2nm process technology, and 3.5D packaging, which are seen as foundational for advanced chips post-2027 [3]. - The company expects smartphone shipments to increase by 1% to 3% year-on-year in the coming year, with strong sales performance from its flagship chip, Dimensity 9500, despite tight memory supply [3]. Group 3: Financial Performance and Partnerships - The median gross margin for Q4 is projected to be around 46%, slightly down from the previous quarter due to product and revenue mix impacts, with a focus on high-value products to manage cost pressures [3]. - MediaTek is collaborating closely with NVIDIA on the GB10 project and is developing a second-generation product, asserting its technological and timing advantages [3].