MediaTek’s 2Q26 revenue exceeded expectations, higher than the guidance upper limit and consensus, and AI SoC demand is strong (Bernstein)
Bernstein's quick comment shows that MediaTek (2454.TT) revenue in June reached NT$58.2 billion (+22% month-on-month, +3% year-on-year), pushing the entire 2Q revenue to NT$152 billion (+2% month-on-month, +1% year-on-year), which is about 5% higher than the m
Bernstein's quick comment shows that MediaTek (2454.TT) revenue in June reached NT$58.2 billion (+22% month-on-month, +3% year-on-year), pushing the entire 2Q revenue to NT$152 billion (+2% month-on-month, +1% year-on-year), which is about 5% higher than the market consensus and about 2% higher than the upper limit of the company's guidance. Although the exchange rate provided a 1.3% tailwind, it cannot fully explain the beat. This suggests that demand for the company's core businesses, such as mobile phone SoCs, AI ASICs or automotive chips, may be stronger than expected. As the global leader in smartphone SoCs, MediaTek's performance exceeding expectations is a positive signal for the semiconductor industry chain on both sides of the Taiwan Strait. One-sentence conclusion: MediaTek's strong 2Q revenue performance has given a shot in the arm to the semiconductor industry. Strong demand for its AI chips and flagship mobile phone SoCs is the core driving force behind expectations. Good/bad: Good for MediaTek (2454.TT) and the entire Taiwan semiconductor industry chain. The market's performance expectations for 2Q are low, and this exceeding expectations will restore market confidence. Catalysts: 1) 2Q detailed profit data and 3Q guidance that the company will announce at the conference; 2) progress in new customers/new orders for high-end mobile phones and AI ASICs; 3) performance of competitor Qualcomm (Qualcomm).