Goldman Sachs Sees AI Demand Boosting ASPEED, Raises Price Target to NT$20,000

MediaTek is accelerating its expansion from smartphone chips into the AI data-center market. Its AI ASICs can be tailored as dedicated accelerators for cloud providers, drawing attention to their potential margins and revenue scale. If the Meta order materializes, it would strengthen MediaTek’s position in the custom-chip market and reduce its dependence on smartphone industry cycles.

As of July 20, 2026, market reports again indicated that MediaTek had secured an order for Meta AI accelerator chips. Goldman Sachs reiterated its “Buy” rating and sharply raised its price target to NT$6,800. The firm estimates that MediaTek’s AI ASIC business could generate $20.3 billion in revenue in 2027, close to half of total revenue, and become a major driver of earnings growth.

MediaTek has traditionally relied on smartphone chips for most of its revenue, leaving growth and profitability vulnerable when market demand weakens. AI ASICs are custom chips designed for specific artificial-intelligence workloads. Goldman Sachs believes the business could become a major engine for MediaTek to diversify away from smartphone-market risks and expand its long-term earnings.

In its latest research report, Goldman Sachs said it expects strong growth in MediaTek’s AI ASIC business and forecast that the segment’s share of revenue will rise to 39% by 2027. Despite continued near-term pressure from the weak smartphone market, the bank sharply raised its MediaTek price target to NT$2,454, citing the AI business’s long-term earnings potential.

Agentic AI can independently break down and execute tasks, with inference workflows requiring CPUs, memory and server-management chips alongside GPUs. Morgan Stanley expects this to expand capital spending on non-GPU servers. It sees ASPEED, with its leading position in baseboard management controllers, as a major beneficiary of expansion in general-purpose servers and custom AI chips.

As of July 20, 2026, Morgan Stanley’s latest report raised its price target for ASPEED to NT$15,555 per share, citing simultaneous growth in the CPU, memory and BMC chip requirements of non-GPU systems. The report also expressed confidence in ASPEED’s market-share advantage in general-purpose servers and custom AI chip platforms, saying related capital spending would drive future growth.