Ming-Chi Kuo: Google develops TPU v9 revised chip, MediaTek obtains new orders
Tianfeng International analyst Guo Mingqi pointed out that Google will develop an upgraded Triggerfish chip based on TPU v9, with MediaTek receiving exclusive orders. This chip will have an increased SRAM capacity, utilize HBM4E, and introduce analog bare chips to enhance AI inference capabilities. Production is expected to start by the end of 2027, and due to its high unit price, it is expected to become a new growth point for MediaTek's revenue in 2028
According to Zhitong Finance APP, on June 22, Tianfeng International Securities analyst Guo Mingqi's latest industry survey shows that Google (GOOGL.US) will develop an upgraded version of the v9 chip, possibly codenamed Triggerfish, based on TPU v9/Humufish, with MediaTek exclusively obtaining this higher-priced new order.
This upgraded chip is an extension project of Humufish, positioned as a revised version of v9, with stronger inference capabilities that can alleviate both CPU and memory bottlenecks simultaneously. This project further confirms MediaTek's status as Google's preferred partner for the TPU v9 generation.
The main difference between this revised v9 and Humufish is that the SRAM capacity has been significantly increased to 2-3 times that of Humufish, with the addition of a simulation die, and an upgrade to HBM4E (Humufish uses HBM4).
The new simulation die's functions, in addition to local TPU management and training/inference mode switching, focus on reinforcement learning (RL) and AI agent collaboration. The larger SRAM capacity allows for more of the active working set required by RL and AI agents to be retained locally on the TPU, thereby reducing data transport costs and improving efficiency during the ultra-low latency decoding phase.
With the estimated shipment of 4 million to 5 million units for the Humufish lifecycle remaining unchanged, Google has added an additional order of 1 million to 2 million Triggerfish units, expected to begin production by the end of 2027 and ramp up in 2028; due to the Triggerfish's price being about 30% higher than that of Humufish, it is expected to become a new growth driver for MediaTek's operations in 2028
