Google has selected MediaTek to manufacture its Triggerfish tensor processing unit, a custom AI chip, marking a significant shift in its semiconductor supply chain. The move threatens to reduce contract volume for incumbents Broadcom and Qualcomm, who had previously benefited from Google's chip ecosystem spending. Separately, Google launched two new AI models — Gemini Omni Flash and Nano Banana 2 Lite — and joined a 140-company consortium developing a stablecoin to rival Tether and Circle.
MediaTek gains a high-profile AI chip contract that validates its custom silicon capabilities and could attract further hyperscaler partnerships. Broadcom, which has a significant and well-documented relationship with Google on custom AI accelerators, faces the most direct competitive pressure if Triggerfish volume scales. The stablecoin consortium signals Google is staking a position in crypto payments infrastructure, which is bearish for dominant stablecoin issuers and modestly bullish for broader crypto adoption.
Next Broadcom earnings call (quarterly results, ~mid-Jun). Next MediaTek investor update. Any Google I/O developer conference announcements on Gemini and Triggerfish deployment timelines.
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