MediaTek shares swung wildly before closing sharply higher as analysts raised their price target to a record high, a strongly bullish signal for Taiwan's biggest chip designer.

• Analysts hiked MediaTek's target price from NT$5,000 to NT$6,000 and kept a "buy" rating, citing clearer timelines for its AI custom chip (ASIC) business.
• A major cloud customer's new chip starts generating billions in revenue this quarter, with that single product line expected to grow sharply through 2027.
• MediaTek just posted record quarterly profit and gave fourth-quarter guidance showing revenue growing as much as 48% from a year ago.
• Not everyone's rising: Delta Electronics has crashed over 40% in under a month, and Taiwan's overall stock market dropped more than 1.6% today, dragged down by a US tech stock selloff.

Outlook: MediaTek's AI chip business looks set to keep driving strong growth into 2027, even as the broader Taiwan market stays shaky on US tech weakness.