英伟达被“偷家”？谷歌TPU业务重估

Core Insights - Google has recently outperformed its peers in the tech sector, with its stock price rising over 9% to reach a new all-time high, while other major companies like Nvidia, Microsoft, Meta, and Amazon have experienced stock price fluctuations [1] - Analysts suggest that Google has significantly narrowed the gap with Nvidia over the past year, positioning itself as the "best alternative" to Nvidia, particularly with its TPU business gaining traction [2] - The demand for Google's TPU is increasing, with a reported 96% growth in developer activity on Google Cloud Platform related to TPU from February to August this year [2][3] Company Developments - Google is accelerating the deployment of its TPU by engaging with smaller cloud service providers that primarily use Nvidia chips, aiming to expand its TPU's market presence [3] - Previously, Google primarily utilized its TPUs for internal operations, with 70%-80% of its computing power dedicated to internal use, but is now looking to offer TPUs for external use [3] - The introduction of the sixth-generation Trillium TPU and the anticipated seventh-generation Ironwood TPU is expected to drive significant demand [2] Market Positioning - Analysts believe that if Google merges its TPU business with DeepMind and considers a spin-off, the valuation could reach up to $900 billion, highlighting the potential value of this segment within Alphabet [2] - Despite the potential benefits of a spin-off for shareholders, the likelihood of such a move occurring in the near term is considered low, indicating that the TPU business remains undervalued within Alphabet's overall portfolio [2] - The competitive landscape is shifting, as Google's strategy to deploy TPUs in external data centers may directly compete with Nvidia's GPU offerings, potentially reducing the number of Nvidia GPUs in those centers [3]