Ge Long Hui·2025-11-26 11:23Core Insights - The article discusses the significant impact of Google's TPU on the AI computing market, highlighting a shift in investment logic within the capital markets [1][3] - The performance of AI-related ETFs, particularly the 5G Communication ETF and the Huaxia AI ETF, has surged due to the increasing relevance of Google's TPU in the AI hardware narrative [1][4] Group 1: Market Performance - The 5G Communication ETF (515050) surged by 5.08%, with a year-to-date increase of 77.65%, while the Huaxia AI ETF (159381) rose by 5.05%, marking a 71.09% increase since its launch on March 24 this year [1] - The "Google chain content" in the Huaxia AI ETF and the 5G Communication ETF reached 48% and 30.87%, respectively, indicating strong exposure to Google's TPU ecosystem [4] Group 2: Competitive Landscape - Google's Gemini 3 model has been well-received, surpassing ChatGPT, while the TPU chip release has garnered significant attention, with Meta reportedly considering its use [3] - Analysts from Nomura Securities believe that Google's latest model has reset the AI landscape, marking a new "DeepSeek moment" [3] Group 3: Nvidia's Position - Nvidia's stock experienced a sharp decline, dropping nearly 7% amid concerns over its growth logic in light of Google's advancements [7] - Despite the challenges, Nvidia reported a revenue of $57.006 billion for the third quarter of fiscal 2025, a 62% year-over-year increase, driven primarily by its data center business [10][11] - Nvidia's CEO emphasized that their GPUs remain a generation ahead in the industry, capable of running all AI models across various computing scenarios [7] Group 4: Alibaba's Performance - Alibaba's cloud intelligence group reported a revenue of 39.82 billion yuan, a 34% year-over-year increase, driven by public cloud services and AI-related products [12] - The AI-related product revenue has seen triple-digit year-over-year growth for nine consecutive quarters, indicating strong adoption among enterprise clients [13] Group 5: Investment Opportunities - The article suggests that the AI computing demand is real and global, encompassing both Nvidia's GPUs and Google's TPUs, with a focus on high-performance architectures [24] - Chinese companies are positioned strongly within the global supply chain for critical components like optical modules (CPO), PCB, and servers, which are essential for AI computing infrastructure [25]