智通财经网·2025-11-26 13:31Core Viewpoint - The market's reaction to rumors of Meta purchasing Google's TPU has been described as an overreaction, with analysts suggesting that companies like Google and Nvidia can coexist and thrive in the trillion-dollar AI infrastructure market [1][2]. Market Perception Bias - Google DeepMind scientist Amir Yazdan criticized the market's shallow understanding of hardware and demand, emphasizing the strong demand in the AI sector while clarifying he was not involved in TPU design [2]. - Nvidia refuted claims that Google would disrupt its dominance in AI chips, asserting that it remains the only platform capable of running all AI models and supporting full-scenario computing [2][3]. Analyst Opinions - Most Wall Street analysts maintain that Nvidia is the unassailable leader in the AI chip market, with Bank of America analyst Vivek Arya stating that Google's self-developed TPU chips are unlikely to pose a significant competitive threat [3]. - Futurum Group's Daniel Newman highlighted that the debate over GPU vs. TPU reflects a zero-sum mindset, asserting that the AI infrastructure market could reach trillions, allowing companies like Google, Nvidia, and AMD to achieve mutual success [3][4]. - Analysts from Wedbush and Mizuho Securities echoed the sentiment that Nvidia's dominance in AI will not change in the short term, despite the emergence of Google's TPU chips [4][5]. Stock Performance Divergence - Google's stock has surged by 15% since November and 71% year-to-date, making it the best-performing stock among the "seven giants" of 2025, while Nvidia's stock has dropped by 12% this month, with a year-to-date increase of 32% [7]. - Wedbush's Ives noted that the tech sector is experiencing volatility after a period of strong performance, with Nvidia's strong growth data not translating into stock price gains due to concerns over an AI bubble and competition [7][8]. Future Outlook - Ives' team concluded that the ongoing investment by tech giants is crucial for driving the next phase of growth in AI, with Nvidia's strong quarterly performance indicating that this investment trend will continue at least until 2026 [8].