Ge Long Hui·2025-11-27 02:15Core Insights - Morgan Stanley analysts estimate that Google's external sales of approximately 500,000 TPUs could increase Google Cloud revenue by about $13 billion, representing an approximate growth rate of 11% by 2027, with an increase in earnings per share of about $0.37, or roughly 3% [1] Group 1 - The potential for Google Cloud's revenue growth is linked to the successful expansion of its semiconductor market presence [1] - Analysts suggest that if Google Cloud's business growth accelerates, it will help maintain a high valuation for the company's stock [1] - The estimated external sales range for Google TPUs is considered reasonable, especially in the context of Nvidia's expected GPU shipments of around 8 million units by 2027 [1] Group 2 - There is uncertainty regarding Google's overall strategy for promoting TPU external sales, with key investor concerns focusing on its business model, pricing strategy, and the types of workloads that TPUs can support [1] - This year, Google has spent approximately $20 billion on Nvidia for large language model-related computing, while expenditures on TPUs have been around $1 billion, indicating a potential adjustment in capital allocation next year [1] - The overall demand for AI chips is unlikely to result in a "winner-takes-all" scenario, suggesting a competitive landscape [1]