3 6 Ke·2025-11-28 09:12Core Viewpoint - Morgan Stanley believes that Google's external sales of TPU (Tensor Processing Units) may boost the company's revenue and profitability, especially as the stock price of Alphabet has surged nearly 20% in the past month amidst concerns over an "AI bubble" [1] Group 1: Google's TPU Sales Strategy - Google is reportedly marketing its TPU to clients, with Meta considering a multi-billion dollar investment in TPUs for data center construction, indicating a significant strategic shift from internal use to external sales [1] - Morgan Stanley's analysis suggests that for every 500,000 TPUs sold externally, Google's cloud revenue forecast for 2027 could see an increase of approximately $13 billion (around 11%) and an EPS increase of about 3% (or $0.37) [1] Group 2: Market Dynamics and Competition - Analysts suggest that if Google's cloud business accelerates and the company successfully enters the semiconductor market, it could lead to a higher valuation multiple for Google [2] - The prediction of selling 500,000 to 1 million TPUs annually is deemed reasonable, especially considering NVIDIA's expected shipment of around 8 million GPUs by 2027 [2] - The impact of Google's TPU sales on the semiconductor industry is seen as beneficial for Broadcom, which co-designs TPU chips with Google, while the effect on NVIDIA and AMD is minimal [2] Group 3: Competitive Landscape - Despite the potential of Google's Gemini model to surpass GPT-5, competition in the tech industry is expected to remain intense, with no signs of competitors slowing down [3]