美银回应谷歌TPU抢英伟达GPU生意：份额肯定会降，但不是瞬间发生

Core Insights - Google's TPU has gained significant recognition, leading to claims that it has surpassed NVIDIA in the market, prompting NVIDIA to assert its continued dominance in GPU technology [1] Market Share and Competition - Bank of America projects NVIDIA's market share will decline from approximately 85% to around 75% due to increased competition, particularly from Google's TPU, although this shift will occur gradually [2][6] - The current supply chain constraints and NVIDIA's scale advantages hinder competitors from rapidly capturing market share [7] AI Model Development - The competition in large language models (LLMs) is described as a long-term marathon, with recent releases from Google and Anthropic indicating a dynamic landscape [4] - Google's TPU has been integral to the training of its Gemini models, with plans to potentially lease TPU to Meta by 2026, which could intensify competition for existing GPU suppliers [4] Company Valuations - AMD's target price is set at $300, reflecting anticipated growth in AI and CPU market share [9] - Broadcom's target price is $400, supported by strong earnings growth and profitability in the semiconductor sector [10] - NVIDIA's target price is $275, justified by its leading position in the rapidly growing AI computing market [11]