Nvidia(US:NVDA) Mei Ri Jing Ji Xin Wen·2025-11-29 10:47Core Viewpoint - The significant market shift between Google and Nvidia, with Google gaining approximately $530 billion in market value while Nvidia lost about $620 billion, is driven by potential procurement of Google's TPU chips by Meta, challenging Nvidia's dominance in the GPU market [5][6][8]. Group 1: Market Dynamics - In November 2025, Alphabet's market value increased by approximately $530 billion, approaching $4 trillion, while Nvidia's market value decreased by $620 billion, equating to about 4.39 trillion yuan [6][8]. - The stock price of Alphabet rose by 13.87% in November, extending its year-to-date gain to 69%, whereas Nvidia's stock fell nearly 12.59%, reducing its year-to-date gain to 27.96% [8][12]. - The market's reaction to the potential shift in AI chip competition is evident, with Meta reportedly in talks with Google to purchase TPU chips, which could significantly impact Nvidia's market share [12][36]. Group 2: Technology Comparison - Google's TPU chips, with a 2-3 times higher energy efficiency compared to GPUs, are positioned to disrupt Nvidia's nearly 85% market share in AI chips [6][18]. - The evolution of TPU technology over seven generations has focused on improving computational acceleration, energy efficiency, and scalability, solidifying its position as a leading AI workload chip [15][17]. - The latest TPU model, Ironwood, is designed for inference and boasts a performance increase of approximately 2 times compared to its predecessor, Trillium [17][18]. Group 3: Industry Reactions - The potential collaboration between Meta and Google has sparked discussions on Wall Street regarding Nvidia's market position, leading to a divide between the "win-win" camp and the "threat" camp [33][35]. - Analysts from the "win-win" camp argue that the AI infrastructure market is large enough to accommodate multiple players, while the "threat" camp believes Google's vertical integration capabilities pose a significant risk to Nvidia [34][36]. - Nvidia's CEO is actively monitoring the developments with TPU and is emphasizing the superiority of its CUDA platform to counter the perceived threat from Google's TPU [37].