光模块，大消息

Core Insights - Morgan Stanley's latest report indicates that the uncertainty surrounding Google's self-developed AI chip TPU (Tensor Processing Unit) supply chain is diminishing, with expectations for explosive growth in production over the next two years, suggesting that Google is preparing to sell TPU chips on a large scale to third parties [1][3] Production Forecast - The production forecast for Google's TPU has been significantly revised upward, with the 2027 estimate increased from approximately 3 million units to about 5 million units, representing a 67% increase [1][3] - The 2028 production forecast has also been raised from around 3.2 million units to approximately 7 million units, indicating a 120% increase [3] - This suggests that Google is expected to supply 12 million TPUs over the two years from 2027 to 2028, compared to a total of 7.9 million units over the past four years [3] Market Implications - The increase in TPU production indicates a shift in Google's strategy from a "self-use" model to competing directly with major AI chip players in the market [3] - Each sale of 500,000 TPU chips could potentially add around $13 billion in revenue and $0.40 in earnings per share (EPS) for Google in 2027 [1] Industry Impact - An increase in TPU market share could lead to unexpected growth in the optical module/OCS and PCB markets, benefiting related companies in the A-share market [4] - The complete technology ecosystem built by Google, from chips (TPU) to applications (cloud computing/search/advertising), is expected to strengthen its competitive position in AI and drive continued capital expenditure growth [4] - Analysts are optimistic about the ongoing development opportunities in the AI computing power chain, particularly focusing on Google's optical modules/OCS and liquid cooling as key areas [4]