中美“稳定”叙事，谷歌链持续走强

Group 1 - The core message of the article highlights the positive implications of a recent phone call between the leaders of two countries, with Trump agreeing to visit Beijing in April and inviting Chinese leaders for a state visit next year, which is seen as a stabilizing factor for domestic companies looking to expand overseas [1][2] Group 2 - The article discusses the increasing popularity of Google's TPU (Tensor Processing Unit), which was developed to address the growing demand for data center capacity due to the rise of AI applications. The first TPU was launched in 2016, and the latest version, TPU v7, is set to be released in April 2025, featuring significant upgrades in memory, bandwidth, and interconnect systems [3][4] - TPU v7 offers a memory capacity of 192 GB HBM and a bandwidth of 7370 GB/s, which is a substantial improvement over its predecessor, TPU v5p, which had 96 GB memory and 2765 GB/s bandwidth [3] - The TPU architecture utilizes a "Systolic Array" design to minimize memory access and enhance performance in AI inference tasks, making it more efficient compared to traditional CPU and GPU solutions [4] - The cost of training using TPU v7 is reported to be only half that of NVIDIA's B200, indicating a significant cost advantage for users [5][6] Group 3 - The article provides an overview of the domestic Google supply chain, detailing various companies involved, their products, market share, and expected orders for 2026. For instance, 光库科技 has a market share of 27% in OCS manufacturing, while 德科立 and 膀景科技 are also key players in the supply chain [8] - The supply chain analysis includes information on product profitability, with 光库科技 having a gross margin of 200,000 and an optimistic order expectation for 2026 [8]