美股IPO·2025-11-27 03:38Core Viewpoint - Morgan Stanley's report indicates that Google's TPU may be sold externally in quantities of 1 million, transforming it from a cost center to a profit center, directly challenging Nvidia's hardware monopoly [1][4][5]. Group 1: Market Potential and Financial Impact - The market's expectations for Alphabet's external sales of its TPU have increased, especially following the successful launch of the Gemini 3 model, leading to a strong performance in Alphabet's stock price, with its market capitalization nearing $4 trillion [2][4]. - Morgan Stanley estimates that selling 500,000 TPUs could boost Alphabet's cloud business revenue by 11% and increase its earnings per share (EPS) by 3%, indicating a significant impact on its financial model [6][7]. - The potential for external sales of TPUs is seen as a new growth engine for Alphabet, with increasing interest from external customers due to the global demand for computing power [7][9]. Group 2: Competitive Landscape - The AI chip market is currently dominated by Nvidia, which holds approximately 90% market share, but the entry of Alphabet and other tech giants into the custom chip market could disrupt this monopoly [10][12]. - Reports of Meta potentially purchasing Alphabet's AI chips are viewed as a direct signal of reducing Nvidia's market share, highlighting the competitive dynamics in the AI hardware space [10][12]. - Nvidia maintains confidence in its market position, emphasizing its technological lead while Alphabet leverages its customized solutions and software ecosystem to challenge this dominance [12][13]. Group 3: Stock Performance and Market Sentiment - Alphabet's advancements in AI models, particularly the Gemini 3 model, have provided sustained momentum for its stock price, which has risen 56% over the past three months and 71% year-to-date [14]. - In contrast, Nvidia's stock has seen a slight decline of 2% over the past three months, despite a 32% increase for the year, indicating a shift in market sentiment towards companies with stronger growth prospects in AI [14].