美股IPO·2025-12-01 10:38Core Viewpoint - Morgan Stanley predicts that Google's TPU production will reach 5 million and 7 million units in 2027 and 2028, respectively, representing increases of 67% and 120% from previous estimates, indicating a potential shift towards direct external sales of TPU chips [1][4][6] Group 1: Production Forecast - The forecast for TPU production in 2027 has been raised from approximately 3 million to about 5 million units, an increase of around 67% [5] - The 2028 production forecast has surged from about 3.2 million to approximately 7 million units, marking an astonishing increase of 120% [6] - This suggests that Google is expected to produce a total of 12 million TPUs over the two years, compared to only 7.9 million units produced in the past four years [7] Group 2: Market Strategy Implications - The significant increase in TPU production may indicate that Google is preparing to sell TPUs to third parties on a large scale, moving away from a self-use model [9][11] - If Google implements this strategy, it could transition from being a consumer and service provider of AI chips to a direct hardware seller, competing with established AI chip giants [11] Group 3: Financial Impact - Morgan Stanley estimates that for every 500,000 TPUs sold externally, Google could generate an additional $13 billion in revenue and $0.40 in earnings per share (EPS) in 2027 [12][13] - This potential revenue model provides a clear financial incentive for Google to pursue external sales, which could significantly reshape market valuations and the competitive landscape of the AI chip market [13]