当谷歌不再只满足于「TPU自己用」，TPU摇身一变成了英伟达王座下最锋利的一把刀！CUDA护城河还能守住吗？读完这篇SemiAnalysis的 分析，你或许会第一次从「算力账本」的视角，看懂谷歌暗藏的杀招。 谷歌Gemini 3的成功，让其背后的TPU再次成为全世界关注的焦点。 资本市场给出了明确的反应，谷歌股价的上涨，也让一个话题再次被拿到牌桌上讨论： 谷歌TPU是不是真的能和英伟达GPU掰一掰手腕？ 尤其是TPUv7更是人们讨论关注的焦点，这款专门为AI设计的芯片是否能够打破英伟达多年来的GPU形成的垄断？ 众所周知，SemiAnalysis是一家在科技界，尤其是半导体和人工智能领域极具影响力的精品研究与咨询公司。 它以硬核、深度的数据分析著称，不同于泛泛而谈的科技媒体，它更像是一个服务于华尔街投资者、芯片巨头和AI从业者的「行业智库」。 刚刚，他们最新的文章给出一个明确的结论：TPUv7首次向英伟达发起了冲锋。 而且这一篇文章由12位作者共同撰写，可见分量之重。 TPUv7：谷歌向王者发起挑战 英伟达坚不可摧的堡垒，出现了一丝裂痕。 目前，世界上最顶尖的两个模型——Anthropic的Claude 4. ...

Group 1: Industry Trends - Nvidia's Q2 2026 financial report shows strong revenue growth, with total revenue reaching $46.7 billion, a 56% year-on-year increase, and data center business revenue at $41.1 billion, also up 56% [2] - Nvidia's network business revenue reached $7.3 billion, with a quarter-on-quarter increase of 98% and a year-on-year increase of 46%, indicating a positive outlook for the optical module market [2] - Google showcased its TPUv7 at Hotchips 2025, achieving an I/O bandwidth of 1.2TB/s, which could significantly enhance AI infrastructure capabilities [3] Group 2: Company Performance - Alibaba's Q2 revenue surged by 26% year-on-year to 33.4 billion yuan, marking the highest growth rate in three years, driven by AI-related revenue growth [4] - Alibaba Cloud's revenue for the first half of 2025 is projected to reach 63.5 billion yuan, a 22% year-on-year increase, solidifying its position as the leader in China's AI infrastructure AIIaaS market [4] - Alibaba's capital expenditure in Q2 reached 38.6 billion yuan, a staggering increase of 220% year-on-year, significantly exceeding market expectations [4] Group 3: Market Insights - The overall market saw significant gains during the week of August 25-29, 2025, with the Shenwan Communications Index rising by 12.38% and the ChiNext Index increasing by 7.74% [5] - The top three performing sectors included optical cables and marine cables (+52.59%), optical modules (+29.99%), and connectors (+25.09%) [5] - Leading stocks included Changfei Fiber (+55.36%), Cambridge Technology (+41.36%), and Bochuang Technology (+39.07%), while stocks like Zhenbang Intelligent and Yonggui Electric saw declines [5]

Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating an expected performance exceeding the benchmark index by more than 10% [1][43]. Core Insights - Nvidia's recent financial results continue to drive global computing investment sentiment, with a strong sequential growth in network revenue, which positively impacts the optical module market [3][15]. - Alibaba Cloud's Q2 performance exceeded expectations, with a 26% year-on-year revenue increase to 33.4 billion yuan, marking the highest growth rate in three years, and a significant rise in capital expenditures [5][17]. - The emergence of supernodes in domestic chip development is expected to accelerate market growth for copper connections and optical modules, enhancing the value of server manufacturing [7][18]. Summary by Sections Industry Dynamics - Nvidia's Q2 revenue reached $46.7 billion, a 56% year-on-year increase, with data center revenue also growing by 56% [3][15]. - Google showcased its TPUv7 at Hotchips2025, indicating advancements in optical switching technology that could enhance performance significantly [4][16]. - Alibaba Cloud's capital expenditures surged to 38.6 billion yuan in Q2, reflecting a 220% increase year-on-year, driven by robust AI-related revenue growth [5][17]. Market Performance - The overall market saw significant gains during the week of August 25-29, 2025, with the Shenwan Communication Index rising by 12.38% [8][19]. - The top-performing sectors included optical cables and modules, with weekly increases of 52.59% and 29.99%, respectively [8][19]. Company Recommendations - Key companies to watch in the domestic computing server sector include ZTE, Unisoc, and Huakong Technology [7][19]. - For overseas supernode opportunities, companies like Zhongji Xuchuang and New Yisheng are highlighted [7][19].