AI chips represent the core cost component of computing infrastructure. Recently, reports that Google’s TPU has been adopted by several leading companies have drawn attention to the possibility of more cost-efficient alternatives to GPUs. 

This report focuses on Google’s TPU, analyzing the long-term demand drivers behind its development within the broader AI arms race. It also examines the product’s competitive advantages and identifies supply chain participants that may benefit from its growing adoption.

Key Highlights

• AI chips are the core cost component of computing infrastructure; Google's TPU adoption by leading companies has drawn attention to cost-efficient GPU alternatives.
• This report focuses on Google TPU, analyzing long-term demand drivers within the broader AI arms race context.
• Examines TPU's competitive advantages compared to existing solutions. 
• Identifies supply chain participants that may benefit from growing TPU adoption.   

Table of Contents

1. The AI Arms Race Enters Its Second Phase as Demand for Cost Control at the Chip Level Intensifies
   • Figure 1: Capital Expenditures of the Four Major CSPs in 2023 and 2025, with 2026 Estimates
2. Google TPU Emerges as the Leading Alternative to NVIDIA GPUs
   • Table 1: Key Performance and Specifications of Google TPUs Introduced in Recent Years
   • Figure 2: Data Flow Illustration of Matrix Multiplication in GPUs vs. TPUs
   • Figure 3: Estimated Google TPU Shipments, 2025–2027
3. Even if TPUs Displace Some GPUs, They Will Create New Opportunities Across the AI Supply Chain
   • Table 2: Key Companies in the Google TPU Supply Chain
4. TRI’s View

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