> And Google will end up with lots of useless super specialized custom hardware.

If it gets to the point where this hardware is useless (I doubt it), yes Google will have it sitting there. But it will have cost Google less to build that hardware than any of the companies who built on Nvidia.

Right, and the inevitable bubble pop will just slow things down for a few years - it's not like those TPUs will suddenly be useless, Google will still have them deployed, it's just that instead of upgrading to a newer TPU they'll stay with the older ones longer. It seems like Google will experience much less repercussions when the bubble pops compared to Nvidia, OpenAI, Anthropic, Oracle etc. as they're largely staying out of the money circles between those companies.

aka Google will have less of a pile of money than Nvidia will