The "let's make money by selling/renting out TPUs" faction has won and the "let's make money by training and selling a frontier model" faction has lost. (They compete for the same scarce resource.)

20% of all TPU shipments from Q3 2026 through Q4 2027 are sold to SPVs serving Anthropic ($150B dollars of contracted revenue) vs $12B ARR for Gemini.

https://newsletter.semianalysis.com/p/gemini-is-cooked-but-g...