This goes beyond just a data center lease story. Google is reportedly backing up to $44 billion in third-party data center leases tied to roughly 2.4 GW across 10 projects. Why take on that kind of risk? Because they want TPUs to become a real alternative to $NVIDIA(NVDA)$ , and management expects TPU revenue to more than cover the guarantees. $Alphabet(GOOGL)$ just closed around $326.56. If TPU adoption keeps scaling, this could be one of the more interesting AI infrastructure bets hiding in plain sight.
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