AI Weekly: GOOG/TPU vs. OpenAI/GPU and Others

We publish a weekly update on our views around LLMs, where we focus on the key Q&A investors are asking and share the latest data we’re tracking.

Last Friday we published a piece on the AI bubble. We’d recommend reading that first before going through this week’s note.

This week, most of the focus is on Gemini vs. OpenAI and TPU vs. GPU / the “OpenAI names.”

For the impact of TPUs on Google, please see this piece.

For why Gemini has a core competitive advantage on the hardware side, please see this piece.

For the latest analysis on Gemini 3 and “Nano Banana 2,” please see the two notes linked below.