I agree that the TPUs are one of the things that are underestimated (based on my personal reading of HN).

Google already has a huge competitive advantage because they have more data than anyone else, bundle Gemini in each android to siphon even more data, and the android platform. The TPUs truly make me believe there actually could be a sort of monopoly on LLMs in the end, even though there are so many good models with open weights, so little (technical) reasons to create software that only integrates with Gemini, etc.

Google will have a lion‘s share of inferring I believe. OpenAI and Claude will have a very hard time fighting this.