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.

And it's arguably not crazy, at least if SemiAnalysis's estimates are to be believed:

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

Because they compete for the same scarce resource, the result is a resource crunch for the group that's lost: https://www.latimes.com/business/story/2026-05-18/inside-ai-...