Google's TPU outsourcing could hit $100B-$250B by 2028, but HBM is the bottleneck
Beth_Kindig · x · 2026-10-24
Beth Kindig argues Google's real edge may be building AI infrastructure at lower cost rather than out-chipping NVIDIA. After years of designing accelerators for its own workloads, Google is opening TPUs to outside customers, with analyst forecasts of $100B-$250B in TPU revenue by 2028 — at the high end rivaling what Google Search took decades to build. Key constraints: HBM shortages and customer financing could slow how fast this turns into cash flow.
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