Google’s Gemini and TPUs Surpass OpenAI and Nvidia in Market Sentiment
Wall Street's allegiance is shifting toward Google as its Gemini 3 large language model and seventh-generation TPU, Ironwood, disrupt the AI landscape. Gemini 3 has matched or outperformed OpenAI's ChatGPT in benchmark tests, while Google's decision to commercialize its TPUs outside Google Cloud opens a new revenue stream.
Market dynamics reflect this pivot. Wells Fargo strategist Ohsung Kwon notes Gemini/TPU-linked stocks now trade at a premium over ChatGPT/GPU peers—a first in nearly a decade. Broadcom, whose custom ASICs power Google's infrastructure, has surged 65% year-to-date. Forward P/E ratios confirm the rebalancing of investor preference toward Google's ecosystem.
The MOVE pressures OpenAI and Nvidia, long the darlings of AI-focused capital. Google's dual play—advancing both foundational models and hardware—positions it as an emerging architect of the AI stack, with market valuations aligning to this narrative.
