Google vs NVIDIA: The Peak Showdown of AI's Second Half

• According to research [0]: NVIDIA holds over 95% market share in the AI training chip sector with its GPU+CUDA ecosystem. Its Q3 2024 data center revenue reached $18.12 billion, growing 206% YoY, with a gross margin exceeding 75%.
• According to research [0]: Google’s self-developed TPU chips have received large orders, and it is expected to take at least 10% of NVIDIA’s revenue share. Its Q3 2024 Google Cloud revenue grew 35% YoY, and YouTube advertising revenue was $8.92 billion.
• According to Reuters [2]: Meta is negotiating chip cooperation with Google, which may challenge NVIDIA’s market share; however, Google needs to overcome NVIDIA’s nearly two-decade proprietary code ecosystem barriers [0].

• Reddit user [0]: NVIDIA was the ‘shovel seller’ in the first half of AI; in the second half, the focus is on value realization. Google’s full-stack closed loop and data flywheel advantages are prominent—choose NVIDIA in the short term, and Google has more compound potential in the long term.
• Xueqiu user [1]: Historical patterns show that software service providers have far higher valuations than hardware manufacturers. Google’s AI strategy is inherently stable, while NVIDIA will face pressure on its high valuation if it cannot evolve into an AI platform operator.

Consensus: Both are core players in the AI field. NVIDIA currently dominates the hardware ecosystem, and Google’s long-term potential is watched by the market. Contradictions: Some views believe NVIDIA’s high growth is unsustainable, while others are optimistic about its infrastructure investment cycle; there are differences in the feasibility of Google’s TPU challenge (needs to break through ecosystem barriers). Investment impact: Choose NVDA for short-term infrastructure layout, and pay attention to GOOGL during the long-term value realization period; Meta’s potential cooperation may intensify the fragmentation of the AI chip market—investors need to focus on ecosystem evolution and value realization capabilities.