Executive Summary
Google's current dominance as the lowest-cost producer of AI tokens is about to end. While the market celebrates Google's Gemini 3 breakthrough, it's missing the critical infrastructure shift happening beneath the surface. Google achieved temporary cost leadership because they trained Gemini 3 on next-generation TPU v6 and v7 chips while NVIDIA's Blackwell faced an 18-month deployment nightmare—going from air-cooled 1,000-pound racks consuming 30 kilowatts to liquid-cooled 3,000-pound monsters r...
Key Investment Opportunity
The Blackwell Cost Inversion Play
Google's temporary cost leadership in AI token production will reverse in 2026 when Blackwell models launch, forcing a fundamental repricing of the AI ecosystem. Companies that have been subsidizing AI services at negative margins will need to raise prices, while NVIDIA customers become the new low-...
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