As a modeling exercise: this isn’t necessarily inconsistent. Right now if Google can earn more from using their TPUs than they would selling them (ie profitabl

As a modeling exercise: this isn’t necessarily inconsistent. Right now if Google can earn more from using their TPUs than they would selling them (ie profitably utilize them) they would be crazy to sell them. Companies are valued not on their present value, but the net present value of their future earnings. So the big multiple implies that there is much more revenue growth potential here. For example, NVidia has Cuda, Google doesn’t have anything as good for third party users. Maybe the market is pricing in that Google doesn’t have a good path to manufacture and sell these chips externally, while NVidia has room to grow into every 1GW datacenter that’s built over the next few decades.