- Evercore ISI forecasts TPU revenue of $7.5B in H2 2026, $75B in 2027, $112.5B in 2028.
- TPU sales could generate 35% of Google Cloud revenue by 2027.
- Google Cloud revenue including TPUs could double to $213B in 2027.
- Three TPU business models: cloud rental, direct sales, Blackstone JV.
- Broadcom is Alphabet's TPU manufacturing partner.
- Evercore assumes 30% gross margin and 15-20% operating margin for TPU business across 2026-2028.
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