The Core Report #735 How A New Battle Between Google And Nvidia Affects Us
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Nov 25, 2025 Sajjid Chinoy, an economist at JPMorgan, discusses the implications of Google and Nvidia's rivalry, linking it to deglobalization's effects on emerging markets like India. He highlights Taiwan's booming chip industry as both remarkable and troubling. Meanwhile, Manish Garg, CEO of Interarch, dives into the dynamics of the pre-engineered steel buildings sector, detailing how import duties impact prices and the growing demand for steel construction. Both guests shine a light on current economic realities and their operational challenges.
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Google's TPU Move Shakes The GPU Duopoly
- Google entering the TPU chip race validates its AI stack and pressures GPU incumbents like NVIDIA.
- Meta considering TPUs shows cloud-rented custom chips can shift data-center economics fast.
Circular Deals Inflate AI Hardware Risk
- Circular deals between chipmakers and AI firms risk inflating valuations and tying firms' fortunes together.
- Rapid obsolescence of GPUs raises worries for trillion-dollar data-center investments.
Deglobalization And AI Limit Spillovers
- Deglobalization redirects Chinese exports across emerging markets, squeezing local manufacturers and export growth.
- AI-driven capital intensity can boost GDP while leaving consumption and jobs muted, as Taiwan shows.