---
title: "Tianfeng Securities: Google officially released the seventh generation TPU, optimistic about the growth potential of the AI track"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/265229974.md"
description: "Tianfeng Securities released a research report indicating that global AI infrastructure construction is accelerating, and it is expected that 2026 will be a significant year for edge AI. The US-China talks have eased relations, and the three major tech giants are increasing investments, driving demand for computing power supply chains. META, Microsoft, and Alphabet have all raised their capital expenditure expectations, reflecting their emphasis on AI and cloud computing infrastructure. It is recommended to pay attention to the performance of leading consumer electronics companies in the computing power and edge AI supply chains"
datetime: "2025-11-10T23:41:02.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/265229974.md)
  - [en](https://longbridge.com/en/news/265229974.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/265229974.md)
---

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# Tianfeng Securities: Google officially released the seventh generation TPU, optimistic about the growth potential of the AI track

According to the Zhitong Finance APP, Tianfeng Securities released a research report stating that the advancement of Sino-U.S. talks is easing relations, and the continued investment by the three major tech giants indicates that global AI infrastructure construction is in a phase of sustained acceleration. The unexpected CapEx investment will drive demand in the computing power supply chain for the long term, likely promoting sustained high prosperity in key segments. Edge AI: The edge AI industry chain is heating up, with terminal manufacturers continuously increasing investment in smart hardware and interactive innovation, and the deep integration of computing power and applications driving rapid ecosystem expansion, with 2026 expected to be a big year for edge AI.

**The main points from Tianfeng Securities are as follows:**

Cloud-side AI: The advancement of Sino-U.S. talks is easing relations, and the continued investment by the three major tech giants indicates that global AI infrastructure construction is in a phase of sustained acceleration. The unexpected CapEx investment will drive demand in the computing power supply chain for the long term, likely promoting sustained high prosperity in key segments.

**META has raised its full-year capital expenditure expectation to $70–72 billion**, with Q3 2025 CapEx at $19.37 billion, significantly higher than the previous two quarters. Management stated that in 2026, it will continue to significantly expand global AI infrastructure investment to meet model training and inference needs. Microsoft’s Q1 FY2026 CapEx (including finance leases) reached $34.9 billion, a year-on-year increase of 74%. Among this, finance lease assets reached $11.1 billion, a quarter-on-quarter increase of 71%, mainly due to the activation of large data center project leases. Microsoft also emphasized that the scale of data centers will double in the next two years to support Azure and AI computing power growth.

**Alphabet has raised its full-year CapEx guidance to $91–93 billion**, with third-quarter capital expenditure hitting a new high, exceeding quarterly rhythms and market expectations, and continuing to strengthen investments in AI and cloud computing infrastructure.

Edge AI: The edge AI industry chain is heating up, with terminal manufacturers continuously increasing investment in smart hardware and interactive innovation, and the deep integration of computing power and applications driving rapid ecosystem expansion, with 2026 expected to be a big year for edge AI. It is also recommended to focus on breakthroughs in computing power products by leading consumer electronics companies and their important positions in the edge AI supply chain. Apple’s performance hit a new high, with double-digit growth expected for iPhone in Q4, and R&D investment continuously increasing in AI. NVIDIA's GTC Washington summit exceeded expectations, maintaining a positive outlook on the computing power industry chain; Meta's smart hardware is rapidly scaling up, optimistic about edge AI, as competition accelerates; Industrial Fulian's net profit in Q3 increased by 62% year-on-year, continuously validating the profitability of AI server business. Google officially released the seventh-generation TPU "Ironwood," accelerating the AI infrastructure arms race.

**Apple's performance hit a new high, with iPhone revenue expected to see double-digit growth in Q1 FY2026, and R&D investment continuously increasing in AI.**

On October 31, Beijing time, Apple released its financial report for Q4 and the full year of FY2025, ending September 27. The report showed that Apple’s total revenue for Q4 was $102.466 billion, setting a historical record for the same period, an increase of 8% from $94.930 billion in the same period last year; net profit reached $27.466 billion, a substantial increase of 86% from $14.736 billion in the same period last year The diluted earnings per share were $1.85, an increase of 91% compared to $0.97 in the same period last year, with all three core financial indicators showing strong growth. Among them, the iPhone business, as the core source of revenue, generated net revenue of $49.025 billion this quarter, a year-on-year increase of 6% compared to $46.222 billion in the same period last year. Cook revealed that driven by strong market demand for the iPhone 17 series, iPhone revenue is expected to achieve double-digit growth in the first quarter of fiscal year 2026, with overall revenue expected to grow by 10% to 12% year-on-year, likely setting a record for the highest first-quarter revenue in history. Regarding artificial intelligence, Cook revealed that Apple is advancing the development of a more personalized Siri, which is still planned for release next year. At the same time, Apple will continue to expand its AI collaboration ecosystem, similar to the integration of ChatGPT in Apple Intelligence, and is open to AI-related merger and acquisition deals.

**Nvidia GTC Washington Summit: Launch of Vera Rubin super chip, GPU shipment target raised to 20 million by 2026, maintaining a positive outlook on the computing power industry chain.**

On October 29, 2025, Jensen Huang, founder and CEO of Nvidia, delivered a significant speech at the GTC Washington D.C. technology summit, discussing next-generation GPU chips, robotics, AI factories, 6G, quantum computing, and more, outlining a grand blueprint for the "AI century" in the U.S. market. Nvidia CEO Jensen Huang signaled strong demand for AI. At the GTC DC conference on October 28, he stated that the revenue from Blackwell and Rubin architecture chips this year and in 2026 could exceed $500 billion, which will come from 20 million GPUs. This $500 billion revenue will be five times the revenue generated by Hopper architecture chips from 2023 to 2025. Huang also officially showcased Nvidia's next-generation Vera Rubin super chip, which made its debut in physical motherboard form and is expected to become the next leader in the AI chip market. According to Nvidia's production schedule, the new Vera Rubin NVL144 will be released in the second half of 2026, and by 2027, Nvidia will also launch the NVIDIA Rubin Ultra NVL576 AI server platform.

**Meta's smart glasses business performed better than expected, with AI glasses revenue becoming a key driver of quarterly growth for Reality Labs. Zuckerberg announced plans to ramp up production, optimistic about edge AI sparking an arms race.**

On October 21, 2025, Meta officially launched the Oakley Meta Vanguard, designed specifically for high-intensity athletes. The upgraded second-generation Ray-Ban Meta AI glasses and the Meta Ray-Ban Display with built-in screens sparked a buying frenzy.

At this year's Connect conference, Meta released several eyewear products, including the highly anticipated Meta Ray-Ban Display. Regarding this device, Zuckerberg stated that it has received a warm welcome from the market He stated in the third-quarter earnings call: "At the Connect conference, we launched the 2025 series of AI glasses, and the current response has been very enthusiastic. Meta Ray-Ban Display, this is our first pair of glasses equipped with a high-resolution display and the Meta Neural Band wristband for interaction. They sold out in almost all stores within 48 hours, and demonstration appointments are fully booked until the end of next month. Therefore, we must invest to increase production and sell more of these products. In this field, we are clearly in a leading position and have huge opportunities ahead."

On October 29, 2025, Meta announced its third-quarter results for the fiscal year 2025, ending September 30, 2025. The company's third-quarter revenue was $51.242 billion, a 26% increase year-over-year, exceeding market expectations of $49.4 billion. Among them, the performance of the metaverse-related department, Reality Labs, responsible for AR (augmented reality) and VR (virtual reality) business, exceeded expectations.

**Rapid growth in AI business drives record performance, with Industrial Fulian's net profit in the third quarter increasing by 62% year-over-year, continuously validating the profitability of AI server business.**

The company's revenue for the first three quarters of 2025 exceeded 603.9 billion yuan, a year-over-year increase of 43%, with a net profit attributable to shareholders of 22.49 billion yuan, a year-over-year increase of 49%, and a single-quarter net profit exceeding 10 billion for the first time. The demand for AI computing power remains strong, with rapid growth in AI servers and cloud computing business, significantly enhancing overall profitability. Cloud computing revenue increased by over 75% year-over-year in a single quarter, GPU server shipments increased by over five times year-over-year; switch business increased by 100% year-over-year, with 800G products growing by over 27 times. The high prosperity of the AI business has driven the company to exceed expectations for two consecutive quarters, with continuous optimization of operational efficiency and steady enhancement of profitability.

Luxshare Precision: Leading innovation in edge AI products while achieving breakthroughs in AI interconnection solutions, benefiting from edge-cloud synchronization. Luxshare Precision showcased the second-generation Lark smart full-color AR glasses, the PVG single-green AR glasses jointly launched with Southeast University and Nanjing Parallel Vision Technology Co., Ltd., as well as the smart home companion robot in cooperation with Huaxi, demonstrating Luxshare Precision's leading position in the AR field from multiple aspects. Luxshare Technology presented a comprehensive solution for data center interconnection centered on optoelectronic products at the Optical Expo, showcasing several advanced products and technological achievements, including CPO (co-packaged optical interconnect), 1.6T optical modules, and LPO/LRO low-power solutions, CPC (co-packaged copper interconnect), 1.6TDAC/ACC/AEC, and liquid cooling I/O solutions, optimistic about the deep benefits for leading consumer electronics companies in the AI communication industry chain.

Google officially released the seventh-generation TPU "Ironwood," accelerating the AI infrastructure arms race. Google officially launched the seventh-generation TPU (Tensor Processing Unit) - "Ironwood," which will be officially available in the coming weeks. This chip is designed by Google and can handle a variety of tasks from large model training to real-time chatbot and AI agent operations. Financial Associated Press previously reported that this chip was initially showcased in April this year for testing with early deployments The seventh-generation TPU "Ironwood" chip has become Google's most powerful and energy-efficient custom chip.

Google claims that compared to TPU v5p, Ironwood's peak performance has increased by up to 10 times; compared to TPU v6e (Trillium), its single-chip performance under training and inference workloads has increased by more than 4 times. The new generation Ironwood TPU can connect up to 9,216 chips in a single cluster, eliminating "data bottlenecks in the most complex models." With Ironwood, developers can also leverage Google's own Pathways software stack to reliably and easily utilize the combined computing power of tens of thousands of Ironwood TPUs.

According to nextplatform, the TPU v7p chip is Google's first TPU to support FP8 computation in its tensor cores and matrix math units. Previous TPUs supported INT8 format and inference processing, as well as BF16 format and training processing. The Ironwood chip is also equipped with the third-generation SparseCore accelerator, which first appeared in TPU v5p and was enhanced in last year's Trillium chip. The original design of the SparseCore chip was to accelerate recommendation models that use embeddings for recommendations across user categories. The third-generation SparseCore chip in Ironwood encodes various algorithms to accelerate financial and scientific computing, but specific details have not been disclosed.

**Risk Warning:** Risks of consumer electronics demand falling short of expectations, risks of new product innovation falling short of expectations; risks of geopolitical conflicts; risks of the impact of the consumer electronics supply chain moving abroad on domestic manufacturers' market share

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