$Alphabet(GOOGL.US)$NVIDIA(NVDA.US) The most important marginal change in this earnings report is: downstream customers are starting to concentrate, all of them are big clients, so the accounts receivable period is also started to (reasonably) lengthen.

For Google, when the cycle comes, everything is a positive. Originally, the demand for computing power was concentrated among a few large customers. Now, big clients like Anthropic and Meta have officially announced their purchase of TPUs. Whether it's for balance considerations or genuine ROI considerations, it's a blatant hint to the market that Google's TPUs can compete with NVIDIA. Considering Google has many other advantages, it's only a matter of time before their market cap aligns with NVIDIA's, and this is just the beginning...