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  "documentTitle": "2025 Bond Cap Artificial Intelligence AI 2025",
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  "notes": "The chart shows a clear exponential growth trend in TPU sales.",
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      "text": "TPUs were purpose-built specifically for AI. TPUs are an application-specific integrated circuit (ASIC), a chip designed for a single, specific purpose: running the unique matrix and vector-based mathematics that's needed for building and running AI models.",
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      "text": "*Figures are estimates per Morgan Stanley research. Note: Relative to GPUs, ASICs are custom-designed for specific tasks (e.g., AI model training,) whereas GPUs are general-purpose. Source: Google, Morgan Stanley, 'GenAI Monetization – Assessing The ROI Equation' (2/25)",
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      "text": "Our first such chip, TPU v1, was deployed internally in 2015 and was instantly a hit across different parts of Google... 'We thought we'd maybe build under 10,000 of them,' said Andy Swing, principal engineer on our machine learning hardware systems. 'We ended up building over 100,000.' - Google Press Release, 7/24",
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      "text": "We thought we'd maybe build under 10,000 of them... We ended up building over 100,000. - Andy Swing, principal engineer on our machine learning hardware systems. (Google Press Release, 7/24)",
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      "text": "AI Monetization...Chips = Google TPU Sales* +116% to $8.9B Y/Y, per Morgan Stanley",
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      "text": "Google TPU (Tensor Processing Unit) Estimated Sales – 2021-2024, per Morgan Stanley",
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