At Google’s headquarters, engineers work on Google’s Tensor Processing Unit, or TPU—custom silicon built specifically for AI workloads. The device appears ordinary, but its role is anything but. Google expects these chips to eventually power nearly every AI action across its platforms, making them integral to the company’s long-term technological dominance.
Pichai has repeatedly described AI as the most transformative technology ever developed, more consequential than the internet, smartphones, or cloud computing. However, the excitement is accompanied by growing caution from economists and financial regulators. Institutions such as the Bank of England have signaled concern that the rapid rise in AI-related company valuations could lead to an abrupt correction. Even prominent industry leaders, including OpenAI CEO Sam Altman, have acknowledged that portions of the AI sector may already display speculative behavior.
Despite those warnings, Google continues expanding its AI investment at record speed. The company now spends over $90 billion annually on AI infrastructure, tripling its investment from only a few years earlier. The strategy aligns with a larger trend: a small group of technology companies—including Microsoft, Meta, Nvidia, Apple, and Tesla—now represents roughly one-third of the total value of the U.S. S&P 500 market index. Analysts note that such concentration of financial power exceeds levels seen during the dot-com era.
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