Google's AI chip expansion opens new doors for Samsung and SK hynix. The AI trade is a supply-chain trade as much as a model trade, and Korea is where the capacity read-through shows up. $GOOGL $00593

What happened: Google is expanding sales of its TPU AI chips to external customers, including cloud providers, creating new demand channels for Samsung Electronics and SK hynix beyond Nvidia's GPU ecosystem. Key numbers: Google says it has nearly 100 TPU customers. Counterpoint forecasts HBM bit demand for custom AI server chips will grow 35-fold between 2024 and 2028. Why it matters: Google's shift toward direct HBM sourcing could remove intermediary fees and let memory makers win higher-value customized contracts, though committed capacity may limit near-term shipments.

Google is expanding sales of its TPU AI chips to external customers, including cloud providers, creating new demand channels for Samsung Electronics and SK hynix beyond Nvidia's GPU ecosystem.

Google's shift toward direct HBM sourcing could remove intermediary fees and let memory makers win higher-value customized contracts, though committed capacity may limit near-term shipments.