162 AI Monetization…Chips = Google TPU Sales* +116% to $8.9B Y/Y, per Morgan Stanley *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) 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. 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 Estimated Annual Sales, $B $0 $5 $10 2021 2022 2023 2024 AI Monetization = Chips Google TPU (Tensor Processing Unit) Estimated Sales – 2021-2024, per Morgan Stanley Google TPU Estimated Sales ($B)