- They're making a lot of money selling Tensor to Anthropic. If Nvidia's $4T market cap is justifiable, Google's position as one of the other top AI chip seller is worth a lot.

- In a world where open source Chinese models decimate Frontier models ability to charge a high price, it's the operators of efficient inference data centers that will win. Like Google

- Google is probably the biggest provider of "free" AI because it's on Google.com. That forces them to focus on cost. And in a commodity market, low-cost providers are the ones that make the money.