According to CoinMeta, as reported by A early issuer of in in 2021, Morgan Stanley has raised its revenue assumption for Google's TPU external sales per GW from $20 billion to $27 billion, and increased the gross margin from 20% to 30%. After the adjustment, the related cloud revenues for 2027 and 2028 are expected to reach $84 billion and $108 billion respectively. Morgan Stanley maintains a Alphabet overweight rating and a target price of $400. Google has committed to supplying approximately 1 million TPU, corresponding to about $35 billion in revenue. The custom chip agreement between Google and Marvell supports the pricing of TPU. Morgan Stanley expects Google Cloud to account for about 50% of the overall EBIT market in 2028.