A core theme in this debate is the total cost of ownership—the combination of chip price, energy usage, and performance—which remains difficult to measure but is crucial to determining whether TPUs can truly undercut NVIDIA. Recent reports from Semi Analysis claim TPUs already offer lower total cost of ownership than NVIDIA’s current generation, which caused significant pressure on NVIDIA shares in recent weeks.As application-specific chips, TPUs are more energy-efficient and potentially cheaper than NVIDIA ...