GF Securities Brokerage's latest forecast indicates that Google's Tensor Processing Unit (TPU) shipments are expected to increase from 2.76 million units in 2024 to 8.84 million units in 2027, a growth of approximately 3.2 times. This growth is primarily driven by the introduction of new generation chips, such as v7 Ghostfish, v8AX Sunfish/Hellcat, and v8x Zebrafish/Maddog, which are designed to offer improved energy efficiency and enhanced training and inference capabilities. To support this expansion, Google's capital expenditure reached $44.9 billion in Q2 2026, a year-over-year increase of 100.14%, with full-year capital expenditure projected to be between $175 billion and $185 billion. The company has raised approximately $70 billion through equity and debt issuance, leading to an increase in long-term debt from $46.5 billion to $98.2 billion, and has paused its stock repurchase program. Google Cloud's backlog orders have reached $514 billion, and the Gemini model processes 22 billion API tokens per minute, demonstrating strong demand for custom chips.