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Nvidia usually keeps quiet when competitors make moves, but this week was different. After reports came out that Meta is in advanced talks to spend billions on Google’s AI chips instead of Nvidia’s, the company actually put out a statement defending its market position. That rarely happens, and it shows how seriously they’re taking Google’s TPU push. The reaction was immediate Nvidia’s stock took a heavy hit, wiping out around $250B in market value in a day. At the same time, Alphabet shares jumped because Wall Street is starting to see TPUs as a real alternative, not just an internal Google tool. Nvidia still controls more than 90% of the AI accelerator market, so it’s not like they’re suddenly in trouble. But this is one of the first times they’ve been forced into responding rather than leading the narrative. According to The Information, Google has been pitching TPUs hard to major clients (including Meta and big financial institutions), and these customers could represent up to 10% of Nvidia’s annual revenue. Feels like the first real crack in Nvidia’s dominance we’ve seen so far. Whether it turns into an actual shift or just short-term noise is what everyone’s watching now.