The Exponential Fallacy: The Fall of the Toll Collector If Google’s Tensor Processing Units (TPUs) were to win substantially—meaning their 4x-6x cost-per-performance advantage becomes the industry standard for large-scale training and inference— NVIDIA’s fate wouldn't be a mere competitor setback; it would be the instantaneous obsolescence of an entire business model. The Analogy: The King of the Toll Bridge NVIDIA, today, is the King of the Toll Bridge. They built the only reliable bridge (the