UBS: Estimates Google TPU's HBM consumption will surge in 2027.

UBS forecasts that Google TPU's HBM consumption will reach 19.24 billion Gb in 2027, a 229% year-over-year surge from an estimated 5.85 billion Gb in 2026. HBM demand corresponding to TPUs has climbed rapidly from 1.81 billion Gb in 2025 and is expected to reach 2.4048 million GB in 2027. Google's expansion of proprietary chip scale will occupy dedicated memory wafer capacity, pushing high-bandwidth memory procurement toward cloud providers' custom ASIC chips. UBS calculates that in 2027, TPU v8i dual-die AX will consume 1.152 million GB of HBM3E; TPU v8t will consume 950,400 GB; and TPU v7 will consume 288,000 GB. Total HBM demand for AI accelerators overall will jump 91% year-over-year to 61.52 billion Gb. The core risk comes from advanced packaging assembly capacity throughput; should TSMC's CoWoS packaging capacity become constrained, system integration progress will be delayed, and memory makers will see excess inventory of finished HBM stacked chips.