Is Google driving the 'AI bull market narrative'? The highly anticipated Gemini 3 has been unveiled, and this supply chain checklist deserves attention.

Eastern Time, Tuesday, the 18th, $Alphabet-C (GOOG.US)$ The highly anticipated most powerful artificial intelligence (AI) model to date, Gemini 3, has been officially released and is immediately available on Google Search, the Gemini app, and multiple developer platforms on the first day of its launch. It has also been deployed across various profit-generating products.This marks the first time Google has integrated a new model into its search product on the same day of its release, demonstrating the company's determination to accelerate the commercialization of AI technology.

Google launched Gemini 3 just 11 months after the release of the second-generation Gemini model,This release coincides with Microsoft's Ignite conference, coming only a week after OpenAI unveiled GPT 5.1 and two months after Anthropic introduced Sonnet 4.5, underscoring the intense competition in cutting-edge AI model development.

Despite recent concerns over an AI bubble impacting tech stocks, Google has stood out, with its share price breaking historical highs and diverging from the "Magnificent Seven" US stocks. The buying action by Berkshire Hathaway further placed it under the market spotlight.

What are the strengths of Gemini 3 Pro?

Gemini 3 boaststhe most advanced reasoning capabilities, world-leading cross-modal understanding, with visual intelligence twice as advanced as the current state-of-the-art.

According to media outlet New Intelligence Source (Xinzhiyuan),The birth of Gemini 3 marks another significant step forward for Google on its path toward Artificial General Intelligence (AGI).

First, it possesses exceptional analytical capabilities, enabling a deeper understanding of issues and providing more insightful responses.Notably, it excels at addressing various complex scientific questions.

Secondly, it boasts world-leading multimodal comprehension, effortlessly handling text, videos, and code alike.For instance, it can interpret lengthy videos or transform academic papers into interactive guides—tasks Gemini 3 handles with ease.

In the realm of programming, Gemini 3 has shattered performance ceilings.With just a simple instruction, it can create an aesthetically pleasing and dynamic application. Moreover, it accurately understands user intent and knows how to implement it effectively.

At the same time, its capabilities in intelligent coding have been further enhanced,Seamlessly integrating with existing tools and pairing perfectly with the new Google Antigravity platform, forming an ideal synergy.

Notably, it comprehensively outperforms its predecessor, version 2.5 Pro, leading by a wide margin in all core benchmark tests.

It ranks first on the LMArena leaderboard, achieving a groundbreaking score of 1501 Elo.

In the Humanity's Last Exam (HLE), it achieved a score of 37.5% without the use of any tools;

It scored 91.9% in GPQA Diamond, demonstrating reasoning capabilities at the doctoral level;

On MathArena Apex, it set a new State-of-the-Art (SOTA) record with a score of 23.4%, establishing a new benchmark in mathematics.

In addition to the standard version,Google also introduced the Gemini 3 Deep Think enhanced reasoning mode,which achieved a score of 41.0% on the Humanity's Last Exam and obtained 93.8% on the GPQA Diamond test. In the ARC-AGI-2 test, the Deep Think mode achieved an unprecedented score of 45.1%, showcasing its ability to solve novel challenges. Google stated that this mode is undergoing additional safety evaluations and will be made available to Google AI Ultra subscribers in the coming weeks.

What other aspects of the upstream and downstream industry chain are worth paying attention to?

It is worth noting that,The outstanding performance of Gemini 3 Pro is inseparable from Google's proudly developed computing infrastructure — it was entirely trained on large-scale TPU clusters fully developed in-house by Google.This is the solid foundation that enables its groundbreaking progress.

Analysts believe that,Google’s full-stack AI advantage builds a moat,with capital expenditures showing potential for growth.Its comprehensive layout spans chips (TPU) – networks (OCS) – models (Gemini) – applications (cloud computing/search/advertising, etc.). The self-developed TPU chips have achieved leapfrog development, and the Gemini model demonstrates global leadership. Significant attention should be paid to the high growth in Google’s computing power demands and the investment opportunities arising from AI hardware innovation within its supply chain.

Previously, we also mentioned in"Targeting NVIDIA! Google Launches Most Powerful Chip—What Opportunities in the Supply Chain Should Investors Watch?",that the market believesGoogle's TPU is considered the biggest dark horse with the 'greatest expectation gap' in North America’s computing power market.

Overall, with Google’s TPU industry facing a historic opportunity, fellow investors have compiled relevant targets for investors’ reference:

Google’s TPU chips are primarily co-designed with $Broadcom (AVGO.US)$ ; manufacturing is completed by $Taiwan Semiconductor (TSM.US)$ 、 $Amkor Technology (AMKR.US)$ , utilizing CoWoS packaging technology; modules are mainly $Celestica (CLS.US)$ Secured an 80% market share, and $Jabil (JBL.US)$ ; rack assembly $Jabil (JBL.US)$ accounts for a 60% market share, $Flex Ltd (FLEX.US)$ accounts for 35%; the PCB supply chain is represented by $TTM Technologies (TTMI.US)$ Among others, the leading cable suppliers are $Amphenol (APH.US)$The optical module includes$Lumentum (LITE.US)$Wait, in terms of optical fiber, it is$YOFC (06869.HK)$Its single-mode G.652.D products are used for OCS backbone optical cables, with a market share of 60%; the switches include$Broadcom (AVGO.US)$ 、 $Celestica (CLS.US)$The main purpose of heat dissipation is$Furukawa (5715.JP)$ 。

In addition, previouslyThe Ripple Effect of AI Gold Rush! A Comprehensive Overview of Gemini and Anthropic's U.S. Stock 'Circle of Friends'A previous article also outlined Google Gemini's industry chain, which interested fellow investors can click to view.

The first layer consists of AI infrastructure.， $Cipher Digital (CIFR.US)$ and $TeraWulf (WULF.US)$ Originally cryptocurrency miners, these entities have now signed long-term contracts with Google to provide services for AI-related computing. Although they have smaller market capitalizations and higher execution risks, they also illustrate how AI demand is spreading into the power and real estate sectors.

The second layer is the chip layer, $Broadcom (AVGO.US)$ providing long-term customized network chips and Ethernet switching solutions for Google's TPU;$NVIDIA (NVDA.US)$ serving as the core computing power carrier for Gemini inference tasks; $Arm Holdings (ARM.US)$ it also provides the CPU design used in Google Axion servers and most mobile devices that will run Gemini functionalities.

The third layer consists of application partners,For example$Box Inc (BOX.US)$ 、 $Open Text (OTEX.US)$ 、 $Manhattan Associates (MANH.US)$ 、 $Salesforce (CRM.US)$ 、 $S&P Global (SPGI.US)$ 、 $ServiceNow (NOW.US)$ and $Workday (WDAY.US)$ They will integrate Gemini-based agents into their own software suite.

Overall, Tianfeng Securities analyst Li Zeyu believes that although Gemini 3 Pro has not yet fully surpassed its competitors in coding capabilities, its significant lead in multimodal and text RAG capabilities, combined with Google's proprietary search, Workspace, and Android ecosystems, is expected to greatly enhance market expansion potential in areas such as commercialized search AI models, document Q&A, and enterprise AI.

Gemini 3 Pro will be distributed through multiple channels, including the Gemini App, Google Cloud/Vertex AI, Google AI Studio, Gemini API, Google AI Mode, and Google Antigravity platforms. This model is particularly suitable for application scenarios requiring agent performance, advanced coding, long context and multimodal understanding, and algorithm development.

The analysis suggests thatBreakthrough improvements in multimodal capabilities may give rise to a large number of emerging application scenarios, while Google’s vast product ecosystem will provide broad commercialization opportunities for these capabilities. We continue to be optimistic about investment opportunities for Google and its industry-related beneficiaries.

Finally, more announcements from Google are on the way over the next seven days... Fellow investors should stay tuned!

Source: Sundar Pichai, CEO of Google, on social media

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