This looks interesting. Whilst I agree with other commenters that it's hard to compete in hardware I think there's a good niche for this product. Google isn't going to start selling TPUs so something off-the-shelf for machine learning might make some real traction. Best case, lot's of sales to cloud providers (amazon, microsoft etc.) and lots of custom houses. Worst case would be acquisition by MS or Amazon.

Having said that, it's certainly true that Nvidia are tough to beat. But right now we're in a bubble, VC will throw millions at companies and big corporations will throw billions at acquisitions. So I think it's probably a very profitably move in general.