英伟达成首家市值超4万亿美元公司，通信ETF（515880）光模块占比近30%，深度受益于海外映射逻辑

Group 1 - Major technology stocks in the US, including Nvidia, experienced a collective rise, with Nvidia's stock increasing by 1.8% and reaching a market cap of over $4 trillion [1] - Nvidia's revenue surged from approximately $27 billion in fiscal year 2024 to an estimated $130.5 billion in fiscal year 2025, with projections nearing $200 billion for fiscal year 2026 [1] - The demand for AI computing infrastructure is driving Nvidia's reliance on high-speed optical modules and photonic integrated circuits, with Chinese telecom companies being key suppliers [1] Group 2 - The ongoing AI arms race is leading to significant capital expenditure increases from cloud providers, with Microsoft and Google expected to increase spending by over 30% in 2025, while Alibaba and Tencent are projected to spend over 120 billion yuan and 80 billion yuan respectively [1] - Chinese optical module companies hold over 60% of the global market share, benefiting from the rising capital expenditure in both domestic and international computing sectors [1] - Zhongyuan Securities notes that the reliability requirements and shorter iteration cycles for optical modules are raising industry technical barriers, favoring leading manufacturers [2]