智通财经网·2025-09-01 07:35Core Viewpoint - Nvidia's latest financial report reinforces global AI computing power expansion expectations, benefiting the upstream optical module and optical connectivity industry chain, leading to an increase in valuations [1] Group 1: Nvidia's Financial Performance - Nvidia reported FY26Q2 revenue of $46.7 billion, a year-on-year increase of 56% and a quarter-on-quarter increase of 6%, exceeding the previous guidance of $45 billion [1] - The revenue guidance for FY26Q3 is set at $54 billion (±2%), indicating a return to high growth after eliminating the impact of H20 [1] Group 2: Data Center Revenue Growth - Data center revenue reached $41.1 billion, with a quarter-on-quarter growth of 5% and a year-on-year growth of 56%, accounting for over 80% of total revenue [2] - The Blackwell architecture products are driving this growth, with Blackwell data center revenue increasing by 17% quarter-on-quarter [2] Group 3: Importance of Networking - Networking revenue reached $7.3 billion, showing a year-on-year growth of 98% and a quarter-on-quarter growth of 46%, significantly exceeding market expectations [3] - The rapid growth in networking highlights its increasing importance in high-performance demands, particularly as AI clusters become more modular and distributed [3] Group 4: China's Overseas Computing Power Industry - The Chinese overseas computing power industry is transitioning from "performance realization" to "expectation amplification," indicating a second market phase [4] - Major Chinese companies are meeting the demand for high-speed optical modules and switching equipment from overseas cloud giants, playing a key role in advanced network technologies [4] Group 5: Opportunities in Optical Communication - The optical communication industry is expected to benefit from the Scale-Up trend, with various segments from optical chips/components to fiber optics and system integration poised for growth [5] - The evolution of optical modules from 400G to 800G and then to 1.6T is accelerating, with significant deployments expected from major players like Alibaba Cloud and Tencent [5] Group 6: Structural Opportunities in Fiber Optics - Multi-mode fiber optics are expected to show significant cost advantages in short-distance, high-density scenarios, with increased demand for high-density multi-core fiber cables and connectors [6] - Microsoft plans to deploy 15,000 kilometers of hollow-core fiber within two years, indicating a shift towards innovative transmission media [6]