海外AI回调，通信ETF（515880）回调超4%，还能相信“光”吗？

Core Viewpoint - Nvidia reported strong earnings, but investor sentiment shifted from excitement to caution, leading to a broad market pullback in the US stock market [1][3] Group 1: Nvidia's Financial Performance - Nvidia's Q3 revenue for fiscal year 2026 reached $57.01 billion, with an expected Q4 revenue of approximately $65 billion, both exceeding Wall Street expectations [3] - Despite the strong financial results, concerns about Nvidia's growth potential and market share nearing its peak persist among investors [3] Group 2: Market Reactions and Economic Indicators - The communication ETF (515880), which has over 50% exposure to optical modules and is closely linked to the overseas AI industry, experienced a significant pullback of over 4% [1] - The US non-farm payroll report for September showed an increase of 119,000 jobs, surpassing the expected 50,000, while the unemployment rate rose to 4.4%, the highest since October 2021 [3] Group 3: AI Industry Fundamentals - The AI industry continues to accelerate, with significant advancements in domestic GPU production and strong performance in AI benchmarks by Google's Gemini 3 Pro [4] - The optical module market is experiencing growth due to increased shipments of computing chips and clear upgrades in technology, with expectations for continued expansion in market size and penetration rates [4] Group 4: Future Outlook - The AI industry trend remains positive, with capital expenditures expected to grow, particularly in high-end products like optical modules [5] - The communication ETF (515880) has a scale of nearly 13 billion yuan, ranking first among similar products, with optical modules accounting for 52% of its holdings [5][6]