Venture(US:VEMLY) Ge Long Hui·2025-11-26 02:40Group 1 - The AI hardware sector experienced a rebound, with the ChiNext AI ETF and 5G communication ETF both recovering from a 1% decline to gain 3% [1] - Nvidia's stock initially dropped 7% but later emphasized that its chips offer "higher performance, versatility, and interchangeability" compared to Google's TPU and other ASIC chips, which are typically designed for single companies or functions [1] - Market attention is shifting towards the efficient architecture brought by Google's TPU supply chain, which includes TPU, OCS (Optical Switching), and CPO [1] Group 2 - Alibaba's revenue for the second fiscal quarter exceeded expectations, with strong growth in its AI and cloud as well as consumer businesses; management indicated plans for additional investments in AI beyond the previously committed 380 billion yuan over three years [1] - Guosheng Securities highlighted that the strong earnings reports from Google's Gemini 3 and Nvidia outline a core cycle in AI industry development: model upgrades drive demand for computing power, while growth in computing power supports model innovation [1] - The AI core computing layer, represented by the 5G communication ETF (515050), rose by 3.27%, covering 30% optical modules, 12% PCBs, 15% server leaders, and 12% high-speed copper connections, with key stocks including optical module leaders Xinyi and Zhongji Xuchuang [1] Group 3 - The ChiNext AI ETF Huaxia (159381) showed a gain of 3.54%, with over 50% of its weight in CPO-related stocks, including Xinyi and Zhongji Xuchuang (optical modules), Tianfu Communication (optical devices), and Runze Technology (IDC/cloud computing) [2]