Hua Er Jie Jian Wen·2025-11-27 10:00Core Insights - Google's new AI model performance is comparable to or exceeds ChatGPT, trained entirely on self-developed TPU chips, significantly boosting market sentiment [1] - The A-share optical module sector has seen a collective surge, with the Wind optical module index rising for three consecutive trading days [1] Group 1: Market Dynamics - The AI computing power sector is experiencing significant differentiation, with market focus on the potential challenge posed by Google's TPU technology to Nvidia's GPU [1] - Investors are adopting a cautious strategy, prioritizing investments in "computing power arms dealers" that supply both tech giants, leading to strong performance in leading optical module companies [1] - In contrast, stocks related to Google's unique OCS (Optical Circuit Switch) technology are underperforming, indicating a market preference for suppliers with bilateral cooperation foundations during this period of uncertainty [1] Group 2: Investment Opportunities - As overseas AI concept trading becomes crowded, funds may gradually rotate to the undervalued domestic computing power sector, presenting potential opportunities for future investments [1] - The current market situation mirrors that of June-July, where the optical module sector surged while the domestic semiconductor sector has yet to show clear signs of a breakout [3] - Historical trends suggest that when overseas computing power supply chains become overly crowded, funds tend to shift towards the more cost-effective and underexplored domestic computing power chain [3] - On November 26, the domestic computing power sector showed signs of a rally, indicating that some investors are beginning to position themselves for future gains, highlighting the potential for the currently low-priced domestic computing power sector to attract significant attention [3]