Venture(US:VEMLY) Mei Ri Jing Ji Xin Wen·2025-12-02 07:05Group 1 - The A-share market continues to show volatility, with the ChiNext Index down by 0.9%, while certain optical module stocks, such as Tianfu Communication, Xin Yisheng, and Zhongji Xuchuang, are experiencing gains of 2.3%, 1.9%, and 0.5% respectively [1] - Morgan Stanley's latest report indicates a significant increase in TPU orders, raising Google's TPU production forecast for 2027 from approximately 3 million units to about 5 million units, representing a growth of around 67%. If Google initiates an "export" model for TPU, it could create new revenue streams, potentially adding around $13 billion in revenue and $0.4 in earnings per share for every 500,000 TPU chips sold in 2027 [1] - Zhongtai Securities believes that Google has established a strong AI moat through a complete technology ecosystem encompassing chips (TPU), networks (OCS), models (Gemini), and applications (cloud computing/search/advertising), which will drive continued capital expenditure growth. The expected increase in TPU shipments, higher OCS penetration, and the ramp-up of 1.6T optical modules will present significant growth opportunities for related hardware suppliers [1] Group 2 - The ChiNext Index is composed of 100 stocks with large market capitalization and good liquidity, with a high representation of the AI hardware industry chain. The CSI Kechuang AI Index selects 50 stocks from the Sci-Tech Innovation Board and ChiNext that are involved in AI foundational resources, technology, and applications, covering leading companies like Zhongji Xuchuang and Xin Yisheng [2] - The ChiNext ETF (159915) and the E Fund Sci-Tech Innovation AI ETF (159140) track the aforementioned indices, providing investors with a convenient way to invest in the AI hardware industry chain [2]