Zhong Guo Zheng Quan Bao·2025-12-05 05:17Group 1 - The core viewpoint of the news highlights the significant acquisition of Celestial AI by Marvell for $3.25 billion, which includes $1 billion in cash and $2.25 billion in Marvell common stock, with potential additional payments bringing the total to $5.5 billion [1] - Celestial AI focuses on developing photonic interconnect hardware, aiming to enhance data transmission speed and reduce latency and energy consumption by using optical signals instead of traditional electrical signals [1] - The rising demand for computational power driven by AI models is expected to create opportunities for photonic technology to address transmission bottlenecks in data centers [1] Group 2 - North American giants are increasing their capital expenditures, with Meta raising its forecast for the current fiscal year's capital spending from $66 billion to $72 billion, Google increasing its guidance from $85 billion to a range of $91 billion to $93 billion, and Amazon's expected capital expenditure around $125 billion for the year [1] - Guosheng Securities indicates that Google and NVIDIA are shaping a positive feedback loop in the AI industry, where model upgrades drive demand for computational power, which in turn supports model innovation [2] - Dongwu Securities expresses optimism about Google's hardware chain, suggesting that the transition of Google's TPU from internal use to external sales could create a second growth engine independent of NVIDIA, highlighting opportunities in MEMS optical devices, optical modules, ASIC design services, and liquid cooling within the supply chain [2]