“AI泡沫”担忧再起，光模块还能“上车”吗？

Group 1 - Nvidia's Q4 FY2026 financial report showed revenue of $681.27 billion, a year-on-year increase of 73% and a quarter-on-quarter increase of 20%, with net profit at $429.60 billion, up 94% year-on-year and 35% quarter-on-quarter, all exceeding market expectations [4][6] - Despite strong financial results, Nvidia's stock price fell over 5%, raising concerns about an "AI bubble" and investor fears regarding the sustainability of high growth [4][6] - The AI industry is currently in a growth phase, with capital expenditures and performance trends indicating strong demand for upstream computing power, particularly benefiting the communication sector in North America [3][7] Group 2 - Major tech companies are expected to increase capital expenditures significantly, with a projected total of $410 billion in 2025, a 67% year-on-year increase, indicating a strategic focus on AI [7][9] - The introduction of CPO technology is set to revolutionize the optical module market, with significant improvements in energy efficiency and bandwidth density, marking 2026 as a pivotal year for scaling this technology [10][11] - The Communication ETF (515880) focuses on core hardware for AI computing, with over 66% of its weight in optical modules and servers, making it a key investment tool for exposure to AI infrastructure [12][15] Group 3 - The Communication ETF (515880) has shown a remarkable increase of 125.81% in 2025, ranking first among all ETFs, highlighting its strong performance in the AI narrative [13][18] - The ETF's structure allows for effective risk diversification while capturing the overall beta returns of the industry, with a high concentration in optical modules and servers [15][16] - Investors are encouraged to adopt a "long-term bullish, buy on dips" strategy in light of the current market volatility due to "AI bubble" concerns, which may present a cost-effective entry point for long-term investments [17][18]