通信行业专题研究：百万卡算力之路：多DC分布式训练和DCI需求增长

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the industry [4]. Core Insights - The high energy consumption of computing clusters will drive AI model training from single data center (DC) training to multi-DC collaborative training, with long-distance asynchronous collaborative training becoming mainstream. Major companies like Meta and Google have already initiated multi-DC distributed training, with Google's Gemini 1 Ultra being a notable example. OpenAI and Microsoft plan to interconnect their large-scale campuses for extensive distributed training across the country. This shift presents challenges for network infrastructure, leading to a significant expected growth in the demand for DCI (Data Center Interconnect) solutions and 400G/800G ZR optical modules [2][6][21]. Summary by Sections 1. Multi-DC Collaborative Training and Network Challenges - Major tech giants are actively investing in multi-DC distributed training, with Google establishing two primary multi-DC regions in Ohio and Iowa/Nebraska, and planning to expand its capacity significantly by 2026 [9][10]. - Distributed training introduces challenges such as high sensitivity to packet loss, which can drastically reduce training efficiency, and the potential for uneven load distribution in networks due to large data flows [11][12]. - Future models are expected to reach over 100T in scale, with bandwidth requirements projected to grow significantly, necessitating the development of long-distance ultra-broad DCI networks [13]. 2. DCI Interconnection Solutions and Market Analysis - The report highlights that 400G ZR coherent optical technology is likely to replace traditional WDM systems in DCI applications due to its simplicity and efficiency [14]. - Predictions indicate that the market for 400G LR optical modules will continue to grow from 2024 to 2028, with significant price points established for 400G ZR and 800G ZR modules [17][18]. 3. Investment Recommendations - The report suggests prioritizing overseas DCI investments while maintaining a long-term outlook on domestic DCI developments. Key domestic manufacturers to watch include ZTE, FiberHome, and companies with 400G/800G ZR product lines such as Dekol and Zhongji Xuchuang [21].