Nvidia(US:NVDA) Guotou Securities·2025-12-29 06:33Investment Rating - The industry investment rating is "Outperform the Market - A" and the rating is maintained [7] Core Insights - NVIDIA is leading the transition of AI interconnect from scale-up and scale-out to scale-across, introducing Spectrum-XGS Ethernet scalable technology to unify distributed data centers into a gigabit-level AI super factory, establishing a new generation of AI infrastructure [12][13] - The North American cloud service provider (CSP) demand is strong, with an expected acceleration in prosperity from 2026 to 2028, as large-scale CSPs are dominating the construction of AI scale-across backbone networks [3][14] - The construction of cross-data center interconnect infrastructure is expected to benefit first, with long-term positive implications for the upstream optical communication sector [4][15] Summary by Sections Industry Performance - The computer sector has outperformed the Shanghai Composite Index by 1.01% this week, with a weekly increase of 2.89% and a year-to-date increase of 25.74% [16][17] Market Outlook - The report indicates that the interconnection of data centers has become a new competitive direction for North American CSPs, with significant revenue potential from projects like DCOM in collaboration with Meta, expected to reach hundreds of millions of dollars by 2026 [3][14] Key Recommendations - Focus on companies involved in cross-data center interconnect infrastructure, including coherent optical modules (Ciena, Cisco, etc.), switches (Arista, Cisco), and reconfigurable line systems (Ciena) [4][15]