开源证券近日发布通信行业点评报告：2025年9月22日，OpenAI与英伟达宣布战略合作意向书，计划部 署至少10GWNVIDIA系统的AI数据中心，以用于训练和运行OpenAI下一代AI模型。据英伟达CEO黄仁 勋表示，10GW相当于400万—500万块GPU，约等于英伟达2025年的出货总量，是2024年的两倍。 以下为研究报告摘要： OpenAI与英伟达宣布战略合作意向，计划部署至少10GW AIDC 2025年9月22日，OpenAI与英伟达宣布战略合作意向书，计划部署至少10GWNVIDIA系统的AI数据中 心，以用于训练和运行OpenAI下一代AI模型。据英伟达CEO黄仁勋表示，10GW相当于400万—500万块 GPU，约等于英伟达2025年的出货总量，是2024年的两倍。英伟达计划逐步投资最高1000亿美元于 OpenAI，每部署1GW数据中心就会进行相应的投资，首批1GW计划将于2026年下半年用于部署Vera Rubin系统。该合作具体细节双方将在未来几周内最终确定，这项合作还补充了双方与微软、甲骨文、 软银及"星际之门"项目的现有合作。 硅光子时代龙头竞争优势凸显，重视新技术变革下的新机 ...

Core Insights - TSMC is aggressively advancing in silicon photonics technology, surpassing Intel in the number of related patent applications in the U.S. [1][2] - Silicon photonics is essential for NVIDIA's next-generation AI servers, with TSMC positioning itself to capitalize on this growing market opportunity [1][2] - TSMC plans to complete validation of its compact universal photonic engine (COUPE) by 2025 and integrate it into CoWoS packaging by 2026, aiming to enhance AI transformation through improved connectivity [2] Patent Applications - TSMC applied for 50 silicon photonics-related patents in the U.S. in 2024, nearly double Intel's 26 applications [2] - In 2023, TSMC and Intel were nearly equal in patent applications, with TSMC at 46 and Intel at 43 [2] - TSMC has overtaken Intel in practical application, with plans for mass production of the latest CPO technology by 2026, while Intel remains in the research and validation phase [2] Collaboration and Technology Development - TSMC is deepening collaboration with ASIC and high-speed network chip manufacturer Marvell, focusing on processes below 3nm and next-generation silicon photonics technology [2] - TSMC has established a robust optical communication database to support its market expansion efforts [2] - TSMC's subsidiary, Caiming, is expected to integrate silicon photonics and CPO technologies, potentially becoming a significant growth driver for future operations [2][3] Technical Advancements - Caiming possesses wafer-level optical film processing capabilities, enhancing alignment and optical efficiency for light coupling at both receiving and transmitting ends [3] - The use of metalens technology is anticipated to improve light transmission coupling efficiency for customers [3]

Core Insights - Company reported a revenue of 570 million yuan for the first half of 2025, representing a year-on-year growth of 3.4% [2] - The net profit attributable to shareholders was a loss of 650,000 yuan, significantly narrowing from the previous year's loss [2] - The MEMS business achieved a revenue of 533 million yuan, a year-on-year increase of 14.09% [2] Revenue Breakdown - MEMS wafer manufacturing generated 310 million yuan, remaining stable compared to the same period last year [2] - MEMS process development revenue reached 223 million yuan, showing a growth of 39.01% year-on-year [2] - The overall gross margin for MEMS business was 39.47%, consistent with the previous year [2] Production and Operations - The Beijing FAB3 production line is in a ramp-up phase, transitioning from process development to risk trial production and mass production, but continues to incur losses due to high depreciation and R&D costs [2] - The Swedish production line reported good order, production, and sales conditions, particularly for MEMS-OCS wafers, maintaining strong profitability [2] Strategic Decisions - Company completed the sale of control over Swedish Silex in July 2025, transitioning it from a wholly-owned subsidiary to an important equity investee, aimed at mitigating systemic risks from geopolitical changes [3] - R&D expenses for the first half of 2025 reached 199 million yuan, increasing by 9.85% year-on-year, accounting for 34.97% of total revenue [3] Market Opportunities - Company is actively targeting market opportunities in downstream sectors such as communication computing, biomedical, industrial automotive, and consumer electronics [3] - The company is focusing on producing various MEMS devices for leading enterprises in sectors like silicon photonics, lidar, motion capture, photolithography, DNA/RNA sequencing, high-frequency communication, and AI computing [3] Future Outlook - Despite the sale of Swedish Silex, the company maintains qualified production capacity across different production lines, which can achieve synergy and complementarity in capacity and market [4] - The company is expected to maintain a significant position in the pure MEMS foundry sector [4]

Core Viewpoint - Alphabet's Taara project aims to provide high-speed internet using laser beams, potentially revolutionizing connectivity by overcoming limitations of traditional fiber optics and radio waves [1][10][11]. Group 1: Project Background and Development - Taara originated from the Loon project, which attempted to deliver internet via high-altitude balloons but was deemed unviable [1][2]. - Mahesh Krishnaswamy, a former Loon engineer, leads the Taara project, focusing on using light for data transmission [2][3]. - The project has evolved to utilize silicon photonic chips, allowing for smaller, more efficient devices that can transmit data at high speeds without the need for bulky mechanical components [6][10]. Group 2: Technical Capabilities - Taara can transmit data at speeds up to 20 Gbps over distances of 12.4 miles (20 km) using narrow, invisible light beams [7][11]. - The technology has been tested successfully, achieving 10 Gbps over a distance of 0.62 miles (1 km) [7][12]. - The new Taara chip design reduces the size of components to that of a fingernail, enhancing deployment efficiency and reducing costs [6][10]. Group 3: Market Applications and Impact - Taara has already begun commercial operations in over ten countries, providing affordable internet solutions in areas where traditional connections are impractical [5][10]. - The technology has been successfully implemented in various scenarios, including bridging internet access across the Congo River and enhancing connectivity at events like the Coachella music festival [5][10]. - The project aims to address the connectivity needs of approximately 3 billion people worldwide who still lack internet access [3][5]. Group 4: Future Prospects - The second-generation Taara products are expected to further enhance capabilities and reduce costs, potentially transforming the landscape of global connectivity [6][13]. - Industry experts believe that optical technology will become essential as traditional radio frequency bands become increasingly congested [8][11]. - Taara is positioned to play a significant role in the future of connectivity, with ambitions to support applications in data centers, autonomous vehicles, and underserved communities [13].