Summary of Conference Call Records Industry Overview - The conference call discusses the computing power industry, particularly focusing on companies like Credo, Broadcom, Nvidia, and various related firms in the A-share market [1][2][4]. Key Points and Arguments 1. **Credo's Performance**: Credo reported revenue exceeding expectations and provided optimistic guidance for the new fiscal year, indicating strong demand in the computing power sector [1][2]. 2. **Broadcom's Chipshipments**: Broadcom has begun shipping its 102.4T switch chip TH6, with expectations of outperforming market forecasts due to AI development and data center construction driving network facility shipments [1][2]. 3. **A-share Market Valuation**: The A-share computing power industry has seen a rebound, but valuations remain low. Improvement in overseas computing power expectations and optimistic CSP capital expenditure forecasts may relieve valuation pressures, potentially increasing P/E ratios [1][4]. 4. **Nvidia's Recent Challenges**: Nvidia faced challenges in Q1 due to various factors, including market expectations of computing power deflation and order cuts from major clients. However, demand from CSP manufacturers has improved, leading to a gradual recovery in performance expectations [5]. 5. **Projected Shipments**: Nvidia's GDB shipments are expected to reach 50,000 units, with significant demand for B200 chips. The overall demand for B200 chips is projected to be substantial, with potential for exceeding expectations [5][6]. 6. **Emerging Chip Technologies**: Google, Meta, and OpenAI are launching new generations of chips, with Google’s TPU V6 and V7 expected to ship around 2 million units by 2026, becoming a major revenue source for Broadcom [7]. 7. **Data Center Construction Impact**: The ongoing construction of data centers is positively impacting companies like Bochuang Technology and Shijia Photon, with optimistic MPO module shipment forecasts [11]. 8. **Copper Cable Market Growth**: The copper cable market is expected to grow, with A-TECH and AECOM ramping up production, leading to a projected revenue increase for Creedence in the upcoming fiscal year [12]. 9. **Future Outlook for Computing Power Sector**: The second half of 2025 is expected to show improved performance in the computing power sector, with significant changes in the industry fundamentals compared to the first half [14]. Additional Important Insights - **Client Relationships**: Companies like Shenghong Technology and Shengyi Electronics are benefiting from strong ties with major clients like Nvidia and Amazon, indicating robust demand that exceeds supply [10]. - **Production Capacity Solutions**: Companies are addressing production capacity shortages through new factory launches, with significant revenue contributions expected from these expansions in 2025 [8][9]. - **Investment Opportunities**: The conference suggests monitoring companies like Bochuang Technology, Zhaolong Interconnect, and Ruikeda in the copper cable market for potential investment opportunities [13].