Investment Rating - The report maintains an "Accumulate" rating for the industry [4] Core Insights - The optical communication chip is identified as the core engine for optical interconnection, with domestic market share expected to increase significantly due to the low self-sufficiency rate in high-speed optical communication chips in China, currently only 7% in the 25G and above segment [1][2] - The report highlights the transition from module assembly to chip definition in the optical communication industry, emphasizing the importance of TIA and Driver chips in enhancing signal speed and reducing power consumption [1] - The evolution of XPO technology is projected to significantly increase the value of optical communication chips, as it removes the need for high-cost DSP chips, redistributing value to TIA and Driver components [2] Summary by Sections Industry Overview - The optical communication chip market is characterized by a stable global supplier competition landscape, with domestic chip capabilities expected to rise alongside the increasing market share of local optical module companies [2] Technological Advancements - The integration of advanced packaging and system architecture is set to open up new opportunities in optical interconnection, facilitating a shift from mid-range to chip-level interconnection markets [2] Investment Recommendations - The report suggests focusing on key companies involved in optical communication chip design and manufacturing, including companies like 优迅股份, 中晟微电子, MACOM, Semtech, MaxLinear, and 玏芯科技 for design, and Tower and 中芯国际 for manufacturing [3]

Core Viewpoint - Broadcom expects AI chip revenue to exceed $100 billion by 2027, driven by strong demand from strategic customers and a robust supply chain strategy [1][4][18] Group 1: AI Chip Revenue and Customer Base - Broadcom anticipates that AI chip revenue will surpass $100 billion by 2027, with a projected installed capacity of nearly 10 gigawatts [5][18] - The company has identified six long-term strategic customers, including Google, Meta, OpenAI, and Anthropic, who are developing custom AI chips [5][18] - The demand for custom chips is expected to grow as clients develop dedicated chips for model training and inference, indicating a long-term expansion rather than a one-time replacement of GPUs [9][35] Group 2: Network Infrastructure Growth - Network revenue is projected to grow significantly, with expectations that it will account for 33% to 40% of AI revenue in the coming quarters [10][30] - Broadcom's Tomahawk 6 switch, with a throughput of 100 Tbps, is experiencing high demand, and the company plans to launch the next-generation Tomahawk 7 in 2027 [10][30] - The company emphasizes the advantages of using direct attach copper cables for low latency and cost efficiency in data center environments [10][30] Group 3: Supply Chain and Production Capacity - Broadcom has secured critical component capacity through 2028, positioning itself as one of the first companies to lock in such long-term supply agreements [11][17] - The company has a strong inventory position, with $3 billion in inventory at the end of the first quarter, reflecting its anticipation of accelerating AI semiconductor demand [11][20] Group 4: Software Business Resilience - Broadcom's infrastructure software, particularly VMware, is expected to benefit from the growth of AI, with a 13% year-over-year revenue increase in the first quarter [12][18] - The company asserts that its infrastructure software will not be displaced by AI but will instead see increased demand as AI applications grow [12][18]

Core Insights - The article discusses the increasing role of artificial intelligence (AI) in the design and management of programmable logic, particularly in simplifying and accelerating certain aspects of the design process [2] - Despite the efficiency of FPGAs and DSPs being lower than fixed architecture chips, they remain valuable in rapidly changing markets such as life sciences, AI processing, automotive electronics, and 5G/6G chips [2] - The programmability of FPGAs provides a future-proof solution for new protocols, standards, and architectural modifications, likened to a blank canvas for loading any workload [2] Group 1: AI and FPGA Design - AI is expected to accelerate FPGA design, although it may not fully assist users in completing FPGA programming [5] - Current AI capabilities in generating RTL code from high-level code or natural language are still limited, but there is potential for innovation in this area [5][6] - The introduction of high-level synthesis technologies has made FPGA programming simpler, allowing engineering teams to convert algorithms or C code into RTL [6][8] Group 2: Challenges in FPGA Programming - The complexity and time-consuming nature of FPGA design remain significant challenges, requiring specialized knowledge in RTL design [2][6] - Users transitioning to AI-enhanced FPGA design face challenges, particularly in integrating hardware design with software algorithms [6][8] - The need for experienced hardware designers is critical as the integration of algorithms into FPGAs becomes more prevalent [6] Group 3: Software and Compiler Development - The demand for intelligent compilers that can optimize RTL code generation from high-level languages is increasing, but such tools are still scarce [6][12] - The industry is shifting towards software-driven design, with a focus on flexible and scalable embedded memory solutions to support unique AI algorithms [18] - The evolution of AI models necessitates a balance between programmability, efficiency, and flexibility in FPGA and AI system design [11][19] Group 4: Future of Programmable Logic - The future of FPGA applications will be determined by technical architects who decide which parts are best suited for FPGA implementation versus other chip types [19] - Key advantages of FPGAs include I/O flexibility, deterministic low latency, and the ability to integrate various uncontrollable workloads [19] - The overall cost of ownership and the ability to adapt to market demands will be crucial in determining the success of FPGA implementations [19]

Core Insights - The article discusses the evolution of optical interconnect technology, highlighting three key structural patterns in the market: vertical integration vs. specialization, the scarcity of light generation, and the rise of SiPho foundries [5][6][10]. Group 1: Market Structure - Vertical integration offers structural advantages during technological transitions, as companies that can design across multiple layers can optimize the entire tech stack [9]. - Companies like Broadcom exemplify vertical integration, appearing across multiple layers of the value chain, while most others focus on specific segments [8]. - The semiconductor industry has historically shown that such advantages may not be permanent, as standardization can lead to the emergence of fabless models [9]. Group 2: Scarcity of Light Generation - The difficulty of producing light sources (Layer 1 and Layer 0) is highlighted, with InP and GaAs materials requiring specialized technology and equipment [12][13]. - Companies capable of mass-producing high-performance InP lasers are few, creating a concentrated market [13][14]. Group 3: Rise of SiPho Foundries - Layer 2, which focuses on SiPho foundries, is gaining attention as traditional semiconductor manufacturers like TSMC and GlobalFoundries enter the photonics space [17]. - TSMC's potential to optimize both AI chips and optical interconnects within the same ecosystem could disrupt existing vertical integration advantages [17]. Group 4: Layer Analysis - Layer 0 involves substrate supply, with companies like AXT benefiting from increased demand for III-V substrates, although geopolitical risks exist due to production in China [21][22]. - Layer 1 is dominated by Coherent and Lumentum, both of which manufacture InP lasers and are expanding production amid high demand [24][25]. - Layer 2 focuses on SiPho foundries, with companies like GlobalFoundries and TSMC leading in manufacturing photonic integrated circuits [27][29]. - Layer 3, represented by DSPs, faces potential obsolescence as CPO technology advances, with companies like Broadcom and Marvell adapting to this shift [33][36]. - Layer 4 sees companies like Innolight and Eoptolink currently leading in the pluggable module market, but their positions may be challenged as the industry shifts towards CPO [40][42]. Group 5: Future Signals - Key indicators to watch include pJ/bit energy consumption metrics, which reflect technological advancements and efficiency [56]. - The ongoing standardization efforts, such as OIF and UCIe, will shape the future market landscape and influence competitive dynamics [57][59]. - Recent mergers and acquisitions signal strategic directions in the industry, with notable deals like Marvell's acquisition of Celestial AI [60][62]. - The choices made by major cloud service providers like Google and AWS regarding their technology partnerships will ultimately determine market trajectories [63][64].

Summary of Conference Call on Optical Communication Sector Industry Overview - The optical communication sector has underperformed compared to popular sectors since the beginning of the year, but there is an optimistic performance trend expected from Q4 2025 to Q1 2026, with demand remaining relatively positive through 2027-2028 [1][1] - The supply side is currently under tension, particularly in components such as isolators, optical chips, DSPs, and other critical parts [1][1] Key Insights and Arguments - The supply capability of leading companies is strong, while second and third-tier companies face greater supply pressures [2][2] - The current supply shortage is accelerating the adoption of new technologies such as silicon photonics and LPO, which can mitigate shortages of core components [2][2] - The PIC segment within silicon photonics is identified as the most valuable part, with leading companies like Xuchuang and Xinyi developing their own PICs, which will reshape the value distribution in the optical module industry [2][2] Elastic Targets in Optical Communication - Four elastic targets in the optical communication sector were identified: - **Dongtian Micro**: Recognized for its isolator segment, which is currently in high demand due to supply shortages exacerbated by Sino-Japanese trade issues [2][2] - **Kechuan Technology**: Focused on the silicon photonics PIC segment, expected to benefit from the rising value of PICs [2][2] - **Huilv Ecology**: An OEM for overseas manufacturers, has achieved significant growth due to capacity and material support amid supply constraints [2][2] - **Zhishang Technology**: Engaged in CPU connection solutions for Nvidia's ecosystem, providing production services [2][2] Performance Logic and Configuration - There is a shift in market focus back to performance metrics, with an emphasis on companies with real earnings and reasonable valuations [3][3] - The optical communication sector is expected to show significant valuation advantages compared to overseas competitors, with strong earnings certainty [4][4] - The upcoming optical communication exhibition in March 2026 is anticipated to showcase next-generation products and facilitate discussions on long-term demand and capacity planning [4][4] Market Dynamics - The appreciation of the RMB is expected to have a manageable negative impact on sector profits, with an anticipated acceleration in customer orders in Q4 [5][5] - Leading companies in the optical communication sector, such as Xinyi, have confirmed no supply chain issues affecting product delivery [6][6] - The core investment logic in the optical communication sector is to prioritize leading companies that exhibit both earnings growth and valuation advantages [7][7] Domestic Computing Power Guidance - Nvidia has temporarily halted the procurement of H200P PCBs, indicating that the company will not release older generation products on a large scale as previously expected [8][8] - The domestic computing hardware supply remains primarily reliant on local graphics cards, with any future Nvidia products expected to be limited in scale [8][8] - The domestic computing sector is projected to follow a development rhythm similar to that of optical modules in 2025, with leading companies gradually delivering computing cards and realizing earnings [8][8] Regulatory and Market Trends - Regulatory bodies and state media are guiding the market back to companies with real earnings and core technologies, which are seen as quality long-term investment choices [10][10]

As filed with the Securities and Exchange Commission on January 16, 2026. Registration No. 333-292700 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 1 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Liftoff Mobile, Inc. (Exact Name of Registrant as Specified in its Charter) (State or other jurisdiction of incorporation or organization) Delaware 7370 86-1817506 (I.R.S. Employer Identification No.) (Primary Standard Industrial Classification Code Numb ...

Core Viewpoint - Nasda has announced its competitive advantages in the robotics sector, highlighting its product combination of MCU, drivers, sensors, and DSP, with successful deliveries to leading companies in the robotics and industrial automation fields [1] Group 1: Product Offerings - The company has launched motor control, battery management, and distance detection technology solutions that possess industry competitive advantages [1] - Some products have already been delivered in bulk to leading enterprises such as Yushu Technology and Huichuan Technology [1] Group 2: Market Strategy - Nasda plans to strengthen its presence in the humanoid robot market while also exploring niche markets such as photovoltaic cleaning robots and lawn mowing robots [1]

Core Insights - The article discusses the recent decline in AI-related stocks, particularly focusing on Broadcom's earnings report and its implications for the AI infrastructure business [5][8] - It emphasizes that the decline is not due to weakening AI demand but rather a shift in Broadcom's business model from selling chips to selling complete systems [6][10] Group 1: Broadcom's Earnings Report - Broadcom reported an astonishing demand for AI-related orders exceeding $73 billion over the next 18 months, indicating no signs of slowdown in AI demand [5] - The company is transitioning to a "system sale" model, which means it will be responsible for the entire system's operability rather than just selling individual chips [6] - This shift will lead to a change in profit margins, with the CFO indicating a projected decline in gross margin by approximately 100 basis points in the next quarter due to increased AI revenue and the inclusion of non-Broadcom components in system sales [6][7] Group 2: Market Reactions and Implications - The market is not rejecting AI but is applying a more realistic discount rate to the AI infrastructure business, reflecting the complexities of system delivery and profit distribution [8][9] - The decline in Broadcom's stock has affected a wide range of AI-related companies, as they are viewed as part of the same supply chain and are subject to similar market reassessments [9] - Companies like NVIDIA have not experienced the same decline because they are seen as the endpoint of computing power pricing, benefiting from ongoing demand for AI training and inference [10][11] Group 3: Broader Industry Impact - The article highlights that the importance of components like HBM in AI systems is increasing, and companies like Micron may still see structural profit improvements despite market volatility [11] - Companies in the optical and laser sectors, such as Coherent, are experiencing record orders, but their stock prices may be more volatile as they are perceived as proxies for AI capital expenditure [11][12] - The transition from a focus on growth speed to efficiency, structure, and return paths in the AI sector is becoming crucial as the industry matures [12]

Core Viewpoint - Broadcom (AVGO.US) and Oracle (ORCL.US) experienced significant stock price fluctuations following their earnings reports, with Broadcom's stock dropping 17% over two days. UBS believes the market's reaction was an overreaction and has raised its revenue expectations for Broadcom's AI semiconductor business for fiscal year 2026 to over $60 billion, nearly tripling year-on-year growth, and adjusted the target price from $472 to $475 [1] Group 1 - The company disclosed an AI business order backlog of $73 billion, covering an 18-month period, but management indicated that the actual delivery timeline would be closer to 12 months [2] - In Q4 (ending October), the total order backlog increased by 50% quarter-on-quarter, with AI semiconductor orders doubling. Excluding the new $11 billion order from Anthropic, the remaining backlog still increased by $20-25 billion, primarily from Google and Meta, without including OpenAI's orders [2] - Broadcom expects the delivery of a $21 billion rack order to Anthropic to likely extend into fiscal year 2027 due to the preparation progress of power components, emphasizing that Anthropic is the only rack customer in the backlog [2][3] Group 2 - The company reiterated that the gross margin for its XPU business is approximately 55%, and for its AI networking business, it is around 80%. However, the overall gross margin for the $21 billion revenue from rack products is expected to fall within the 45%-50% range due to the inclusion of resale components [3] - Broadcom's management expressed confidence that AI business revenue for fiscal year 2026 will exceed current market expectations, raising the revenue forecast for fiscal year 2027 to $135 billion, which is 2% higher than market consensus, and increasing the earnings per share (EPS) estimate to $14.15, 1.7% above consensus [3][4] Group 3 - UBS noted that the $21 billion order from Anthropic may be delivered by the end of fiscal year 2026 and continue into the first half of fiscal year 2027, with a projected delivery of $15 billion in fiscal year 2026 and the remaining $6 billion in fiscal year 2027 [4] - The company expects the growth rate of AI business revenue in fiscal year 2026 to surpass that of fiscal year 2025, with a combined gross margin for AI business close to 60% [4][5] - Broadcom's enterprise order backlog increased from $110 billion to $162 billion, with AI-related orders doubling quarter-on-quarter [5] Group 4 - Broadcom addressed concerns regarding Google directly interfacing with foundries, stating that such a scenario is unlikely in the next five years, while emphasizing a long-term strategy to diversify its customer base to mitigate concentration risks [5] - The company noted a trend where AI labs are capturing more market share that was originally expected to be enterprise-level AI markets, as more businesses opt for services from companies like OpenAI and Anthropic rather than fine-tuning large models themselves [5][6] - Broadcom is open to monetizing custom chips through a licensing model if customer demand arises, which could lead to a reduction in the average selling price (ASP) related to Broadcom's IP, but potentially higher overall gross and operating margins [6]

Core Viewpoint - Broadcom (AVGO.US) and Oracle (ORCL.US) experienced significant stock price fluctuations following their earnings reports, with Broadcom's stock dropping 17% over two days. UBS believes the market reaction was an overreaction and has raised its revenue expectations for Broadcom's AI semiconductor business, projecting revenues to exceed $60 billion in fiscal year 2026, nearly tripling year-over-year. The target price has been adjusted from $472 to $475 [1]. Group 1 - The company disclosed an AI business order backlog of $73 billion, covering an 18-month period, but management indicated that the actual delivery timeline would be closer to 12 months [2]. - In Q4, the total order backlog increased by 50% quarter-over-quarter, with AI semiconductor orders doubling. Excluding a new $11 billion order from Anthropic, the remaining backlog still increased by $20-25 billion, primarily from Google and Meta, not including OpenAI orders [2]. - Broadcom expects the delivery of a $21 billion rack order to Anthropic may extend into fiscal year 2027 due to the preparation progress of power components, emphasizing that Anthropic is the only rack customer in the backlog [2]. Group 2 - The company reaffirmed that the gross margin for its XPU business is approximately 55%, and for its AI networking business, it is around 80%. However, the overall gross margin for the $21 billion revenue from rack products is expected to fall to the 45%-50% range due to the inclusion of resale components [3]. - Broadcom's management expressed confidence that AI business revenues for fiscal year 2026 will exceed current market expectations, raising the revenue forecast for fiscal year 2027 to $135 billion, which is 2% above market consensus [3]. - UBS noted that the $21 billion order from Anthropic may be delivered by the end of fiscal year 2026 and continue into the first half of fiscal year 2027, with a projected delivery of $15 billion in fiscal year 2026 and the remaining $6 billion in fiscal year 2027 [4]. Group 3 - Broadcom's enterprise order backlog increased from $110 billion to $162 billion, with AI-related orders doubling quarter-over-quarter [5]. - The company addressed concerns regarding Google directly interfacing with foundries, stating that such a scenario is unlikely in the next five years, while emphasizing a long-term strategy to diversify its customer base to mitigate concentration risks [5]. - There is a trend of AI labs capturing more market share that was originally expected to be enterprise-level AI markets, as companies increasingly opt for services from providers like OpenAI and Anthropic rather than fine-tuning large models themselves [5]. Group 4 - Broadcom is open to monetizing custom chips through a licensing model if customer demand arises, which may reduce the portion of the average selling price (ASP) related to Broadcom's IP but could result in higher overall gross and operating margins [6]. - The company has achieved control over complete XPU solutions in its HBM business and is willing to adjust based on customer needs [6].