谷歌 2025 年超 2.3 万台的 OCS 采购订单背后，一场由光束编织的算力战争已悄然打响。 01 谷歌豪掷巨资押注光交换机 从金额来看，谷歌 2026 年 OCS 系统相关的整体投资预计达到 30 亿美元，其中仅 Polatis 一家就获得了 4600 台、价值 2.5 亿美元的订单， 单台价格约 6.5 万美 元。按不同端口配置计算， 平均每个端口约 500 美元。高端 576 端口的交换机价格更是 128 端口价格的 3~5 倍，后者均价约 6 万美元。 OCS 交换机原理图 市场研究机构 QYResearch 的统计显示， 2024 年全球 OCS 交换机市场规模已达 3.66 亿 美元，预计到 2031 年将激增至 20.22 亿美元（单 OCS 设备），年复合增 长率高达 17.1%，光交换机这一曾经边缘的技术正迅速成为 AI 算力集群的关键支撑。 02 重塑数据中心网络架构 传统电交换机需经历"光—电—光"转换 过程，而 OCS 直接在光域内完成信号切换，省去光电转换环节，理论效率可达传统电交换机的 1000 倍，功耗仅为其十分 之一（当前实际功耗降低在 40％左右）。对于谷歌数据中心而言， ...

（记者 胡玲） 每经AI快讯，有投资者在投资者互动平台提问：公司在OCS交换机全光交换机领域是否有相关设备或者 技术储备？ 智立方（301312.SZ）9月24日在投资者互动平台表示，公司暂不涉及该领域。 ...

Summary of Key Points from Conference Call Industry Overview - The AI industry is experiencing rapid growth, particularly in computing power demand, with significant increases observed since June 2023. The sector is entering a phase of valuation upgrades, with leading companies like Xuchuang expected to have a reasonable valuation of at least 30 times earnings due to increasing demand visibility by 2027 [3][6]. Company Insights - **Xuchuang**: Valuation outlook is between 600 billion to 800 billion RMB, with potential to reach 40-50 times in a bull market [6]. - **Google**: Anticipates capital expenditures of $85 billion, with a strong ecosystem including TPU chips and OCS technology, which is attracting interest from major players like OpenAI, Meta, Apple, and Microsoft [7][11]. - **Domestic Players**: Companies like Alibaba and Baidu are advancing their AI chip developments, with IPO plans and technological breakthroughs contributing to the domestic computing power chain [5][6]. Technology Developments - **Optical Switching (OCS)**: OCS technology is crucial for high-speed interconnects in data centers, with increasing demand for high-speed interconnects leading to new market opportunities. Google has deployed approximately 15,000 OCS devices, expecting to reach 30,000 by 2026 and 50,000 by 2027, with the overall market projected to reach 770,000 units by 2027 [11][2]. - **OCS Advantages**: OCS technology offers low power consumption, low cost, and low latency, making it attractive for companies like Meta and Microsoft. It is particularly effective in handling high-throughput data streams and dynamic network topologies [4][14]. Market Potential - The OCS market is expected to approach 100 billion RMB by 2027, with significant growth driven by the adoption of OCS technology by major cloud service providers [11][38]. - The AI industry's long-term demand is supported by major companies like NVIDIA, Meta, and TSMC, with projected smart spending reaching $3-4 trillion by 2030 for NVIDIA alone [9]. Competitive Landscape - Key suppliers for OCS technology include TI, Saiwei Electronics, Fujing, and Fengjing Technology, with major manufacturers like Dekoli and Xuchuang actively involved in the market [36][39]. - The competition in OCS technology is intensifying, with various companies showcasing their products at industry events, indicating a collaborative push towards commercialization [12][39]. Future Outlook - Google plans to introduce a second-generation OCS technology using coherent liquid crystal solutions to address current bottlenecks in channel capacity, with commercial deployment expected in 2026 [19]. - The OCS technology is anticipated to maintain high growth rates over the next three to five years, with significant contributions from both domestic and international players in the supply chain [38]. This summary encapsulates the key insights and developments discussed in the conference call, highlighting the growth potential and competitive dynamics within the AI and OCS technology sectors.

Core Viewpoint - The AI industry chain is experiencing a surge, expanding from PCB and CPO to more branches, with OCS concept stocks witnessing significant growth in the market [1] Group 1: Market Performance - OCS concept stocks collectively surged, with notable increases in share prices: Dekoli up 20%, Guangku Technology up over 17%, Lingyun Light up over 16%, and others like Tengjing Technology and Saiwei Electronics also showing gains [1][2] - The trading volume for Dekoli reached 165,400 shares, while Guangku Technology saw 325,900 shares traded [2] Group 2: OCS Technology Overview - OCS (Optical Circuit Switch) technology differs from traditional switches by reconstructing the physical path of optical signals, leading to higher bandwidth capacity, lower latency, and reduced energy consumption [3] - The technology is gaining attention as data volumes grow exponentially, with OCS potentially leading the next era of optical communication [3] Group 3: Industry Developments - The 26th China International Optoelectronic Exposition showcased OCS as a mainstream direction for next-generation switching technology, with multiple manufacturers, including Guangku Technology and Lingyun Light, presenting their OCS solutions [2][3] - Google has implemented OCS in its Jupiter data center network, achieving a 30% increase in throughput, a 40% reduction in power consumption, and a 50-fold decrease in network downtime [3] Group 4: Challenges and Competition - OCS technology faces challenges such as high costs, the need for upgrades to existing optical modules, and the requirement for standardization to ensure compatibility among different manufacturers [4] - The competitive landscape includes ongoing iterations of electrical switches and optical-electrical hybrid solutions, which may pose alternatives to OCS as the industry evolves [4]

Group 1 - The company currently does not have OCS switch products and is actively exploring new network architectures and cutting-edge technologies to meet changing user demands [1] - The company has not partnered with NVIDIA to develop CPO switches [1] - The recent release of the State Council's AI+ action plan is expected to accelerate the iteration and evolution of AI technologies, promoting high-quality development across various industries [1] Group 2 - As AI application scenarios deepen, the demand for computing power is expected to continue rising [1] - Computing power networks are anticipated to experience sustained development opportunities as a key support in this trend [1]

Group 1 - The company currently does not have OCS switch products and is actively exploring new network architectures and cutting-edge technologies to meet changing user demands [1] - The company has not partnered with NVIDIA to develop CPO switches [1] - The recent release of the State Council's AI+ action plan is expected to accelerate the iteration of AI technologies and promote high-quality development across various industries [1] Group 2 - As AI application scenarios deepen, the demand for computing power is expected to continue rising [1] - Computing power networks are anticipated to experience sustained development opportunities as a key support in this trend [1]

Summary of OCS Switch Technology, Trends, and Market Potential Industry Overview - The OCS (Optical Circuit Switch) technology is applied in traditional and AI data centers, enabling low-power and efficient data transmission through optical channels. The market potential is projected to be 30-40 times larger than the current electrical switch market [1][6][26]. Key Insights and Arguments - **Market Growth**: Google has scaled up the deployment of OCS in its TPU network, purchasing approximately 12,000 units. If other potential clients like Microsoft, NVIDIA, Oracle, and Meta adopt OCS at scale, the market could expand significantly, with expectations of reaching 300,000 units in the coming years [1][6][26]. - **Technological Advancements**: Google’s OCS switch has achieved a thousand-fold increase in speed while reducing power consumption, showcasing significant progress in the switch technology sector [2][4]. - **Core Advantages**: OCS technology eliminates the need for optical-electrical conversion, directly interconnecting different cards through optical channels, which significantly reduces power consumption. For instance, a 51.2T electrical switch consumes about 3 kW, while OCS can save nearly half of that power [1][9]. - **Industry Initiatives**: The establishment of the Optical Switch Project Group by the Open Compute Project (OCP) indicates a growing recognition of OCS as a complement to traditional electrical switches and CPU switches [1][7]. Important Developments - **Domestic Collaborations**: In China, Xizhi Technology, in collaboration with ZTE and Biran Technology, launched a full-optical OCS supernode network, indicating a trend towards advanced optical interconnection solutions [1][8]. - **Application in AI Networks**: OCS is seen as a future trend in AI networks due to its low power and low latency characteristics, although current switching times may still favor electrical switches for frequent data exchanges [13][15]. - **Investment Returns**: NVIDIA has reported that by adding OCS devices, they can achieve automatic switching in case of hardware failures, reducing the risk of interruptions in large model training, with an investment payback period of about one to two years [4][14][16]. Market Dynamics - **Future Demand**: Google is expected to procure between 16,000 to 20,000 OCS switches by 2026, with a potential market value of around $1 billion based on a unit price of $50,000 [25]. - **Long-term Market Potential**: The OCS market is projected to exceed $2 billion by 2029, with significant interest from major players like Microsoft, Oracle, and NVIDIA, indicating a shift towards OCS solutions [26][30]. - **Competitive Landscape**: Traditional electrical switches currently dominate the market, with an estimated 800,000 to 1 million units. However, OCS is expected to capture a 30% market share in the next few years, potentially reaching over 300,000 units by 2030 [30]. Additional Insights - **Technological Variants**: OCS technology includes various solutions such as MEMS, silicon-based liquid crystal, and piezoelectric ceramics, each with unique advantages and challenges [5][28]. - **Supply Chain Dynamics**: Key suppliers for Google’s OCS switches include Lumentum, Claudeline, and Coherent, with significant contributions from domestic manufacturers like Saiwei Electronics and Guanghua Technology [19][32][33]. - **Adoption Trends**: While overseas data centers like Google have adopted OCS extensively, domestic centers are beginning to explore its use, indicating a gradual shift in the industry [29]. This comprehensive overview highlights the transformative potential of OCS technology in the data center industry, emphasizing its advantages, market dynamics, and future growth prospects.