Summary of Key Points from the Conference Call Company and Industry - **Company**: NVIDIA - **Industry**: Data Center Networking and GPU Acceleration Core Insights and Arguments - **Product Launches**: NVIDIA introduced the Cotton series IB switches and Spectrum UM series Ethernet CPO switches at the GDC 2025, aimed at addressing low power requirements for million-card clusters [2][3] - **CPO Technology Advantages**: CPO technology significantly reduces power consumption (1.6T optical engine consumes 9W, saving 3.5 times compared to pluggable modules), optimizes link loss (18 dB signal integrity improvement), and enhances data center installation efficiency [2][4] - **Cotton Series Structure**: The Cotton series switch features a complex internal structure with four 28.8T ASIC chips, total bandwidth of 115.2T, and utilizes a liquid cooling system [2][5] - **Micro-Ring Modulator Challenges**: Manufacturing micro-ring modulators is complex due to high sensitivity to process and temperature, involving hundreds of patents [7] - **CPO Switch Connectivity**: Each CPO switch has 144 MPU interfaces with a total capacity of 115.2T, connecting to external single-mode fiber links using 1,152 fibers [10][11] Additional Important Content - **Potential Suppliers**: Domestic companies like Xuchuang, Xinyi Sheng, and Huagong have capabilities in silicon photonics design and production, potentially taking on component packaging tasks [12] - **Future Trends**: NVIDIA's CPU penetration structure is expected to evolve, with initial focus on self-owned network clusters, and gradual market penetration anticipated by 2026 [13] - **Installation Efficiency**: The CPO solution reduces the risk of data center downtime caused by human error during installation, which accounts for approximately 3% to 5% of outages [4]