2025-06-15 16:03Summary of Conference Call Records Industry Overview - The conference call discusses the overseas AI computing power infrastructure, highlighting the positive performance of companies like Nvidia and Broadcom in the data center sector, driven by optimistic demand for AI training and inference. New large-scale data centers are being established in multiple countries, with significant growth in AI cloud services reported by Oracle and Coface [1][2][3]. Key Points and Arguments AI Computing Power Market - Concerns regarding overseas computing power infrastructure have eased, with Nvidia and Broadcom reporting strong performance. The demand for AI training and inference remains optimistic, leading to the establishment of new large-scale data centers [1][2]. - Nvidia's AI network business grew over 170% year-on-year in Q2 2025, with expectations for continued strong demand in 2026. At least three clients plan to deploy million-card clusters by 2027, primarily driven by inference demand [2][3]. Domestic Computing Power Market - The domestic computing power market faces challenges due to the H20 ban, leading to a significant drop in supply. However, there is a surge in inference demand, while training supply remains insufficient [5]. - Recommendations include focusing on domestic computing power chain targets that are less affected by tariffs and rely more on internal circulation, as well as overseas AI chain targets with strong performance [5]. Optical Communication Industry - The optical communication industry is experiencing high demand, with expectations for global 800G module demand to reach 35-40 million units by 2026. There are shortages in DSP, EML lasers, and other components, with many companies showing signs of performance recovery [6][7]. - Investment opportunities include companies with sustained high growth and low PE valuations, such as Xuchuang, New Yisheng, and Tianfu, as well as emerging technologies related to CPU passive optical devices [9]. Data Center Industry Trends - The data center industry is preparing for mass production of liquid cooling technology, with significant participation from various manufacturers. Despite short-term impacts from the H20 ban, confidence in domestic computing power development remains strong [8]. - The trend towards large-scale cluster construction is evident, with companies like Broadcom preparing for potential million-card clusters, which will drive demand for optical modules [11]. Additional Important Insights - The AI computing power sector significantly impacts the optical communication industry, with cloud vendors increasing capital expenditures on AI. The introduction of 1.6T optical modules is expected to boost the performance of leading companies [10]. - The liquid cooling industry is on a growth trajectory, with an increase in the number of participating manufacturers and a shift towards new cooling materials. The period of 2026-2027 is anticipated to be crucial for liquid cooling technology to replace traditional air cooling [19]. - The domestic data center and computing service industry is expected to replicate North America's successful development model, particularly in addressing chip shortages and sustaining AI application growth [18]. Investment Recommendations - Investors are advised to focus on companies like Tianfu and Taicheng, which are positioned in the upstream of the industry chain, including passive optical components and optical chips. Other potential targets include Zhishang Technology and Yuanjie, which are familiar and promising development objects [17].