中国科技：光模块-TPU 产能扩张带来新机遇-China Technology_ Optical transceivers_ TPU ramp brings new opportunity

12 December 2025 Equity Research Report China Technology Equities Optical transceivers: TPU ramp brings new opportunity China TPUv7 and OCS are gaining traction with the debut of Google Gemini 3. Google's Gemini 3 has reset the bar for LLM performance, and it noted its success is rooted in its revolutionary infrastructure of the 9,216-chip TPUv7 (Ironwood) cluster. The massive scale interconnection is delivered by the optical circuit switch (OCS), an innovative technology that establishes dedicated, low-lat ...