The AI computing power sector continues to lead the market rally, with optical communication and CPO concepts showing strong momentum and reaching new historical highs. Even during the recent A-share market correction triggered by geopolitical tensions, optical communication and CPO repeatedly emerged as popular investment themes. Many investors are now questioning whether this upward trend can be sustained. In a recent media interview, Liu Jiang, Fund Manager of Great Wall Fund, stated that technology growth is likely to remain the main theme of this year's market. He emphasized that computing power infrastructure—often referred to as the "shovel sellers" of the AI industry—will be a key area of focus. Within the computing power supply chain, Liu expressed particular interest in optical communication and CPO segments.

Liu Jiang's attention to the optical communication sector is largely driven by significant ongoing technological advancements in the field. He pointed out that, from an industrial perspective, optical communication serves as a critical link in the AI computing power chain, with long-term penetration rates trending upward. The push by overseas tech giants to develop emerging solutions such as OCS, NPO, and CPO further underscores the importance of optical interconnect technology, contributing to its rising value.

"Optical communication is experiencing a surge in market demand, showing potential to outperform the broader computing power industry. Both supply chain data and the logic of technological substitution support its current investment value," Liu noted. As the performance of computing power cards continues to improve and computing clusters expand, requirements for interconnect speed, bandwidth, and power efficiency are increasing. Given its inherent advantages, optical interconnect technology is expected to penetrate more scenarios and broader markets—such as scale-up applications—through emerging forms like NPO and CPO, significantly expanding the industry's growth potential.

Addressing market concerns that CPO solutions may encroach on the optical module market, Liu Jiang suggested that such worries are largely narrative-driven. He emphasized that the fundamentals of leading domestic optical module companies have not yet undergone substantial changes. Driven by strong industry momentum, various technological directions—including optical modules, CPO, and OCS—are all demonstrating robust development trends.