The market is currently attempting to rebuild consensus around the tech sector. As Alphabet and NVIDIA continue to diverge in their technological roadmaps, capital is flowing toward "computing arms dealers" serving both giants, with optical module leaders surging on expectations of dual orders. Meanwhile, stocks tied to Alphabet's proprietary OCS (Optical Circuit Switch) technology have underperformed, reflecting market preference for suppliers with bilateral partnerships amid ongoing uncertainty.

With overseas AI-related trades becoming increasingly crowded, domestic computing power—still undervalued—could emerge as the next focal point if a broader tech investment consensus takes shape.

**Alphabet's Breakthrough Boosts Sentiment** Alphabet recently unveiled its next-gen AI model, demonstrating performance on par with or surpassing ChatGPT while being entirely trained on its self-developed TPU chips. This milestone has significantly lifted market sentiment, driving a collective rally in A-share optical module stocks. The Wind Optical Module Index has now logged gains for three consecutive trading sessions.

**Divergence in AI Computing Plays** Reports highlight a sharp divergence within the AI computing sector, with investors closely monitoring Alphabet's TPU technology as a potential challenger to NVIDIA's GPU dominance. Faced with this uncertainty, market participants are adopting a cautious strategy, favoring suppliers catering to both tech titans. Optical module leaders, perceived as beneficiaries of dual orders, have outperformed, while OCS-linked stocks have lagged.

**Domestic Computing: The Next Value Play?** Historical patterns suggest that as overseas computing trades grow saturated, capital may rotate toward undervalued domestic computing power—a sector that previously surged during the August rally alongside semiconductors. Early signs of this shift appeared on November 26, when domestic computing stocks briefly spiked, indicating proactive positioning by astute investors.

If a tech-sector consensus solidifies, domestically focused computing plays—still trading at depressed valuations—could attract significant capital inflows as the new "value窪地."