Summary of Optical Modules Today, let's talk about optical modules Optical modules have been talked about by many people The Importance of CPO Light enters and copper retreats, Scale Up I believe everyone has already heard of calluses in their ears. Silly brother, say something different: 1. Optical modules are the fourth asset in the AI industry chain after GPUs, memory, and CPUs. That is, long tail assets. 2. But interestingly, the hype around core targets such as COHR and Lite for optical modules predates storage. It seems that speculative investors discovered light before they discovered storage. 3. The entire optical module industry is actually downstream of NVIDIA. NVIDIA has established standards, technological roadmap, and invested in upstream and downstream layout. 4. Upstream long tail targets such as TSE and other non US stock targets are on the edge of rotation and currently have higher cost-effectiveness. 5. Optical module, compared to GPU, memory CPU, The role of China's industrial chain is stronger. For example, packaging is almost exclusively owned by domestic companies. 6. At present, the gross profit of optical module enterprises is far less than that of storage, and the snow on this track is far less thick than that of storage. 7. From an investment perspective, the importance of light is somewhat similar to the early value discovery of counterfeit sectors. Being in a secondary contradiction. Summary: Having said so much, can we go up? Can go up The core target is MRVL+NOK+COHR+Lite+a bunch of upstream non US stock small plates But the overall risk of light is greater than that of storage, which requires both the continuation of AI CEPEX and the reliance on Nvidia's unchanging vision.