An analysis is as fierce as a tiger, with all the ups and downs depending on Trump Today, the optical module finally rebounded, and as a result, Trump's policies came Last night, the AI optical communication chain in the US stock market collectively strengthened: NVIDIA+2.93% Maxwell+3.31% Lumentum +9.24% Corning+6.07% Coherent +9.60% Today, the A-share market "Yi Zhongtian" rose sharply, and the ChiNext board showed a significant increase in volume, indicating that oversold funds have begun to replenish AI hardware core assets. Just today, Reuters revealed that the Trump administration is pushing the FCC to draft a ban on importing new types of data center optical transceivers produced by Chinese companies. The reason remains national security: Prevent devices from being used to steal data, implant malicious software, or interrupt services. At present, the plan has not been officially implemented, and the focus is on new models of products, rather than immediately clearing all deployed equipment. This means that the market for optical modules is beginning to differentiate: American optical communication companies receive policy premiums, while Chinese optical module leaders need to bear geopolitical discounts. Reuters specifically named Zhongji Xuchuang, whose global optical transceiver market share is about 27%; About 61.7% of the company's revenue in the first quarter of this year came from the US market, with overseas customers and US AI capital expenditures remaining important sources of growth. Potential beneficiaries include Coherent and Lumentum, but the cost may be an increase in procurement costs for US cloud service providers such as Amazon. So, 'Nvidia regains its upward trend, and A-share optical modules will definitely benefit' is only half right. On the demand side, AI clusters and CPO mass production continue to strengthen the optical communication landscape; On the policy side, the United States is trying to leave these orders to its domestic supply chain. In the short term, there is still room for a rebound after a severe oversold, and optical modules may continue to serve as pioneers in AI repair. But what really determines the valuation in the mid-term is not just the growth rate of orders, but also: What products will be ultimately covered by the US ban, can customers continue to purchase, and can domestic manufacturers bypass the restrictions through overseas production capacity and CPO upgrades.