The second day of the Computex event in Taipei saw NVIDIA CEO Jensen Huang share the stage with Marvell Technology CEO Matt Murphy. Their core consensus pointed squarely to the next decisive battleground in AI infrastructure: not computing power, not memory, but connectivity. Optical interconnect technology is undergoing a generational leap from "pluggable" towards "co-packaged," fundamentally reshaping the valuation landscape for the communications sector.
The Guotai Communication ETF (515880) surged 6%, having attracted over 45 billion yuan in net inflows in the past 20 days. It focuses on core computing power components like optical modules, servers, and optical fibers/cables, with optical module exposure exceeding 50%.
Jensen Huang's Statement Reshapes Valuations: Connectivity as AI's Next 'Scarce Resource'
During the Computex dialogue, Jensen Huang offered a thought-provoking assessment: the bottleneck in AI factories is shifting from computation to connectivity. While copper will be used where possible, when transmission distance and bandwidth surpass physical limits, vast quantities of optical components—especially next-generation CPO (Co-Packaged Optics) technology—will become an indispensable, rigid demand.
Connectivity is becoming the "Achilles' heel" of AI compute clusters. As AI model parameters approach trillions, the data exchange between GPUs within a cluster grows exponentially. Traditional pluggable optical modules are nearing their limits in power consumption, signal integrity, and density. Huang explicitly stated that NVIDIA's Spectrum-X switches are already fully deploying CPO, proving the technology's commercial viability in scale-out networks. Marvell Technology CEO Matt Murphy added that Marvell's custom XPUs and interconnect solutions are seeing exceptionally strong order flow, with connectivity components moving from a "supporting role" to a "leading role."
The valuation logic is shifting from "cyclical components" to "core AI components." Previously, the market viewed optical modules and devices as data center supporting equipment, valued as cyclical stocks. Huang's endorsement suggests that high-speed interconnects will become a strategic resource as crucial as GPUs. Wanlian Securities notes that AI data center demand is increasingly spilling over into the high-speed interconnect side, with products like optical modules, switches, and data center interconnect modules being core beneficiaries across multiple scenarios, and the valuation system is expected to shift towards growth stocks.
Cignal AI Forecast: Annual CPO Port Deployments to Exceed 30 Million by 2030, Accelerating Technological Transition
Cignal AI recently released its first quantitative forecast for the CPO deployment and ELSFP (External Light Source Form Factor Pluggable) module market. The report indicates that after years of technological accumulation and large-scale investment, CPO has crossed the threshold for commercial deployment, ushering in a quantifiable market outlook.
The ELSFP market is projected to surpass $100 million by 2026 and exceed $1.5 billion by 2030. Citing the report, Wanlian Securities states that as scale-up applications enter mass production, the ELSFP module market will break the $100 million mark in 2026, growing annually to over $1.5 billion by 2030. Conservatively estimated, the number of CPO ports deployed annually by 2030 could exceed 30 million, with growth starting in 2027 and accelerating between 2029 and 2030.
Dual-path advancement by NVIDIA and Broadcom is opening a new market in scale-up scenarios. NVIDIA is already the first supplier to deploy CPO in volume through its Quantum-X and Spectrum-X switches. Once the technology is validated in large-scale applications, Broadcom's Davisson platform will provide a second path for commercial deployment. Wanlian Securities analysis suggests CPO is poised to gradually move from "technology validation" to "scale deployment." In the scale-out domain, CPO deployment currently represents a small portion of the 1.6T pluggable market; whereas in the scale-up domain, CPO will replace copper cables, creating a brand-new incremental market for optical interconnects, which aligns precisely with the core meaning of what Jensen Huang termed an "indispensable, rigid demand."
Guotai Communication ETF (515880): A Single Instrument for Panoramic AI Computing Power Diffusion Opportunities, Tops Its Category with Over 300 Billion AUM
Driven by Jensen Huang's redefinition of the AI bottleneck and Cignal AI's blueprint for a trillion-port CPO market, the communications sector is facing a historic "connectivity revaluation" opportunity. The simultaneous rise in volume and price for 800G/1.6T optical modules, accelerating penetration of 51.2T switches, and the new incremental markets opened by ELSFP and CPO are driving a full-stack upgrade for the communications hardware industry chain.
The Guotai Communication ETF (515880) is highly concentrated on core computing power hardware like optical modules and servers. It leads in both scale and liquidity, serving as an efficient tool for investors to gain single-ticket exposure to the AI computing infrastructure sector.
The computing hardware industry chain involves numerous segments with rapid technological iteration and significant stock-specific volatility. ETF investing can effectively diversify risk and capture the industry's overall beta returns. The Guotai Communication ETF (515880) offers distinct advantages:
1. High Purity: Over 50% of its weight is concentrated in optical modules, with an aggregate exposure exceeding 80% when combined with servers, copper connections, and optical fiber—core segments highly correlated with AI computing power prosperity.
2. Strong Scale and Liquidity: As a sector ETF with assets under management in the hundreds of billions, it offers ample liquidity, facilitating entry and exit for large capital, and is widely recognized as a benchmark product for computing hardware investment.
3. Good Market Representation: Its performance effectively reflects the resonance between overseas computing capital expenditure cycles and domestic industrial upgrade logic, as the communications hardware industry chain embraces full-stack upgrade opportunities.
Compared to individual stock investments, ETFs can effectively diversify risks associated with a single company's technological iteration and concentration. With catalysts like leading companies validating industry prosperity and surging token consumption driving business model upgrades, the Guotai Communication ETF (515880) provides investors with an efficient tool for single-ticket allocation to the core AI computing power track.
Note: Data source: ifind, as of 2026/6/2, the Guotai Communication ETF AUM was 337.54 billion, ranking first among 8 similar products (defined as those tracking an index containing "communication" in its name and with the communication sector (Shenwan primary industry) as its largest industry weighting). Weightings are as of 2026/5/6. Mentioned stocks are for industry event analysis only and do not constitute any stock recommendation or investment advice. Short-term index fluctuations are for reference only and do not represent future performance or constitute a promise or guarantee of fund performance. Views may adjust with market changes and do not constitute investment advice or promises. Mentioned funds have varying risk-return characteristics. Investors are advised to carefully read fund legal documents, fully understand product features, risk levels, and profit distribution principles, choose products matching their own risk tolerance, and invest cautiously.
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