Galaxy Securities: Reasoning computing power resources urgently need expansion; the computing industry is still in a relatively high boom cycle.

Galaxy Securities Research Report points out that during the Spring Festival, the domestic communication industry experienced comprehensive development. 5G-A, satellite internet, 6G, and optical communication industries were less affected by the holiday. Companies related to AI intelligent agents, such as Zhipu Search Computing Partners and Doubao, which paused video call functions on February 16, all reflect a shortage of computing power. The continuous development of AI applications drives the ongoing increase in computing capacity. Overseas news mainly focuses on data center construction and the GPU-XPU roadmap. Nvidia remains a stable industry leader, and its acquisition of Groq technology licensing further consolidates its position in the inference hardware market. Market concerns before the holiday mainly relate to the resumption pace of optical communication-related companies in China in the first quarter, as well as capital expenditures and CPO implementation in the computing industry by 2027. Considering the development of computing applications during the Spring Festival, as well as overseas cloud providers’ 2026 capital expenditure plans and optical communication industry chain order status before the holiday, the computing industry remains in a high-growth cycle. Additionally, China’s optical communication industry chain actively resumed production and work during the holiday, and the short-term impact of the holiday on order fulfillment is expected to be minimal. The collaboration between META and Nvidia is expected to accelerate the adoption of CPO. (People’s Financial News)