The computing power industry chain is erupting again, but internal polarization is evident! Funds are intensively researching these areas

As the “AI Revolution” hype continues, the computing power industry chain is once again booming.

On February 26, concepts such as PCB, CPO, liquid-cooled servers, and computing chips all surged. Shenzhen South Electronics, Han’s Laser, Guanghe Technology, and Chuanrun Co. all hit the daily limit, Gaolan Co. rose by 20cm to the limit, and the Sci-Tech Innovation 50 Index briefly fell more than 1% during the day before gradually recovering, closing up 0.85%.

However, since the beginning of this year, there has been a clear divergence within the computing power sector. The former two major optical module leaders, New Easymount and Zhongji Xuchuang, fell 10.44% and 6.19% respectively, while CPO concept stocks like Tianfu Communications surged 78.31%. PCB companies Mingyang Circuit and Han’s Laser also rose sharply by 91.29% and 69.26%.

Chip giants’ performance validates expanding demand for computing power

On February 25, NVIDIA released its fiscal 2026 Q4 financial report. The quarter’s total revenue was $68.13 billion, with earnings per share of $1.62, both surpassing Wall Street expectations. The company also provided higher-than-expected guidance, projecting $78 billion in revenue for the first quarter of fiscal 2027 (±2%), not including data center revenue from China.

The better-than-expected earnings report attracted widespread attention from capital markets. On February 26, the entire computing power industry chain, including PCB, CPO, liquid-cooled servers, and chips, surged collectively. Shenzhen South Electronics, Huadong Electronics, Han’s Laser, and Guanghe Technology all hit the daily limit, with Gaolan Co. also reaching the limit with a 20cm increase.

Meanwhile, heavy-positioned funds also rose. Bosera’s 5GETF increased by 3.41% that day, and ETFs from Jiashi, Yinhua, and GF Securities rose over 2.5%. Several funds heavily invested in AI computing power, such as GF Li Xin A, Ping An Ding Yue, and Debon Emerging Industries, increased by over 5%.

Galaxy Fund believes that a certain overseas chip company’s Q4 revenue exceeded expectations, and its guidance for the next quarter was significantly higher than market consensus, confirming the expansion of demand for computing power. Coupled with the rise in fiber optic cable prices since the beginning of the year, this has driven strong performance in the communications sector. Additionally, AI computing demand is spreading across the entire semiconductor industry chain, with product price increases extending from storage chips to passive components like MLCCs. Driven by AI and automotive demand, raw material price hikes, and other factors, multiple rounds of price increases for passive components have occurred from late 2025 to February 2026, with increases generally between 5% and 30%, boosting the electronics sector.

ICBC Credit Suisse also states that the better-than-expected performance of chip giants reflects high prosperity across the entire AI computing power industry chain. As AI large models continue to strengthen their product capabilities, constraints on capital expenditure for computing power are easing. The market interprets high AI capital expenditure as a positive signal for seizing AI opportunities. Currently, a positive cycle is forming between “computing power applications and infrastructure investment,” and computing investment is expected to remain high over the next two years, benefiting segments like optical modules, PCBs, liquid cooling, and power supplies.

Funds intensively research computing stocks

Notably, recently, funds have been actively researching computing power concept stocks, with increased attention to data centers, PCBs, optical switches, and other industry hotspots.

For example, on February 25, multiple fund companies such as Fuguo Fund, UBS Fund, and Tianhong Fund conducted research on Shunhao Co. During Q&A, they focused on the company’s layout in space computing power. Shunhao stated that it holds a 27.8174% stake in Orbit Dawn, which actively responds to the “Computing Power Star Network” initiative launched by the China Academy of Information and Communications Technology. The space data center construction is planned from 2025 to 2027, aiming to break through key technologies in energy and heat dissipation, and to develop and test star systems, with Phase I of the constellation to be built.

Similarly, recent institutional research on Han’s Laser attracted participation from major public funds like E Fund, Southern Fund, Huitianfu Fund, and GF Fund. The company’s subsidiary, Han’s CNC, listed on the Hong Kong Main Board on February 6, achieving a dual A+H capital platform. The company noted strong demand for AI computing data center servers, switches, high-speed optical modules, and other terminals. The PCB industry is entering a new golden development phase. Industry research firm Prismark estimates that by 2025, PCB industry revenue and output will grow by 15.4% and 9.1%, respectively, with high multilayer and HDI boards related to AI servers and switches showing the strongest growth, with compound annual growth rates of 22.1% and 17.7% from 2024 to 2029.

Additionally, Huashang Fund, Puyin Ansheng Fund, Xingquan Fund, and Fuguo Fund participated in Tengjing Technology’s research, focusing on the progress of OCS full optical switches. The company stated that, based on the technical solutions of major domestic and international OCS equipment manufacturers, it can provide various precision optical components, including 2D collimator arrays and large YVO4 yttrium vanadate crystals, which have already received important customer orders.

PCB and CPO become focal points

However, this year, there has been a clear divergence within the computing power sector. The two major optical module leaders, New Easymount and Zhongji Xuchuang, declined 10.44% and 6.19%, respectively, while CPO and 1.6T optical engine leader Tianfu Communications surged 78.31%.

Moreover, compared to last year’s dominance of optical modules in the computing market, this year’s PCB sector has gained increasing market attention. Mingyang Circuit and Han’s Laser have risen sharply by 91.29% and 69.26% since the start of the year.

ICBC Credit Suisse believes that as the capabilities of large models shift from quantitative to qualitative changes, and multimodal models become more mature, the massive token consumption further demonstrates the genuine demand for AI. AI computing power has gained broader consensus, and ongoing investments in AI hardware are seen as positive signals for seizing AI opportunities. The “computing power application-infrastructure investment” cycle is gradually forming a positive feedback loop, and computing investments are expected to remain high over the next two years, benefiting segments like optical modules, PCBs, liquid cooling, and power supplies.

Some fund managers also noted that NVIDIA’s GTC 2026 conference, opening on March 15, will be a major focus, especially the possibility of NVIDIA shifting its chip focus further toward Rubin’s next-generation Feynman architecture.

“The core technological breakthrough of the Feynman architecture lies in using 3D stacking, integrating the inference-optimized LPU chips directly onto GPU cores. The new architecture’s LPU chips mainly adopt high-multilayer solutions, with single-chip PCB values potentially reaching $300–$500, further expanding the PCB market space and increasing the value of related segments,” said the fund manager.

(Edited by: Xu Nannan)