CITIC Securities: ASIC Increases Investment in AI Network Construction to Accelerate Again

CITIC Securities research report stated that with the resonance of AI reasoning and training demand, as well as the maturation of ASIC chips, the wave of AI network construction is once again starting. Leading international chip companies Marvell and Broadcom's ASIC projects are continuously increasing, and ASICs may jointly drive the next round of Capex investment and network construction wave along with NVIDIAs computing cards. A benign cycle from AI investment to AI revenue and back to AI investment has been formed. The trend of updating and upgrading interconnection components such as optical modules and copper cables is becoming clearer, ushering in a period of high prosperity. It is recommended to focus on manufacturers who are leading in the optical module industry chain, copper cables/AEC and other directions.