1 AI 2024 AI AI 2024 AI AI 2024 H2 GPU 1.6T LPO CPO 1.6T AI 400G AI AIDC Atlas AI IDC AIDC 5G 5G 5G-A 5G/6G 1 AI 2 400G AI 3 4 5G 5G-A AI EPS PE CAGR-3 2024E 2025E 2026E 2024E 2025E 2026E 4.02 5.62 7.75 33.6 24.0 17.4 58.73%2.44 3.45 4.84 36.5 25.8 18.4 54.25%2.01 2.78 3.68 52.5 38.1 28.7 55.97%/0.44 0.58 0.77 81.2 61.2 45.9 47.96%/0.57 0.76 0.92 26.1 19.6 16.3 29.12%6.55 6.99 7.42 15.6 14.6 13.8 6.47%0.90 1.05 1.27 23.9 20.4 16.9 19.94%iFinD 2024 06 25 2024 06 28 S0590523120003 S0590524050003 1 2024.06.16 2 GPU AI 2024.06.10-30%-17%-3%10%2023/6 2023/10 2024/2 2024/6 300 2 1.5 1.1 AI.5 1.2.7 1.3.10 2.13 2.1.13 2.2.20 2.3 AI AIDC.23 3.5G 5G-A.26 3.1 5G.26 3.2 5G-A 5G.28 3.3 5G-R.33 4.34 4.1 Starlink.34 4.2.36 4.3.38 5.39 5.1.39 5.2.39 5.3.40 5.4.40 6.40 1 2024.5 2 GPT4o.6 3 Gemini 1.5 Pro.6 4 2024 AI.6 5 2024Q1.7 6 2024Q1.7 7 2025 Q1.7 8 2025 Q1.7 9.8 10 GPU.9 11 GPU.9 12 GPU.9 13 GB200 SuperPod.10 14 Spectrum X800.10 15.10 16 200G.11 17 800G/1.6T CPO.11 18 LPO/LRO.11 19 2022-2028.12 20 2018-2028.12 21 2023 2029 PIC 12 22.13 ZXEVvMrMnOoPtNnOnQqPoPaQ8Q6MmOnNpNnRjMmMqPfQqQoP9PrRwONZoNtOxNrNtR 3 23 2023.13 24 2024Q1.13 25 AI.14 26.14 27 AI.15 28 Atlas.15 29.15 30 2024-2025.15 31.16 32.16 33.16 34.17 35.17 36.17 37 2020.18 38 2020.18 39.18 40.18 41.18 42 2021 2.5G DFB/FP.19 43 2021 10G DFB.19 44 25G.19 45.20 46 8 10.20 47.20 48.20 49 400G.21 50 400G OTN.21 51.22 52.22 53 400G.22 54 WDM.22 55 WDM.22 56.23 57 2019-2023 IDC.23 58 2019-2025 IDC.23 59 IDC.24 60.24 61.24 62 CPU AI.25 63 AI.25 64 2023-2028.25 65 Atlas 800.25 66.26 67.26 68 20.28 69 2024.28 70 5G-Advanced.29 71.29 72.29 73.30 74.30 7 5.31 76.31 4 77.32 78 GSM-R.33 79 5G.33 80 2020-2030 5G-R.34 81 5G-R.34 82 Starlink 4.2.34 83 9.35 84 10.35 85 SpaceX.35 86 Iridium Next OneWeb Starlink.36 87 Starlink.36 88 Starlink.36 89.37 90 6G.37 91.37 92 2021-2023.38 93“”.38 94.38 95.39 v4sK5r3WQzp4Arq/tJym5knPyPSCGvG90wyKf2tEx5sCmjMp1wQfoegPpEPg+RFd 5 1.1.1 AI 2024 2025 B200 AI 5G-A 1 2024 5 14 OpenAI GPT-4o GPT-4o 50 232 6 5 15 I/O Gemini Pro 1.5 Sora Veo Imagen 3 Gemini 1.5 Pro 100 Tokens 200 35 Veo 60 1080p Imagen 3 2 GPT4o 3 Gemini 1.5 Pro AI IT 2024 AI SenseNova 5.0 GPT-4 Turbo 2.5 OpenCompass GPT-4Turbo 50%DiT 30s 3D 16s 5 30 AI 4 2024 AI 5.30 2.5 5.9 OpenCompass GPT-4Turbo 5.0 4.23 GPT-4 Turbo 3.5 4.26 2024Q1 Meta 432.99 31.98%3.66%BAT 2024Q1 7 275.51 199.98%37.47%20.38 57.37%44.32%111.53 220.67%25.92%143.60 225.50%90.80%5 2024Q1 6 2024Q1 Wind 1.2 2024 5 22 2025 2025Q1 225.63 427%23%194 478%29%Nvidia Hopper GPU 32 242%InfiniBand 2025 Q2 280 2%;GAAP GAAP 74.8%75.5%50bp 75%7 2025 Q1 8 2025 Q1 Wind Q1FY25 Q1FY25 GPU AI Q1FY25 45%8 2024 2 GPU 2020 Ampere 2022 Hopper 2024 Blackwell 2024 6 2 CEO“”Blackwell 2025 Blackwell Ultra AI 2026 AI Rubin 2027 Rubin Ultra 8 GPU 1000 9 Pascal P100 GPU Blackwell B100 GPU 8 GPU 1053 19 TFLOPS 20000 TFLOPS Blackwell Token Pascal Token 1.7 Blackwell Token 0.4 B100 9 10 GPU 11 GPU GPU 2024 Blackwell GPU AMD Instinct MI325X Trillium Blackwell 12 GPU B100 2024 Blackwell 192G 8x24GB 8 TB/s B200 2024 Blackwell 192G 8x25GB 8 TB/s GB200 2024 2xB200 GPU,1xGrace CPU 384GB 2x8x24GB 16 TB/s H100 2022 Hopper 80 GB 3.4 TB/s H200 2023 Hopper 141 GB 4.8 TB/s AMD MI325X 2024 CNDA 3 288 GB 6.0 TB/s MI300X 2023 CNDA 3 192 GB 5.3 TB/s Intel MAX 1550 2023 Xe-HPC 128 GB 3.3 TB/s MAX 1100 2023 Xe-HPC 48 GB 1.2 TB/s Trillium 2024 TPU 190 GB 5.6 TB/s TPU v5p 2023 TPU 95 GB 2.8 TB/s IT NVLink InfiniBand GTC NVIDIA DGX SuperPOD AI NVIDIA DGX SuperPOD 36 NVIDIA GB200 Grace Blackwell 36 NVIDIA Grace CPU 72 Blackwell GPU NVIDIA NVLink 10 13 GB200 SuperPod GTC X800 InfiniBand Quantum-X800 Spectrum-X800 NVIDIA Quantum-X800 Quantum-9700 200Gb/s-per-lane SerDes 72 OSPF 1.6T 144 800G Quantum-X800 10386 Spectrum X800 51.2TB 256 radix 64 OSPF 800G 2025 Spectrum X800 Ultra 512 512 radix 2026 Spectrum X1600 102.4TB 14 Spectrum X800 15 1.3 2024 H2 GPU NVLink InfiniBand NVIDIA Quantum-X800 200Gb/s-per-lane SerDes 72 OSPF 1.6T 144 800G 1.6T 200G 11 200G 51.2T/102.4T 200G EML VCSEL CW 200G 1.6T 16 200G DSP(LPO)(CPO)DSP PAM4 DSP LightCounting LPO/CPO 2026-2028 800G 1.6T 30%17 800G/1.6T CPO 18 LPO/LRO C114 LightCounting,C114 Yole GaAs(DML)InP(EML)“”VCSEL LPO/CPO LightCounting LightCounting 2022 24%2028 44%Yole 2022 6800 2028 12 6 2022 2028 44%800G 1.6T 3.2T 200G 400G 19 2022-2028 20 2018-2028 Yole LightCounting LightCounting VCSEL InP SiP TFLN LPO CPO 21 2023 2029 PIC LightCounting 1.6T OSFP 1.6T-DR8 OSFP224 LPO VCSEL/EML 400G/800G/1.6T 100G/lane 200G/lane 400G/800G LPO 1.6T 2023 2024 Q1 AI 2024 4 22 240421 13 2024Q1 1.6T 2024H2 800G 2024 5 9 0509 800G 22 C114 Yole 2023 11.16%/62.04%2023 6.43%/0.57%2024Q1 163.59%/85.41%/154.95%23 2023 24 2024Q1 Wind Wind 2024H2 2025 1.6T CPO LPO 2.2.1 AI 2022 AI IaaS 14 25 AI 2022/8/9 CHIPS for America Act 2022()2022/10/7 BIS 2023/10/17 Implementation of Additional Export Controls:Certain Advanced Computing Items;Supercomputer and Semiconductor End Use;Updates and Corrections 2023/10/17 Export Controls on Semiconductor Manufacturing Items 2024/1/29 IaaS IaaS AI FEDERAL REGISTE AI 2024 17 EFLOPS 21 EFLOPS 26 2023 2024(FP32)8.0 EFLOPS 14%(FP16)10.1 EFLOPS 206%(FP32)9 EFLOPS(FP16)17 EFLOPS(FP32)4.1 EFLOPS(FP16)11.0 EFLOPS(FP16)21 EFLOPS GPU Atlas AI 15 27 AI 28 Atlas C114 2024 5 13 29 2024 4 18 191.04 7 21.05%30 2024-2025 AI 21.05%17.54%15.79%14.04%12.28%()10.53%8.77%C114 16 AI 31 370 7nm 390 256TOPS(INT8)270 2 JM9 DCU 8000 CUDA LLaMa GPT Bloom ChatGLM 2 AI XPU-R 1 2 AI 2-3 AI AI 2020 1807 2025 2112 5 CAGR 3.2%2020 343.8 19%2025 574.2 5 CAGR 10.8%27.2%32 33 OSI ACL 17 34 2020-2025 5 CAGR 5.3%2020-2025 5 CAGR 18%2025 70.2%35 36 2020 61.7%20.0%16.1%1.60%2020 88%11%99%18 37 2020 38 2020 2022 8 Tomahawk5 51.2Tbps 800G 39 40 5G NextPlatform Mellanox Marvell 51.2Tbps 2.4Tbps 12.8T 25.6T 41 Tbps)G Tomahawk 5 51.2 800 Mellanox Spectrum 4 51.2 800 Marvell Teralynx 10 51.2 800 G200 51.2 800 TsingMa MX 2.4 400 Arctic 12.8 25.6 800 ES8000-80 8 400 19 CW ICC 2021 2.5G 90%10G 60%42 2021 2.5G DFB/FP 43 2021 10G DFB ICC ICC ICC OFC2024 200G VCSEL 200G EML 200G CW 1.6T 800G 100G 25G DFB 400G/800G 53/56G/112G PAM4 EML CW-DFB 44 25G 25G DFB 1310nm PSM4 100G 25G DFB CWDM4 100G 25G DFB LWDM4 100G 53G PAM4 EML 1310nm 400G/800G/1.6T 53G PAM4 EML CWDM4 53G PAM4 EML LWDM4 56G PAM4 EML 1310nm 112G PAM4 EML 1310nm 224G PAM4 EML 1310nm 56G PAM4 VCSEL 850nm 500m 400G/800G/1.6T 112G PAM4 VCSEL 850nm CW-DFB 1270-1330nm LPO 20 45 100G EML 200G EML 200G PAM4 EML 70mW/100mW CW 25G DFB CW 2.2 DCI 2022 2 17,8 10/SLA 46 8 10 47 2022 400+2.5KW 2027 1900Tbps 48 21 400G C114 2023 11 24 400G OTN 1 400G OTN 2 400G OTN 3 400G OTN 49 400G 400G 100G OTN 4 10 10 80 400G 400G 400G 400G 400G 50 400G OTN 100G C80 200G C120 400G C120+L120 800G QPSK S+C+L+U PS-16QAM S+C+L 22 51 52 400G 400G DCI 40km 53 400G 400G DCI AI 400G 800G AOC DC 2024-2025 400ZR/ZR+800ZR/ZR+WDM 54 WDM 55 WDM LightCounting LightCounting 400G OTN 400G OTN 23 56 400G OTN AWG C+L 400G ZR 800G ZR C114 2.3 AI AIDC 5G IDC 2023 IDC 5078.3 2022 25.6%IDC IDC 2023 IDC 2023 IDC 2059 152 IDC 270.4 IT 12545MW 4.6kW 2022 12.1%2023 IDC 152.5 IT 7059MW 10%4kW IDC IDC 86%42%44%14%57 2019-2023 IDC 58 2019-2025 IDC AI 2000 24 IT 2000-2010 2010-2020 2021,IDC+2025 IDC 10096.9 2021-2025 CAGR 34.97%59 IDC 2023-2024 2024-2027 117.3 EFLOPS 3 CAGR 17.78%2024-2027 1117.4 EFLOPS 3 CAGR 31.00%60 61 IDC IDC AI AI CPU GPU CPU 300W GPU CPU H100 700W AI 25 Atlas 800 AI 5.6kW Atlas 900 PoD 46kW 2024 GTC NVL72 120kW 4.6kW AI 62 CPU AI 63 AI AMD PUE 2024 AI IT IDC 2023 15.5 2023-2028 45.8%2028 102 Altas 800 8 AI 64 2023-2028 65 Atlas 800 IDC 2 NPU 17 CPU IDC IDC IT 26 MaaS AIDC AI 66 4.6kW 10kW AI IDC AI IDC AIDC IDC AI IDC 3.5G 5G-A 3.1 5G 2020-2022 2023 2023 67 2020 27 2021 2022 2023 1987 1G 2G 3G 4G 2019 5G 10 3G 4G 2012 2005-2012 8 CAGR 12.18%8 CAGR 13.58%8 CAGR 9.28%8 CAGR 8.63%2013-2018 4G 2013-2018 6 CAGR 4.29%6 CAGR 5.37%6 CAGR 3.97%6 CAGR-0.23%2019-2024 5G 5 2020 2020-2024 4 CAGR 7.61%4 CAGR 8.15%4 CAGR 0.45%4 CAGR 6.91%28 68 20 Wind 2023 2024 AI 5G 69 2024 2024 2024 1730 20%5G 7 10 2024 960 2023 2.9%650 2024 2023 C114 3.2 5G-A 5G 5G-A 5G 5G 2021 4 3GPP 5G R18 5G-Advanced 5G-A 5G 5G-A 29 70 5G-Advanced 71 IMT2020-5G 5G-A IMT-2023(6G)5G-A 5G-A 72(2023)30 73(2023)74 31 75 IMT2030-6G 5G 5G 5G CNS 76 2021 7 IMT-2020(5G)2022 3GPP SA1 Rel-19 5G-A AI 5G-A 32 77 IMT2020-5G 5G-Advance MIMO MIMO MIMO MIMO MIMO 5G-A 5G-A 6G 33 5G-A 3.3 5G-R GSM-R 900MHz 885-889MHz 930-934MHz 2 4MHz 6-9km GSM-R 100 KB 2G GSM-R 2023 10 5G 5G-R 5G-R 5G-R 5G GSM-R 5G-R 78 GSM-R 79 5G 5G 2G GSM-R 5G FRMCS 2025 5G 2030 2024 5G-R 5G GSM-R 2030 34 80 2020-2030 5G-R+2022 5G-R 2022 15.50 2022 4100 2023-2035 4.50 3462 5G-R 100.00%/80.00%/60.00%5G-R 4.08-6.25 81 5G-R 2022 4100 15.50 3462 7 2030 5G-R%100.00%80.00%60.00%15.50 12.40 9.30+2.56 2.12 1.67 6.25 5.16 4.08 4.4.1 Starlink Starlink SpaceX 1.2 SpaceX 2033 Starlink 4.2 2024 6 5 6571 82 Starlink 4.2 50%550km 1584 Ku/Ka/V 2024 3 2027 3 540km 1584 Ku/Ka/V 570km 720 Ku/Ka/V 560km 520 Ku/Ka/V 335.9km 2493 V 2024 11 2027 11 35 340.8km 2478 V 345.6km 2547 V 328-580km 30000 35-2030 3 2033 3 41926 9 5000 0.4%10 2 9 4 6 225 2024 4 9 300 19 83 9 84 10 SpaceX Starlink SpaceX SpaceX 1 9 SpaceX 200 85 SpaceX 36 Starlink 2021 1 9 143 2023 96 43%,83%,15%86 Iridium Next OneWeb Starlink Iridium Next OneWeb Starlink 9 Block5 2.1b 9 Block5 6375 8000 3692 9-10 34 60 680 235.29 61.53 860kg 147kg 260kg 0.79/kg 1.6/kg 0.24/kg Starlink 2024 1 Starlink T-Mobile 5 22 2025(loT)2024 5 21 Starlink Starlink 100 300 C 599/+120/SpaceX SpaceX 150 87 Starlink 88 Starlink Starlink X 4.2 5G/6G 6G 6G 37 6G 89 90 6G 6G(V.2021)6G 6 ITU 2023 10 19 2023-2026 2024 5 24 ITU HONGHU-3 160 1 GW G60 91/GW GW-A59/GW-2 12992 2023 12 30/S G60 12000 2023 7 25 G60 2024 108 2027 1296 HONGHU-3 10000 ITU 2023 13 12 20%2023 9 38 Mate60 Pro 2024 5 21 92 2021-2023 93 21 70%2023 7 2025 2 1 SpaceX 9 4.3 94 39 T/R FPGA T/R T/R 95 T/R ADC/DAC T/R FPGA T/R iFind 5.5.1 AI 1.6T CPO LPO 5.2 400G 400G 400G AI 40 5.3 5G ARPU 5G 5.4 5G-A 5G/6G 6.AI AI AI 41 6 12 6 12 A 300 500 20%5%20%-10%5%10%10%-10%10%10%/208 A 4 1198 37 8 12 4068 1 13 0510-85187583