"Copper Decline, Fiber Boom" Expectations Shift? Jensen Huang's One Statement Sends A-Share CPO Sector Plummeting

(Source: Caixin)

After the conference announced multiple technological breakthroughs, the A-share computing power industry chain plummeted. On March 17, the market was led downward by optical modules, optical communication, optical chips, and other computing power sectors, with most leading stocks giving back nearly five days of gains in early trading.

On March 17, hardware stocks such as CPO continued to decline, with Vogt Photonics (603773.SH) hitting the daily limit down. Tianfu Communication (300394.SZ) and DekeLi (688205.SH) fell over 10%, while Robotech (300757.SZ) and Changxin Bochuang (300548.SZ) saw significant declines.

From March 16 to 19, local time, NVIDIA (NVDA.US) GTC 2026 conference will be grandly held in San Jose, California. At 2:00 AM Beijing time on March 17, NVIDIA CEO Jensen Huang delivered a highly anticipated keynote speech at GTC 2026. Following the announcement of multiple technological breakthroughs, the A-share computing power industry chain experienced a sharp decline. On March 17, optical modules, optical communication, and optical chips led the market downturn, with most leading stocks retracing nearly five days of gains in early trading.

Analysts believe that some of NVIDIA’s new generation chips, slated for release in 2028, have caused short-term market sentiment disturbances. Although the iteration of related optical communication technologies provides long-term benefits, for funds seeking certainty, this positive news still leaves the subsequent growth impact on the industry chain uncertain. Coupled with high valuations and significant prior gains, short-term correction pressure is considerable.

Additionally, analysts point out that this A-share sector movement may stem from a revision of copper narratives at the GTC conference. During the event, Jensen Huang previewed the next-generation Feynman system, equipped with a new GPU, LPU, a new CPU called Rosa, Bluefield 5, and Kyber architecture, supporting copper cabling and CPO expansion. This was interpreted by the market as a confirmation of the “optical and copper coexistence” technical route, whereas previously, the market generally expected “optical replacing copper.”

Tianfeng Securities (rights protection) noted that copper interconnection and optical interconnection are not entirely opposing but complementary. In future AI clusters, both are expected to coexist long-term. Within racks (Scale-Up), interconnection will utilize NPC, CPC, and Cabletray, leveraging copper’s high bandwidth density, low cost, and low latency; between racks (Scale-Out), CPO/NPO and pluggable optical modules will address long-distance transmission issues.

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