CICC: Supernodes Reshape Domestic Compute, Overseas AI Boom Continues
Summary
CICC released a research report stating that as of August 14, 2026, the SW Communications Index and the communications equipment sector rose 36.3% and 44.9% respectively, significantly outperforming the broader market. The report believes that the overseas compute chain and industry chain price increases ran through the first half of the year, driven by global CSP capex upgrades, token demand explosion, 1.6T optical module volume, and AI industry chain earnings delivery. CICC remains bullish on the AI compute growth theme, recommending attention to domestic compute (supernodes, servers, switches, liquid cooling) and overseas compute (ASIC, optical modules).
Bubble analysis
The report mentions global CSP capex upgrades, which is a core argument for the AI bubble: massive capital spending far exceeds current AI revenue. However, the report provides no specific figures, only qualitative descriptions, so relevance is moderate.
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