1. Market Background
Berkshire Hathaway, under Warren Buffett, made a significant investment in Google’s parent company Alphabet in the third quarter of 2025, which the market interpreted as a strong endorsement of Google’s AI ecosystem.
Google’s recent advancements in the AI field, particularly the deployment of its self-developed TPU chips and Gemini large models, have attracted attention to its computing power supply chain.
By building a vertically integrated capability from chips (TPU), models (Gemini), to cloud services (Google Cloud), Google is fully committed to developing its AI business.
Google’s self-developed TPU (Tensor Processing Unit) is the core of its AI computing power. It is not only used for training its own Gemini large models but is also rented out to other companies as a cloud service. The larger the TPU cluster, the higher the demand for optical modules, OCS, and other network devices.
2. GoogleRelated concept stocks for optical modules, OCS optical switches, liquid cooling, and optical fibers:
Changxin Bochuang (300548): Changxin Bochuang’s subsidiary, Changxin Sheng, is a core supplier of MPO connectors for Google’s data centers, accounting for 25%-30% of Google’s global procurement. Reports indicate that Bochuang Technology is collaborating with chip manufacturer Marvell, and its 1.6T AEC product based on Marvell chips has been sent to Google for sampling.
Cambridge Technology (603083): Through its U.S. subsidiary and its company Actiontec, Cambridge Technology provides a complete 20G Wi-Fi 7 solution for Google Fiber.
TeFa Information (000070): TeFa Information is a core supplier of MPO connectors for Google’s data centers, holding about 10% of its MPO procurement share.
Tengjing Technology (688195): OCS (Optical Circuit Switch) is a key device in Google’s data centers, and Tengjing Technology is a core supplier of optical components for Google’s OCS switches.
Guangku Technology (300620): Guangku Technology is one of the core OEM manufacturers for Google’s OCS switches. In addition to complete machine OEM, its subsidiary Jiahua Weijie is one of the suppliers of Google’s high-density MPO connectors.
DecoLi (688205): DecoLi customized an OCS complete machine solution for Google, which demonstrated a switching speed 10 times faster than traditional MEMS technology in tests and passed Google’s data center DCI scenario validation. Its self-developed silicon-based OCS product has received sample orders from overseas customers.
Invid (002837): Invid launched a 2MW CDU (Cooling Distribution Unit) product based on Google’s Deschutes 5 CDU specifications. Additionally, the company is also the first integrator of liquid cooling solutions for Intel’s Xeon 6 platform, and its quick-connect products are included in NVIDIA’s MGX ecosystem partner list.
BoJie Co., Ltd. (002975): BoJie Co., Ltd. provides testing solutions and equipment for Google’s cloud servers, covering electrical testing of GPU modules, server motherboards, etc. Besides testing equipment, the company’s liquid cooling components have been validated by Google and other cloud vendors.
Changfei Fiber (601869): Changfei Fiber is one of Google’s core fiber suppliers and holds a significant share. Changfei Fiber is also actively developing next-generation communication technologies. According to multiple brokerage reports, Google has utilized multi-core fiber technology to enhance its submarine cable systems. The market is also highly focused on hollow-core fiber technology, believing that tech giants, including Google, are accelerating its application.
Shenghong Technology (300476): Shenghong Technology is a core supplier of UBB (Universal Base Board) for Google’s data centers. Recently, Google representatives visited Shenghong Technology to discuss procurement for PCBs used in AI chips.
Huadian Co., Ltd. (002463): Huadian Co., Ltd. is one of Google’s PCB suppliers for data centers and AI servers.
Shenzhen South Circuit (002916): Shenzhen South Circuit is the PCB supplier for Google’s self-developed TPU (Tensor Processing Unit). The TPU is the core of Google’s AI computing power, similar to NVIDIA’s GPU. The company supplies high-end PCBs for Google’s latest TPU v7, and the technical validation has been completed.
Industrial Fulian (601138): Industrial Fulian is one of Google’s core suppliers for AI servers, dedicated to creating more efficient hardware foundations for AI training, cloud computing, and edge computing scenarios. Additionally, market analysis also mentions that the company is a core OEM for Google’s cloud servers and storage devices.
Oulutong (300870): Oulutong’s main business includes data center power supplies. Oulutong clearly stated in an investor Q&A on November 20, 2025, that Google is one of its clients in North America.
Zhiji Xuchuang (300308): The cooperation between the two parties has upgraded from early 40G products to the current 800G optical modules, and they are actively promoting the certification of more advanced 1.6T optical modules. Additionally, Google’s venture capital arm, Google Capital, led Zhiji Xuchuang’s C-round financing back in 2014.
Xinyi Sheng (300502): The market generally believes that Xinyi Sheng has entered Google’s supply chain and is one of its important suppliers of 800G optical modules.
Tianfu Communication (300394): Tianfu Communication is widely regarded as one of Google’s optical module suppliers.
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