Investors have increasingly framed AI networking as a binary debate between copper and optics. Thus they are constantly thinking and evaluating the rotation in and out each theme.

We think that the networking landscape can actually be viewed from a simpler lens. As GPU clusters scale， the importance of connecting them efficiently only increases， and that drives demand for more networking content of all types.

Copper and optics serve different but complementary roles. Copper remains the preferred solution where it can meet reach， power， cost， and reliability requirements， while optics becomes necessary where bandwidth and distance push beyond copper's practical limits. Nvidia's approach has been consistent： use copper where they can， and optics where they must.