Goldman Sachs: US Plans to Ban Chinese Optical Modules, Leading Manufacturers' Moat Deeper Than Market Expects

According to TechFlow Research, Reuters reported on August 4 that the Trump administration and the FCC are drafting a plan to ban US imports of Chinese data center components, with optical modules specifically mentioned. Goldman Sachs responded to three core questions in an August 10 research report: rapid technological iteration, strong AI demand, and high R&D requirements for multiple SKU varieties make clients more reliant on existing leading manufacturers in the current environment and unlikely to switch to new suppliers easily. Seven of the top ten global optical module suppliers are headquartered in China, and their market share in 2025 will expand further compared to 2024. Goldman Sachs pointed out that leading manufacturers have outstanding advantages in capacity commitments, automated production, and manufacturing efficiency. Product upgrades to 1.6T and above further raise the manufacturing threshold, making it difficult for small and medium-sized manufacturers to catch up in the short term. Overseas capacity deployment is underway; Eoptolink's Phase I in Thailand is at full capacity, and Phase II will expand in 2026, establishing a long-term diversification trend. Goldman Sachs gave Buy ratings to Eoptolink and Robotechnik, and also gave Buy ratings to FOCI, LandMark, and VPEC (all Taiwan stocks), believing that technology, capacity, and customer synergy constitute difficult-to-replicate competitive barriers.