We're still at the beginning of the CPO supercycle.
Bank of America report on Optical Interconnects & CPO:Total Optical TAM expansion of 5x:2025 = $14B2030 = $73BWith a CPO contribution of $15B.That matches to Goldman's low-end CPO scenario - based on $NVIDIA(NVDA.US) Vera Rubin / Rubin Ultra spec mix.(GS high-end CPO TAM is $91B by 2028)And just to note: BofA are *always* more conservative w/ projections than GS.-> Regardless, BofA's CPO projections still have the same parabolic curve as GS, all the way up to 2030+."We are more optimistic about the ramp of CPO over the next several years given the clear performance and roadmap benefits""We estimate that CPO sales for optics (mainly lasers) will begin to inflect in CY28"Just another confirmation on front-running institutions + supplier Earnings e.g. $Lumentum(LITE.US) / $Coherent Corp.(COHR.US) / $Marvell Tech(MRVL.US) / $SIVE.
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