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历史观点（1 条，最新在上）

2026/07/30 06:52UTC看多信心分：7/10跳转 X 原文 →
English · 原文
Just some interesting takeaways from $FORM earnings call on CPO: Since they attributed systems revenue nearly doubled due to: "accelerating growth in co-packaged optics or CPO". Q1 2026: "we now expect 2026 CPO revenues to come in at the high end of the $10 million to $20 million range" Q2 2026 (now): "expect to exceed that range by the end of the third quarter, and to significantly exceed the $20 million level for the year overall." Management stated "We’re seeing some significant acceleration in this [CPO] business". Q: CPO adoption outlook. Are we perhaps expecting the timeline to accelerate a little bit? A: "What I would say is there’s acceleration here in the very short term." But management stated there's not a significant pull-in on timelines. Citing production infrastructure (not just R&D) for: - The growing volumes of CPO chips planned for later this year + test insertion for scale-up and scale-out switches. - Seems like that CPO piece flows through $TSM COUPE [ likely maps to $NVDA CPO products] - "The CPO piece does flow through that 10% customer" So now, test is ramping given management cited growing volumes of CPO chips. "The rapid recent growth of our CPO business is an exciting development, which we believe represents the very early stages of widespread adoption of silicon photonics in the broader semiconductor industry" TLDR: Fundamentally, CPO as a theme is very early, and should start to go brrr soon since it's starting to show up in earnings now (equipment/test players usually appear up first before optical engines / laser volumes ramp). Personally once all the deleveraging stops, I think markets will start to care more.
2026/07/30 06:52UTC看多信心分：7/10跳转 X 原文 →
中文 · 翻译
整理了 $FORM 财报电话会上关于 CPO 的一些有意思的看点：因为他们将系统收入几乎翻倍归因于：“共同封装光学器件（CPO）的加速增长”。 2026 年第一季度（预测）：“我们现在预计 2026 年 CPO 收入将达到 1000 万至 2000 万美元区间的上限。” 2026 年第二季度（最新预测）：“预计到第三季度末将超出该范围，全年 CPO 收入将显著超过 2000 万美元。” 管理层表示：“我们看到这项 CPO 业务正在显著加速。” 问：CPO 的采用前景如何？我们是否可以期待时间表能稍微提前一些？答：“我想说的是，短期内确实有加速。”但管理层表示，时间表没有显著提前。提到需要生产基础设施（不仅仅是研发），是为了： - 今年晚些时候计划的 CPO 芯片产量增长 + 用于横向扩展和纵向扩展交换机的测试导入。 - 看起来 CPO 这块业务是通过 $TSM COUPE 走的 [ 很可能对应的是 $NVDA 的 CPO 产品 ] - “CPO 这块业务确实通过那个占我们 10% 收入的客户。” 所以现在，考虑到管理层提到了 CPO 芯片的产量正在增长，测试环节正在加速。 “我们 CPO 业务近期快速增长是一个令人振奋的进展，我们相信这代表了硅光子技术在更广泛半导体行业中普遍采用的早期阶段。” TLDR（太长不看）：从根本上看，CPO 作为一个主题还处于非常早期，但它已经开始在财报中显现（设备/测试厂商通常在光引擎/激光器出货量大增之前就先有表现），所以应该很快就要起飞了。就我个人而言，一旦所有的去杠杆化停止，我觉得市场就会开始更关注它了。

历史观点（1 条，最新在上）

2026/07/30 06:52UTC看多信心分：7/10跳转 X 原文 →

English · 原文

Just some interesting takeaways from $FORM earnings call on CPO: Since they attributed systems revenue nearly doubled due to: "accelerating growth in co-packaged optics or CPO". Q1 2026: "we now expect 2026 CPO revenues to come in at the high end of the $10 million to $20 million range" Q2 2026 (now): "expect to exceed that range by the end of the third quarter, and to significantly exceed the $20 million level for the year overall." Management stated "We’re seeing some significant acceleration in this [CPO] business". Q: CPO adoption outlook. Are we perhaps expecting the timeline to accelerate a little bit? A: "What I would say is there’s acceleration here in the very short term." But management stated there's not a significant pull-in on timelines. Citing production infrastructure (not just R&D) for: - The growing volumes of CPO chips planned for later this year + test insertion for scale-up and scale-out switches. - Seems like that CPO piece flows through $TSM COUPE [ likely maps to $NVDA CPO products] - "The CPO piece does flow through that 10% customer" So now, test is ramping given management cited growing volumes of CPO chips. "The rapid recent growth of our CPO business is an exciting development, which we believe represents the very early stages of widespread adoption of silicon photonics in the broader semiconductor industry" TLDR: Fundamentally, CPO as a theme is very early, and should start to go brrr soon since it's starting to show up in earnings now (equipment/test players usually appear up first before optical engines / laser volumes ramp). Personally once all the deleveraging stops, I think markets will start to care more.

2026/07/30 06:52UTC看多信心分：7/10跳转 X 原文 →

中文 · 翻译

整理了 $FORM 财报电话会上关于 CPO 的一些有意思的看点：因为他们将系统收入几乎翻倍归因于：“共同封装光学器件（CPO）的加速增长”。 2026 年第一季度（预测）：“我们现在预计 2026 年 CPO 收入将达到 1000 万至 2000 万美元区间的上限。” 2026 年第二季度（最新预测）：“预计到第三季度末将超出该范围，全年 CPO 收入将显著超过 2000 万美元。” 管理层表示：“我们看到这项 CPO 业务正在显著加速。” 问：CPO 的采用前景如何？我们是否可以期待时间表能稍微提前一些？答：“我想说的是，短期内确实有加速。”但管理层表示，时间表没有显著提前。提到需要生产基础设施（不仅仅是研发），是为了： - 今年晚些时候计划的 CPO 芯片产量增长 + 用于横向扩展和纵向扩展交换机的测试导入。 - 看起来 CPO 这块业务是通过 $TSM COUPE 走的 [ 很可能对应的是 $NVDA 的 CPO 产品 ] - “CPO 这块业务确实通过那个占我们 10% 收入的客户。” 所以现在，考虑到管理层提到了 CPO 芯片的产量正在增长，测试环节正在加速。 “我们 CPO 业务近期快速增长是一个令人振奋的进展，我们相信这代表了硅光子技术在更广泛半导体行业中普遍采用的早期阶段。” TLDR（太长不看）：从根本上看，CPO 作为一个主题还处于非常早期，但它已经开始在财报中显现（设备/测试厂商通常在光引擎/激光器出货量大增之前就先有表现），所以应该很快就要起飞了。就我个人而言，一旦所有的去杠杆化停止，我觉得市场就会开始更关注它了。