Serenity: Mizuho Research Confirms No Delay in CPO and 800V DC Deployment, Recent Sell-off in Related Sectors Just a Misunderstanding

BlockBeats News, June 17th, Serenity forwarded the latest research report from Mizuho Securities and commented that the recent concentrated sell-off of CPO concept stocks was completely a foolish overreaction.

The Mizuho report pointed out that the market's concerns about Co-Packaged Optics (CPO) mass production delays and lagging behind in 800V DC deployment are unfounded. Both technological pathways are progressing as scheduled, with the mass production timeframe expected to remain between 2028 and 2029. Driven by the ramp-up demand for Nvidia's CPO switch (3.2T Spectrum-X) in 2027, Mizuho has simultaneously raised its Optical Engine (OE) shipment forecast.

In terms of technological direction, Mizuho believes that InP DFB lasers are still the long-term mainstream direction for CPO, specifically mentioning $SIVE as a related beneficiary. VCSEL and microLED have not been sufficiently validated in short-distance intra-rack and chip-to-chip scenarios above 1.6T, making it difficult for them to become mainstream alternatives in the short term. Regarding the deployment of 800VDC data centers, incremental shipments are expected to begin in 2027, with a further increase in penetration rate in 2028.

Previously, Nvidia's Senior Vice President of Networking also publicly denied any delays in the Spectrum-X Ethernet CPO switch, confirming that mass production and customer deliveries will proceed as scheduled in the second half of 2026.