北京时间 2026-07-21 17:14:20 · 供应链分析

AMD活动或确认CPO路线，利好SIVE等上游光模块供应商。

中文翻译

情况稍显微妙。基本上，$AMD 的 SF 活动将在明天（周三/周四，7月22-23日）举行。根据杰富瑞(Jefferies)的客户笔记，AMD 预计将提供更多关于其可能的大规模扩展共封装光学(CPO)路线图及 MI500 的披露信息。如果他们确认 CPO 路线，这在主题上将是积极的，因为这意味着不仅仅是 $NVDA 在推动这一转型。至于 $SIVE，如果确认他们直接处于 AMD 供应链中，我们将获得更清晰的认知。目前，可以通过 $GFS（据报道参与 AMD MI500 CPO 工作）或 AYAR（AMD 投资的公司）进行映射，但尚无正式确认。因此，如果你正在交易：- CPO 主题利好：MI500 明确承诺采用 CPO/光互联 UALink。- AMD 披露使用 Ayar Labs 或 GF SCALE 用于 MI500 CPO：鉴于 $SIVE 是上游激光器供应商/参考激光器，这对他们将极其利好。目前，杰富瑞的 Blayne Curtis 预计 AMD 将与 $ALAB 合作 UAL，与 $AVGO 合作 ESUN……但关键细节如下：“我们关注 AMD 是否承诺基于 CPO 的大规模扩展解决方案，以及谁提供光引擎”。周三/周四我们将通过供应链获得更广泛的认知，今天尚早，难以定论。

英文原文

It's slightly more nuanced. Basically, $AMD SF event is tomorrow, Wed/Thurs (July 22, 23). From Jefferies client note, AMD is expected to provide additional disclosures around their likely scale-up CPO roadmap + MI500. If they confirm CPO route, would positive thematically since it's not just $NVDA forcing the transition. As for $SIVE, we'll get a better read if they're directly in AMD supply chains. Since right now, it's possible to map it through $GFS (reportedly involved in AMD MI500 CPO work) or AYAR (which AMD invested in). But no formal confirmations. So if you're turning in: - CPO thematic positive: MI500 explicitly commits to CPO/optical UALink. - AMD gives details using Ayar Labs or GF SCALE for MI500 CPO: That would be extremely positive for $SIVE, given they're the upstream laser supplier / reference laser. Currently, Blayne Curtis from Jefferies expect AMD to work with $ALAB on UAL and $AVGO on ESUN... but juicy details are here: "We are looking for whether AMD commits to a CPO based scale up solution and who supplies the optical engine" We'll get a broader read through on the supply chain come Wednesday/Thursday, too early to tell today.

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