北京时间 2026-07-24 08:11:40 · 供应链分析

SIVE CEO称可插拔模块将长期存在，CPO为行业方向，激光器产能是瓶颈。

中文翻译

不完全适用于 $AAOI（他们也在研发共封装光学(CPO)，只是商业化进度稍落后）。最近有一档名为“市场洞察：光子学与AI”的播客采访了 $SIVE 的CEO。最有趣的观点是： “可插拔光模块在未来10年仍将存在”。近期有很多关于CPO和RNG/MRC优化将蚕食可插拔模块总可寻址市场(TAM)的论点，但看来可插拔模块将长期存在。而且未来会有多种架构路径并行（CEO也表示，除了CPO，非平面光学(NPO)在未来5年也是主要机会）。至于挑战：Vickram表示，制造产能和原材料供应是主要瓶颈。这可能指的是上游连续波(CW)激光器扩产面临的现有瓶颈。从播客来看，重点似乎放在可插拔市场，因为其短期TAM更大（考虑到 $JBL 和其他玩家，这可以理解），而CPO则是行业发展的北极星指标。因此，如果 $SIVE 能通过并购获取更多可插拔光收发器IP（就像 $LITE 收购Cloud Light那样），可能会很有趣。但简而言之：未来路径多样，可插拔模块将长期存在，CPO似乎是行业发展的北极星方向。感觉鉴于行业需求增长速度快于所有供应商的集体产能，合格的激光器供应商都有生存空间。

英文原文

Not exactly for $AAOI (they're working on CPO too, just a little further behind in commercialization). There's a podcast that featured the $SIVE CEO recently called: "Market Insights: Photonics & AI". Most interesting take was: "Pluggables will be around for the next 10 years". There's a lot of CPO + RNG/MRC optimization TAM cannablization arguments for pluggables recently, but looks like it's here to stay. And that there's going to be multiple architecture paths going forward (CEO also NPO alongside CPO as an major opportunity in the next 5 years). As for challenges: Vickram stated manufacturing capacity + availability of raw material is the main bottleneck. Likely referencing the existing bottlenecks with upstream CW laser ramp. From the podcast, seems like a large focus was on pluggable markets due to larger near-term TAM (which is understandable with $JBL + other players), with CPO being the north star. So it might be interesting if $SIVE M&A ambitions were to acquire more pluggable optical transceiver IP, like what $LITE did with Cloud Light. But TLDR: Lot of different paths moving forward, pluggable here to stay, CPO seems like North Star for where industry is heading. Feels like there's room for every qualified laser supplier given the industry demand is growing faster than what they can all collectively make.

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