· 供应链分析
相关概念： CPO 共封装光学
仔细想想，$POET 的光学中介层（optical interposer）业务与 $SIVE 的关联比我想象的更重要。起初措辞是2026年底的“准备就绪”，但 $POET 将其升级为与 Sivers 激光器合作的“量产”，预计2026年底实现。因此，从 $JBL 到 $POET 的批量订单应在2027年上半年落地。这很合理，因为 Sivers 已完成超认购的机构轮融资以支持未来大规模生产。顺便一提，难以置信已是八月，距2027年仅剩5个月……这是我预判玻璃基板、共封装光学(CPO)、800V 及新架构开始放量的拐点窗口。
Now that I think of it more, $POET optical interposer piece is actually a little more material than I thought with $SIVE. Originally the wording was "readiness" for EOY 2026. But $POET upgraded that wording, by stating "production" with Sivers lasers projected EOY 2026. So a volume orders from across $JBL to $POET, should hit in H1 2027. Which makes a bit of sense, since Sivers did raise an institutional oversubscribed round for future mass production. On a side note, can't believe it's already August and 5 months left until 2027... Which was my inflection window for glass substrates, CPO, 800v, and new architectures to ramp.