Serenity: Mizuho Research Confirms No Delays in CPO and 800V DC Deployment, Recent Sell-off is Misgu

On June 17, Serenity shared Mizuho Securities' latest research report, commenting that the recent concentrated sell-off of CPO concept stocks is entirely a misguided market reaction. The Mizuho report points out that the market's concerns regarding delays in the mass production of Co-Packaged Optics (CPO) and the lag in 800V DC deployment are unfounded, as both technological pathways are progressing as scheduled, with mass production expected to commence between 2028 and 2029. Driven by demand for Nvidia's CPO switch (3.2T Spectrum-X) anticipated to ramp up in 2027, Mizuho has also raised its shipment forecasts for Optical Engines (OE). In terms of technology, Mizuho believes that InP DFB lasers will remain the long-term mainstream direction for CPO, specifically naming $SIVE as a related beneficiary. VCSEL and microLED have not yet been sufficiently validated in short-distance interconnections within racks and in chip-to-chip scenarios exceeding 1.6T, making them unlikely to become mainstream alternatives in the short term. Regarding the deployment of 800V DC data centers, incremental shipments are expected to begin in 2027, with penetration rates further increasing in 2028. Nvidia's Senior Vice President of Networking had previously 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.