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.
翻译：
并非完全针对 $AAOI（他们也在开发 CPO，只是商业化方面稍微落后了一些）。
有一期播客最近采访了 $SIVE 的 CEO，题目是：“市场洞察：光子学和 AI”。
最有趣的观点是：
“可插拔设备将在未来 10 年内继续存在”。
最近，人们对可插拔设备、CPO 和 RNG/MRC 优化的市场规模进行了很多讨论，但看起来可插拔设备将继续存在。
并且，未来将会有多条架构路径（CEO 也提到 NPO 是一个重要的机会，除了 CPO，在接下来的 5 年内）。
至于挑战：Vickram 表示，制造能力和原材料的可用性是主要的瓶颈。可能是指现有的 CW 激光扩产瓶颈。
从播客来看，似乎重点关注的是可插拔市场，因为其近期的市场规模更大（这可以理解，$JBL 和其他玩家也在关注这一点），而 CPO 是行业的目标。
所以，如果 $SIVE 的并购雄心是收购更多的可插拔光学收发器 IP，就像 $LITE 收购 Cloud Light 一样，那将会很有趣。
总的来说：
未来将会有很多不同的发展路径，可插拔设备将继续存在，CPO 似乎是行业发展的目标。
感觉对于每个合格的激光供应商来说，都有发展空间，因为行业需求的增长速度快于他们的总产能。
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.
翻译：
并非完全针对 $AAOI（他们也在开发 CPO，只是商业化方面稍微落后了一些）。
有一期播客最近采访了 $SIVE 的 CEO，题目是：“市场洞察：光子学和 AI”。
最有趣的观点是：
“可插拔设备将在未来 10 年内继续存在”。
最近，人们对可插拔设备、CPO 和 RNG/MRC 优化的市场规模进行了很多讨论，但看起来可插拔设备将继续存在。
并且，未来将会有多条架构路径（CEO 也提到 NPO 是一个重要的机会，除了 CPO，在接下来的 5 年内）。
至于挑战：Vickram 表示，制造能力和原材料的可用性是主要的瓶颈。可能是指现有的 CW 激光扩产瓶颈。
从播客来看，似乎重点关注的是可插拔市场，因为其近期的市场规模更大（这可以理解，$JBL 和其他玩家也在关注这一点），而 CPO 是行业的目标。
所以，如果 $SIVE 的并购雄心是收购更多的可插拔光学收发器 IP，就像 $LITE 收购 Cloud Light 一样，那将会很有趣。
总的来说：
未来将会有很多不同的发展路径，可插拔设备将继续存在，CPO 似乎是行业发展的目标。
感觉对于每个合格的激光供应商来说，都有发展空间，因为行业需求的增长速度快于他们的总产能。
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