原文：
Just some interesting takeaways from $FORM earnings call on CPO:
Since they attributed systems revenue nearly doubled due to: "accelerating growth in co-packaged optics or CPO".
Q1 2026: "we now expect 2026 CPO revenues to come in at the high end of the $10 million to $20 million range"
Q2 2026 (now): "expect to exceed that range by the end of the third quarter, and to significantly exceed the $20 million level for the year overall."
Management stated "We’re seeing some significant acceleration in this [CPO] business".
Q: CPO adoption outlook. Are we perhaps expecting the timeline to accelerate a little bit?
A: "What I would say is there’s acceleration here in the very short term." But management stated there's not a significant pull-in on timelines.
Citing production infrastructure (not just R&D) for:
- The growing volumes of CPO chips planned for later this year + test insertion for scale-up and scale-out switches.
- Seems like that CPO piece flows through $TSM COUPE [ likely maps to $NVDA CPO products] - "The CPO piece does flow through that 10% customer"
So now, test is ramping given management cited growing volumes of CPO chips.
"The rapid recent growth of our CPO business is an exciting development, which we believe represents the very early stages of widespread adoption of silicon photonics in the broader semiconductor industry"
TLDR: Fundamentally, CPO as a theme is very early, and should start to go brrr soon since it's starting to show up in earnings now (equipment/test players usually appear up first before optical engines / laser volumes ramp).
Personally once all the deleveraging stops, I think markets will start to care more.
翻译：
以下是一些来自 $FORM 盈利电话会议关于 CPO 的有趣观点：
由于他们将系统收入几乎翻倍归因于：“协同光学（CPO）的增长加速”。
2026 年第一季度：“我们现在预计 2026 年 CPO 收入将达到 1000 万美元至 2000 万美元范围的高端”。
2026 年第二季度（现在）：”预计在第三季度末超过该范围，并且全年 CPO 收入将显著超过 2000 万美元水平“。
管理层表示：“我们在
Just some interesting takeaways from $FORM earnings call on CPO:
Since they attributed systems revenue nearly doubled due to: "accelerating growth in co-packaged optics or CPO".
Q1 2026: "we now expect 2026 CPO revenues to come in at the high end of the $10 million to $20 million range"
Q2 2026 (now): "expect to exceed that range by the end of the third quarter, and to significantly exceed the $20 million level for the year overall."
Management stated "We’re seeing some significant acceleration in this [CPO] business".
Q: CPO adoption outlook. Are we perhaps expecting the timeline to accelerate a little bit?
A: "What I would say is there’s acceleration here in the very short term." But management stated there's not a significant pull-in on timelines.
Citing production infrastructure (not just R&D) for:
- The growing volumes of CPO chips planned for later this year + test insertion for scale-up and scale-out switches.
- Seems like that CPO piece flows through $TSM COUPE [ likely maps to $NVDA CPO products] - "The CPO piece does flow through that 10% customer"
So now, test is ramping given management cited growing volumes of CPO chips.
"The rapid recent growth of our CPO business is an exciting development, which we believe represents the very early stages of widespread adoption of silicon photonics in the broader semiconductor industry"
TLDR: Fundamentally, CPO as a theme is very early, and should start to go brrr soon since it's starting to show up in earnings now (equipment/test players usually appear up first before optical engines / laser volumes ramp).
Personally once all the deleveraging stops, I think markets will start to care more.
翻译：
以下是一些来自 $FORM 盈利电话会议关于 CPO 的有趣观点：
由于他们将系统收入几乎翻倍归因于：“协同光学（CPO）的增长加速”。
2026 年第一季度：“我们现在预计 2026 年 CPO 收入将达到 1000 万美元至 2000 万美元范围的高端”。
2026 年第二季度（现在）：”预计在第三季度末超过该范围，并且全年 CPO 收入将显著超过 2000 万美元水平“。
管理层表示：“我们在
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