FormFactor财报电话会议显示CPO（共封装光学）收入加速增长：系统收入几乎翻倍，2026年指引从1000-2000万美元上调至显著超过2000万美元。管理层指出CPO芯片的
FormFactor财报电话会议显示CPO（共封装光学）收入加速增长：系统收入几乎翻倍，2026年指引从1000-2000万美元上调至显著超过2000万美元。管理层指出CPO芯片的生产基础设施和快速增长。CPO部分通过台积电（可能通过COUPE）流通，并映射到英伟达CPO产品，表明设备/测试厂商在量产前率先受益。
“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.”原帖：X / @aleabitoreddit ↗