Analyst
@Andrewhclu expects demand for M8/M9-grade laminate to remain strong through H2 2028 as shipments of 224G pluggable optics ramp and large AI clusters expand.
Co-packaged optics could eventually let some AI boards use M4-grade laminate instead. By converting electrical signals to light next to the main chip, CPO shortens the copper signal path on the PCB and could reduce the need for ultra-low-loss materials.
Lu sees late 2028 to 2029 as the period when CPO could have a larger impact on M8/M9 demand.