CPO doesn't kill optics, it moves the rent: value shifts to packaging, remote light sources

demian_ai · x · 2026-09-12

Drawing on YOLE's CIOE industry map, the author analyzes how co-packaged optics (CPO) redistributes value across the optical supply chain: as light moves onto the package, value accrues to advanced packaging/foundry (e.g., TSM, ASE-class OSATs), switch/system OEMs, remote light source suppliers (LITE, COHR), and coupling & assembly equipment vendors.

Meanwhile, value erodes for pluggable DSP/retimer players, module assemblers, low-end OSATs, and undifferentiated box vendors. The core thesis: CPO doesn't eliminate the optics chain, it relocates the rent from traditional module players toward packaging and system layers.

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