GlobalFoundries photonics sold out, $1B revenue target pulled forward amid NPO/CPO shift
BenBajarin · x · 2026-11-13
Ben Bajarin shares Morgan Stanley's notes from GlobalFoundries' non-deal roadshow on silicon photonics and NPO/CPO:
- Photonics stays capacity-constrained: GF pulled its $1bn photonics revenue run-rate target forward a year (from exiting 2027 to 2028), remains essentially sold out, and plans to exit 2027 with 3x today's photonics capacity, investing in 300mm in Singapore and Malta. Pluggables is a two-player market (GF and Tower), but TSMC is expected to become meaningful with CPO multisourcing.
- NPO stronger in 2027, CPO enthusiasm high: CPO timing (end of 2028) doesn't affect long-term targets; NPO programs are driving new demand in 2H27, and GF gets a wafer content uplift moving from shipping wafers to optical engines. Management highlighted the Marvell partnership with more expected.
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