NOAAURA：2025年全球人工智能网络超级周期：由技术升级供应短缺驱动报告（英文版）

We believe the global AI networking supercycle will continue in 2026F, and even extendinto2027F, driven by multiple technology upgrade roadmaps(i.e. Sillicon Photonics[SiPh], Co-package optics [CPO], Optical Circuit Switch [OCS], Active Electronic Cable[AEC], Hollow Core Fiber [HCF])and supply shortage(i.e.optical laser chip/material).We estimate 800G/1.6T transceiver shipments will grow from 20mn/2.5mn units in2025F to 43mn/20mn units in 2026F,with SiPh transceivers gaining 50~70% marketshar