光进铜退，为时尚早？黄仁勋喊光铜并进

Core Viewpoint - NVIDIA's CEO Jensen Huang announced the mass production of the world's first CPO (Co-Packaged Optics) Spectrum X chip in collaboration with TSMC, emphasizing the importance of both optical and copper transmission technologies [2][3] Group 1: CPO Technology and Market Expectations - The first CPO switch, Spectrum X, is entering mass production, marking NVIDIA as the first company to achieve this milestone [2] - Huang highlighted that the optical transmission will initially focus on scale-out expansion, with large-scale scale-up expected by 2028, which is later than investor expectations by six months to a year [2][5] - The anticipated acceleration of optical transmission applications was initially expected in the second half of 2026, but Huang's remarks suggest a more cautious approach, indicating that both optical and copper technologies will coexist [2][3] Group 2: Infrastructure and Efficiency - The Rubin platform will utilize the Spectrum 6 to support optical scale-out, enhancing data center energy efficiency and system resilience [3] - The next-generation Feynman platform, set to launch in 2028, will support both copper and CPO technologies for scale-up, reaching NVL1152 scale [3] Group 3: Market Analysis and Projections - Current optical technology penetration in scale-out applications is around 80%, but the adoption rate for scale-up is still low, which investors are keenly watching [4][5] - Analysts from Bank of America suggest that while there is significant adoption of optical components in scale-out, the widespread use in scale-up will not occur until at least 2028, aligning with industry trends [5][6] - Huang reiterated the necessity for increased capacity in both copper and optical technologies to meet market demands [6]