7 July 2025 | 6:24PM CST Optical Transceiver Rising attach ratio to support better growth sustainability; raise GSe and TPs We raise our volume estimates and TPs for our covered optical names to reflect the rising attach ratio and updated GS AI server volume. We have analyzed the GPU/ASIC to transceiver attach ratio based on the reference designs released recently (link); the rising attach ratio from 1:3 (3x 800G transceivers per GPU) for H100/GB200 to 1:4.5 for B300 and 1:8 for selected ASIC fabric have ma ...

Heading into the results period, the main investor concern was on optical transceiver demand uncertainties from the reciprocal tariff policies and the potential impact on AI infrastructure demand, which is a key driver of optical transceiver demand (Read across: Global AI server report). Post 1Q results, key customers' overall 800G transceiver orders outlook for 2025 remained firm, and transceiver supply chain echoed a robust shipment trend into 2H25, noting 1) the need for supply/capacity for elevated dema ...