Equity Research e] Sector Report | Technology Dec 8, 2025 AI Networking: The Key Move in 2027 to be CPO in NVIDIA's Scale Up Alicia Xia Jeff Pu, CFA Evan Lee aliciaxia@gfgroup.com.hk jeffpu@gfgroup.com.hk evanlee@gfgroup.com.hk What's new Following Google's adoption of OCS optical interconnection, we believe that NVIDIA (NVDA US Buy) may incorporate CPO (rack to rack optical interconnection within Kyber) into the scale-up networking of one version of its 2027 Rubin Ultra architecture. As for NVIDIA's OIO so ...