This article maps the CPO supply chain from raw materials to optical engines.

The writeup explains why CPO demand can become exponential while the underlying supply chain remains physical and linear. It breaks down the key layers: InP substrates, epitaxy, high-power CW lasers, SOI wafers, silicon photonics foundries, and hybrid-bonded optical engines. It also frames the competitive roles of AXTI, Aixtron, Lumentum, Coherent, Soitec, Tower Semi, and TSMC, including where the real bottlenecks and capacity constraints may show up.

The piece includes company-by-company analysis, revenue builds, EPS estimates, and rankings for investors trying to understand the CPO ramp. If that kind of semiconductor research interests you, please subscribe to Jason’s Chips.