Good 3-phase map. One nuance: copper isn’t “too slow” so much as too power-hungry + reach-limited as lanes push 200G/400G—copper will still win on very short-reach cost for a while.

Also worth separating SerDes leadership (Broadcom/Marvell switch silicon) from the niches where Credo tends to win (AEC/retimers/edge cases).

Phase 3 (CPO/photonic fabric) is the real architectural shift, but the gating items are yield/thermal + serviceability (field replaceability). Milestone to watch: when hyperscalers qualify it at scale and the power/BOM math decisively beats copper + DSP.