AI基建必争之地！CPO技术全面爆发，英伟达/博通抢先布局，万亿赛道谁能胜出？

调研纪要杂货铺01-02

AI算力爆发催生了对高速互联的极致需求，CPO（共封装光学）技术作为突破带宽和功耗瓶颈的核心方案，终于从“概念”走向“量产”！2025年以来，英伟达、博通等巨头密集推出CPO产品，初创公司加速突围，TSMC COUPE平台成为关键支撑，一场围绕AI互联的技术大战已然打响，万亿市场空间正在打开。��什么是CPO？为什么AI离不开它？CPO简单说就是把光学引擎和芯片（CPU/GPU/交换机ASIC）...

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Who can win the trillion-dollar track?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NVDX":0.6,"NVDS.UK":0.6,"3NVD.UK":0.6,"NVD2.UK":0.6,"NVDU":0.6,"NVDD":0.6,"NVDY":0.6,"SNVD.UK":0.6,"NVDA":1.95,"NVIW.SI":0.6,"2NVD.UK":0.6,"NVD3.UK":0.6,"NVDS":0.6,"AVGO":1.92,"NVD":0.6},"content_text":"AI算力爆发催生了对高速互联的极致需求，CPO（共封装光学）技术作为突破带宽和功耗瓶颈的核心方案，终于从“概念”走向“量产”！2025年以来，英伟达、博通等巨头密集推出CPO产品，初创公司加速突围，TSMC COUPE平台成为关键支撑，一场围绕AI互联的技术大战已然打响，万亿市场空间正在打开。��什么是CPO？为什么AI离不开它？CPO简单说就是把光学引擎和芯片（CPU/GPU/交换机ASIC）封装在一起，让电信号不用长途传输就能转换成光信号，核心解决传统光模块的两大痛点：•功耗暴降：传统光模块的DSP芯片占功耗50%，CPO省去DSP且缩短电信号传输距离，800G带宽下功耗可从15-17W降至4-5W，降幅超70%；•带宽密度飙升：突破铜缆传输极限，单芯片可支持TB级带宽，完美匹配AI大模型训练的海量数据传输需求；•** latency降低**：电信号传输距离从15-30厘米缩短到几毫米，信号衰减大幅减少，响应速度更快。对比传统光模块和中间形态（NPO/OBO），CPO在带宽密度、功耗效率上优势碾压，被视为AI interconnect的“终极方案”。��核心进展：巨头入场，量产元年到来1.英伟达：CPO生态领导者，率先量产落地•2025年推出三款CPO交换机，其中Quantum X800-Q3450支持144个800G端口，aggregate带宽115.2T，2025下半年量产；•采用TSMC COUPE平台，光学引擎基于N65 PIC+N6 EIC混合键合，使用微环调制器（MRM），单引擎带宽1.6T；•2026年将推出Spectrum-X系列，最高带宽达409.6T，进一步巩固领先地位。2.博通：深耕多年，技术成熟度领先•已推出三代CPO产品，第二代Bailly交换机带宽51.2T，完全采用光学I/O，全球率先实现量产交付；•从扇出封装转向TSMC COUPE，未来将采用光栅耦合和MRM，提升scalability；•客户覆盖超大规模云厂商，OpenAI等已将其纳入供应链。3.初创公司：差异化突围，抢占细分市场•Ayar Labs：推出TeraPHY光学引擎芯片，支持UCIe接口，第三代产品带宽达13.5T，绑定TSMC COUPE；•Celestial AI：专注scale-up场景，采用电吸收调制器（EAM），热稳定性更强，获亚马逊Trainium 4订单，2028年目标营收10亿美元；•Lightmatter：推出4000mm²光学中介层，支持114T带宽，内置光开关冗余设计，2029年将落地旗舰产品。��核心技术：三大关键战场1.封装与集成：TSMC COUPE成行业标准•混合键合技术将PIC（光子芯片）和EIC（电子芯片）无缝连接，寄生参数极低；•支持光栅耦合（GC）和边缘耦合（EC）两种方案，GC更适合高密度堆叠，成为主流选择；•光学引擎从基板封装向中介层封装演进，未来单引擎带宽可突破12.8T。2.调制器之争：MRM/EAM/MZM各显神通•MRM（微环调制器）：体积最小（25-225mm²）、功耗低，英伟达/TSMC力推，但对温度敏感（需精确控温）；•EAM（电吸收调制器）：热稳定性极强（可耐受35℃瞬时温差），Celestial AI独家采用，适合高密度封装；•MZM（马赫-曾德尔调制器）：技术成熟、兼容性好，Nubis等公司采用，缺点是体积大、功耗高。3.带宽扩展：多维度突破极限•波长复用（WDM）：单根光纤可承载8-16个波长，未来将扩展至64个；•高阶调制：从PAM4（2bit/符号）向PAM6/PAM8演进，提升单通道速率；•多光纤阵列：2D光纤阵列已实现36根光纤集成，未来密度将持续提升。��市场格局：scale-up是终极战场•scale-out场景：当前以英伟达/博通为主，主要用于AI集群后端互联，2026年预计出货1-1.5万台，市场规模超百亿元；•scale-up场景：CPO的核心增量市场，解决多GPU协同的长距离、高带宽需求，2028年后将占CPO市场的70%以上；•供应链：TSMC（封装）、Lumentum/Ayar Labs（激光器）、Ficontec（耦合设备）、Sumitomo（特种光纤）成为关键环节。️挑战与风险1.可靠性验证：大规模部署需更多field测试数据，Meta测试显示CPO MTBF达260万小时，已接近商用标准；2.服务ability：光学引擎故障影响范围大，当前通过可插拔激光源、冗余设计缓解；3.成本下降：初期CPO交换机成本较高，规模量产后有望逐步接近传统光模块+交换机的总成本；4.标准缺失：行业暂无统一接口标准，厂商多采用私有方案，可能影响生态扩张。��互动时间你认为CPO市场会重演HBM的“一家独大”格局吗？初创公司凭借差异化技术能否打破英伟达/博通的垄断？除了AI数据中心，你觉得CPO还能在哪些领域快速落地？欢迎在评论区留下你的观点～觉得这份CPO深度解读有价值的话，别忘了转发给身边关注科技投资的朋友，一起把握AI互联的下一个风口！","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2600050722","isCrawlerRequest":true}