AI Server 360 (Holistic Supply Chain Tracker)

研报英文原文证据摘录

AI Server 360 (Holistic Supply Chain Tracker)

16 June 2026

Mizuho Securities Equity Research Consumer Electronics

Industry Overview

Light remains on, power still up – update on CPO/HVDC penetration

Senior Analyst: Summary

Dale Gai

+81 3 6202 8135 We update our forecasts for CPO (production units on optical engine; OE)

dale.gai@mizuho-sc.com and 800VDC (shipment units on power rack), responding to recent market

concerns on CPO scale-up and 800VDC delays. We expect both schedules toSenior Analyst: remain on track (volume production in 2028–2029), and we revise up our OEYasuo Nakane forecasts due to stronger demand from Nvidia's CPO Switch (3.2T Spectrum-+81 3 6202 8124

X) ramping up in 2027. We are also positive on HVDC deployment seen fromyasuo.nakane@mizuho-sc.com

Computex in early June. We highlight: 1) the sizable volume of 3.2T scale-

Mizuho Securities Asia: up CPO, and deployment of 800VDC data center, are highly dependent on

Kevin Wang the mass production of Nvidia’s Feynman GPU and Kyber (NVL576/NVL1152)

+852 2685 2032 rack servers, respectively, both of which we do not expect to happen in the next

kevin.wang@hk.mizuho-sc.com 24 months; 2) the intermediate technologies in co-packaged optics and HVDC

Senior Analyst: migrations, including NPO (Near-Packaged Optics) and +(-) 400V HVDC,

Yoshitsugu Yamamoto getting better traction in 2026 at leading CSPs, and we expect both should

+81 3 6202 8169 generate significant demand upside in the supply chain.

yoshitsugu.yamamoto@mizuho-sc.com

Mizuho Securities Asia: Scale-out CPO switch production on-track; scale-up in 2028

Yini Li Figure 3 shows our latest forecasts for CPO optical engines; we expect 10m–+852 2685 2029

yini.li@hk.mizuho-sc.com 15m units in 2027 driven by 3.2T Spectrum-X switch (NIC to TOR) with