IT Hardware & Networking Channel Checks: The Signal in the Stack (Connectors Edi

研报英文原文证据摘录

IT Hardware & Networking Channel Checks: The Signal in the Stack (Connectors Edi

Technology | IT Hardware & Networking

June 23, 2026

Amit Daryanani IT Hardware & Networking Channel

415-800-0185

amit.daryanani@evercoreisi.com Checks: The Signal in the Stack

Irvin Liu (Connectors Edition)

415-800-0183 ALL YOU NEED TO KNOW: We conducted several expert checks over

irvin.liu@evercoreisi.com

the last week, focusing on our coverage in the IT Hardware space

Victor Santiago

(specifically across our data-center connectivity coverage). Key points 212-653-9014

Victor.Santiago@evercoreISI.com are as follows: 1) The Copper vs. Fiber Debate Continues: the debate

Hannah Liu hinges largely on distance and whether the connection sits inside or

212-812-2905 outside the rack. At very short intra-rack reaches, copper remains

hannah.liu@evercoreISI.com competitive on performance while offering cost / power / serviceability

Caden Dahl advantage. Fiber/optics are being reserved for low-latency, high-

212-653-9034 bandwidth AI links while copper stays dominant for DACs, busbars, and

Caden.Dahl@evercoreisi.com intra-rack connections (favoring APH and TEL). CPO is being pushed

out on laser-reliability concerns, leaving NPO/hybrid architectures

prevalent for years and fiber-to-the-chip farther out. 2) Power Content

is Widening: Rubin rack power jumps to ~230kW from GB300's 130kW

(~65–80% higher) with per-GPU power rising ~1,400W to ~2,300W and

forcing much thicker copper throughout the power loop. Liquid-cooled

busbars could carry 2–3x the price of today's air-cooled versions, so

even sub-leading share applies to a much bigger pie. 3) Component

Shortage = Pricing Power: there is a global shortage of fiber and cable

solutions, creating leverage for whoever holds capacity — a dynamic