Greater China Semiconductors: CPO Supply Chain Updates; More on GlassBridge

研报英文原文证据摘录

Greater China Semiconductors: CPO Supply Chain Updates; More on GlassBridge

Idea

July 5, 2026 07:18 PM GMT

Morgan Stanley Taiwan Limited+MGreater China Semiconductors | Asia Pacific Tiffany Yeh

Equity Analyst

CPO Supply Chain Updates; Tiffany.Yeh@morganstanley.comCharlie Chan +886 2 7712-3032

Charlie.Chan@morganstanley.com +886 2 2730-1725

More on GlassBridge Morgan Stanley Asia Limited+

Andy Meng, CFA

GlassBridge appears to be a strong solution, but remains far Equity Analyst

Andy.Meng@morganstanley.com +852 2239-7689

from mass production. We see TSMC scaling PIC capacity to

Morgan Stanley & Co. LLC

25kwpm in 2028, with Ins2 test efficiency improving. We remain Meta A Marshall

OW on CPO enablers as investor expectations are already low. Equity Analyst

Meta.Marshall@morganstanley.com +1 212 761-0430

Further thoughts on GlassBridge impact on FAU: We do not rule out GlassBridge Morgan Stanley Taiwan Limited+

hampering Fiber Array Units' (FAU) TAM in the long run (link), but we have yet see Daniel Yen, CFA

any projects in TSMC's COUPE platform adopt this technology. On the other hand, Equity Analyst

Daniel.Yen@morganstanley.com +886 2 2730-2863

GlassBridge mainly serves edge coupling and can currently support only

one‑dimension fiber layouts. However, TSMC's mainstream COUPE platform and

key customer (NVIDIA, AMD, Ayar Labs) solutions for the next few years should still

stick to grating coupling, as it is easier to achieve mass production, which we expect

to see soon in 2H26. In addition, CPO requires integrated design and discussion

across the entire ecosystem—including foundry (OE), chip designer, FAU, laser, and Greater China Technology Semiconductors

Asia Pacific

even system integrator—so it is difficult to change a design overnight. Industry View Attractive