“2029 is the real ramp for co-packaged optics — the Street expects 2027, but true mass production only happens between late 2028 and 2029. It is a manufacturing thing: the volumes and yields are not there, so people are going to stay in copper all they can. Rubin is all copper, and Feynman on the GPU is still copper.”

Resolves on when CPO actually reaches volume production; note that later 2026 reporting suggests Nvidia may pull CPO into the Feynman generation (2028), which would cut against the copper-through-Feynman part of the call.