ECOC First Take: Full Steam Ahead

First take summary of meetings Morgan Stanley hosted at ECOC in Spain on 9/21-9/22. Versus OFC, consensus at ECOC was that NPO is coming in a 2028 time frame in parts of scale-up networks. The Open CPX MSA, which seeks to build common parameters for optical engines, makes hyperscalers less concerned about adopting NPO than when NVDA's solution was the only option. Architectures are likely to evolve dramatically as technology advances, but optical content will continue to increase. Demand remains strong;