Optical Transceivers (800G / 1.6T)

Cluster scale pushes past copper. 800G→1.6T pluggables ramp now; co-packaged optics shift value toward the switch and laser.

Laser→Module→Switch→Fabric

Tightness score ⓘ

#13 of 56

▲ Tightening

Supply concentration4

Lead time3

Capex intensity3

Geopolitical exposure4

Pricing power4

Lead time

6–12 mo

Theme 1M

−24.8%

% in uptrend

Metric to watch

1.6T volume ramps, Innolight/Eoptolink revenue, and CPO adoption timelines.

What would prove us wrong

Weakens if transceiver ASP collapses with surplus module capacity.

Dependencies

Equal-weight · rebased 100 · 1Y

Stocks we track

Who controls this bottleneck

Roles, not recommendations. Delayed prices; local currency.

Stock	Role	Listing	Last	1D	1M	3M	YTD	Off 52w high	Next earnings
COHR Coherent	Lasers, InP capacity and optical transceivers	NYSE US	$232.1	−1.04%	−11.9%	−28.8%	+25.7%	−45.6%	2027-02-03
LITE Lumentum	EML and CW lasers for 800G/1.6T	NASDAQ US	$624.6	−3.61%	−30.3%	−32.5%	+69.5%	−44.9%	2027-02-02
FN Fabrinet	Precision optical manufacturing for transceivers	NYSE Thailand	$353.8	−4.11%	−10.0%	−38.0%	−22.3%	−52.6%	2027-02-01
AAOI Applied Optoelectronics	US-made optical modules and lasers	NASDAQ US	$52.85	−5.39%	−38.7%	−64.8%	+51.6%	−76.3%	2026-11-05
300308.SZ Zhongji Innolight	Largest 800G/1.6T transceiver maker	SZSE China	¥508.9	−6.11%	−26.6%	−44.6%	−16.4%	−63.1%	—
300502.SZ Eoptolink	High-speed optical modules	SZSE China	¥205.6	−4.38%	−37.9%	−51.2%	−33.1%	−66.3%	—
CIEN Ciena	Coherent optics for data-centre interconnect	NYSE US	$294.0	−0.69%	−18.2%	−31.4%	+25.7%	−53.1%	2026-12-10

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