Institution: Storage faces a multi-year structural shortage, large-scale CPO deployment delayed until end of 2028

Odaily reported that Dylan Patel, founder of SemiAnalysis, a top-tier research institution focusing on semiconductor and AI infrastructure, recently shared insights in a podcast, systematically reviewing the core dynamics and investment logic of the current AI infrastructure stack.

Dylan emphasized that storage faces a multi-year structural shortage with potential for 2 to 3 times upside. Meanwhile, although agents and reinforcement learning have driven up CPU demand, the seller's market has overpriced this; the growth in CPU demand primarily comes from historical "catch-up," and its absolute value in AI servers is still far behind that of GPUs.

Dylan believes that the much-anticipated large-scale deployment of Co-Packaged Optics (CPO) has been explicitly postponed to the end of 2028 to 2029, unexpectedly extending the golden period for copper cable connectors. (Jinshi)