Institution: Storage faces structural shortages lasting several years, and large-scale CPO implementation delayed until the end of 2028

Odaily Planet Daily News Dylan Patel, founder of SemiAnalysis, a top research institution focusing on semiconductors and AI infrastructure, recently gave a podcast interview, systematically reviewing the core dynamics and investment logic of the current AI infrastructure stack.

Dylan emphasized that storage faces structural shortages lasting several years, still having 2 to 3 times upside potential. At the same time, although agents and reinforcement learning have driven up CPU demand, the seller's market has overpriced this; CPU growth mainly comes from historical "catch-up," and its absolute value in AI servers is still far inferior to that of GPUs.

Dylan believes that the much-anticipated large-scale implementation of co-packaged optics (CPO) has been explicitly postponed to the end of 2028 to 2029, unexpectedly extending the dividend period for copper cable connectors. (Jin Shi)