Institution: Storage faces multi-year structural shortage; CPO mass deployment postponed to end of 2028

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

Dylan emphasized that storage faces a multi-year structural shortage, with 2 to 3 times upside potential; at the same time, although agents and reinforcement learning have pushed up CPU demand, the seller's market has overpriced this. The growth in CPUs mainly stems from historical "catch-up," and their absolute value in AI servers is still far lower than GPUs.

Dylan believes that the widely anticipated mass deployment of co-packaged optics (CPO) has been explicitly postponed to the end of 2028 to 2029, unexpectedly extending the profit period for copper cable connectors. (Jin Shi)