BlockBeats News, June 17th. In its latest report, Mizuho Securities responded to the market's concerns about the delay of two major technologies, CPO (Co-packaged Optics) and 800VDC High-Voltage DC. The report believes that the long-term trend of CPO technology remains unchanged, but the true alpha lies in the beneficiaries during the transition period, rather than just focusing on the ultimate winner. Both CPO and 800VDC are key upgrades for AI servers in the next 5 years. The former significantly reduces power consumption and latency, while the latter increases single-rack power from 60kW to 600kW+. However, large-scale implementation will take time, and market anxiety is overestimated.

The report once again emphasized the medium to long-term advantages of stocks such as LITE, AVGO, AAOI, and CRDO.

Overall, CPO and 800VDC are not "delayed," but "phased gradient realization." The focus in 2026-2027 is to capture the transitional dividend of NPO and +/-400VDC, and then switch to ultimate technologies thereafter. The demand-side AI rack power density is still accelerating, and the key is to see the "ladder" clearly rather than betting everything on a single point in time.