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

−23.1%

% 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	$224.3	+7.18%	−24.2%	−7.8%	+21.5%	−47.5%	2026-11-04
LITE Lumentum	EML and CW lasers for 800G/1.6T	NASDAQ US	$834.8	+10.40%	−11.3%	+28.1%	+126.5%	−26.4%	2026-11-05
FN Fabrinet	Precision optical manufacturing for transceivers	NYSE Thailand	$334.1	+6.10%	−19.9%	−25.7%	−26.6%	−55.2%	2026-11-02
AAOI Applied Optoelectronics	US-made optical modules and lasers	NASDAQ US	$73.00	+8.13%	−28.0%	−17.2%	+109.4%	−67.3%	2026-11-05
300308.SZ Zhongji Innolight	Largest 800G/1.6T transceiver maker	SZSE China	¥594.5	−2.96%	−33.5%	−47.6%	−2.3%	−56.9%	—
300502.SZ Eoptolink	High-speed optical modules	SZSE China	¥251.7	−3.57%	−40.7%	−54.4%	−18.1%	−58.8%	—
CIEN Ciena	Coherent optics for data-centre interconnect	NYSE US	$343.4	+7.23%	−3.8%	−2.0%	+46.8%	−45.2%	—

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