Lumentum Says NVIDIA Spectrum-6 CPO Demand for UHP Lasers Outstrips Supply

The signal here is a supply constraint at the component layer of co-packaged optics, not at the module or system layer — UHP laser capacity is the gating factor as NVIDIA's Spectrum-6 CPO ramps. That shifts leverage toward laser suppliers and their foundry partners, and the mention that NPO volumes already exceed CPO suggests co-packaged demand is broader than the headline CPO narrative implies. Whether Win Semi's capacity expansion actually converts into meaningful revenue in the later years is the open question, since the timing sits well beyond the current demand signal.