CITIC Securities stated that Arista, in collaboration with over 45 industry partners, officially released the eXtra-dense Pluggable Optics (XPO) white paper, which proposes a new standard for pluggable optical modules for next-generation AI data centers. The XPO offers a single-module bandwidth of up to 12.8Tbps (64 channels × 200Gbps), integrates liquid cooling technology, supports power consumption exceeding 400W, and achieves a switching capacity of 204.8Tbps within a single Open Rack Unit (1OU). Compared to the existing OSFP standard, the front-panel density is increased by fourfold. The introduction of XPO signifies that AI data center optical interconnects have entered a new era of 'ultra-high-density pluggability,' reshaping the product landscape and value distribution across the optical module supply chain. It is advisable to focus on manufacturers with strategic advantages in areas such as high-speed optical modules, optical engines, and liquid cooling solutions.