In an exclusive interview, Dylan Patel, the founder of SemiAnalysis, delved into the fundamental dynamics and investment rationale underlying the AI infrastructure ecosystem. He highlighted that the storage industry is poised to confront a prolonged structural shortage spanning several years, with an anticipated upside potential of approximately two to threefold still on the horizon. Despite the surge in CPU demand fueled by agents and reinforcement learning techniques, Patel noted that sellers' pricing strategies are overly aggressive, and their growth trajectory is largely attributable to legacy issues from the past. Within the realm of AI servers, the significance of CPUs pales in comparison to that of GPUs. Moreover, the timeline for the widespread adoption of co-packaged optics (CPO) has been revised, with expectations now set for late 2028 to 2029, consequently prolonging the prime era for copper cable connectors.