NVIDIA has revealed that its Spectrum-X Ethernet switch system—the world's inaugural 200G/lane co-packaged optics (CPO) solution—has officially commenced full-scale mass production. Concurrently, SK Hynix has released a strategic roadmap for its next-generation AI optical interconnect CPO technology. Industry experts highlight that the widespread adoption of CPO switches, coupled with ongoing advancements in OCS (Optical Circuit Switch) all-optical switching technology, will significantly reshape the value distribution across the optical interconnect industry chain. Upstream materials, including indium phosphide, thin-film lithium niobate, and silicon photonics SOI wafers, are anticipated to experience robust demand and substantial growth opportunities. Presently, listed companies specializing in optical modules are strategically expanding into the upstream materials sector, while material-focused enterprises are actively investing in electronic materials such as indium phosphide and red phosphorus, fostering a wave of market revaluation.