The Light Pipes — Photonics & CPO · AI Chain
COHR
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Vertically integrated InP + 1.6T/3.2T + CPO stack
What they do
Coherent makes the lasers, packages them into transceivers, and is one of the few suppliers building the next-generation 'co-packaged optics' (CPO) systems — where the laser sits right next to the chip. NVIDIA gave them $2 billion in March 2026 to lock in supply. They own the entire stack from indium phosphide crystal to finished transceiver.