Google's real signal this quarter isn't EPS but another CapEx increase and the Virgo Network. The optical interconnect front is extending from inside the rack to between data centers. Why this is the firmest demand floor for optical modules, DCI and the CPO supply chain over the next two years.

Alphabet lifted its 2026 capex guide to as much as $205B, so the AI capex ceiling still holds. The real signal this week is a three-way split in optical: China strong, US names awaiting proof, Eoptolink pulling away from TFC, and Taiwan's module makers showing the widest gap. In H2, picking the right segment matters more than picking the direction.