CPO shifts value from module assembly to advanced packaging, and the biggest winners are not legacy module makers but foundries and OSATs with silicon photonics and advanced packaging capabilities. Taiwan's ecosystem is regrouping around them, and standardization will decide the outcome. But pluggables are still growing, and the steering wheel remains in the hands of the platform giants.
![[CPO Deep Dive 5/6] The CPO Ecosystem Is Being Reshuffled: Foundries and OSATs Move From Supporting Cast to Lead](https://static.wixstatic.com/media/82206f_d3424cbd53e64b02aa58fc687b26206b~mv2.png/v1/fill/w_1773,h_1000,fp_0.50_0.50,q_35,blur_30,enc_avif,quality_auto/82206f_d3424cbd53e64b02aa58fc687b26206b~mv2.png)
![[CPO Deep Dive 5/6] The CPO Ecosystem Is Being Reshuffled: Foundries and OSATs Move From Supporting Cast to Lead](https://static.wixstatic.com/media/82206f_d3424cbd53e64b02aa58fc687b26206b~mv2.png/v1/fill/w_1220,h_688,fp_0.50_0.50,q_95,enc_avif,quality_auto/82206f_d3424cbd53e64b02aa58fc687b26206b~mv2.png)