Tower put a $1.3B 2027 SiPho contract on the table, and that is only the committed portion; management hinted 2028 will be "substantially larger." The question is no longer whether SiPho takes off, but whether 300mm capacity can keep up, which is the real reason Tower took full ownership of Fab 7 in Japan.

Silicon modulators are stuck at 3,000–5,000 µm and 60 GHz by the diffraction limit, short of the 3.2T AI needs. Marvell's plasmonic modulator shrinks to ~10 µm, reaches 1 THz, and can be added at the back end of existing SiPh processes. It's a key piece for extending SiPh beyond 3.2T — but volume yield is the real test.