Silicon photonics gets the spotlight, but Intel's 0.9 pJ/b 108G PAM4 link shows VCSELs remain an underrated low-power path for short-reach CPO. We walk through this CICC 2026 paper section by section, figure by figure, and identify the last three miles VCSEL CPO must cover to reach volume: equalization, packaging and thermals.

Semtech's data center revenue topped $100M in a single quarter for the first time, up 91% YoY, and the company guided another 45% jump next quarter. The real shift is not in total revenue but in how 1.6T-generation TIAs, drivers and linear equalizers are redefining this analog veteran. Management says the constraint for FY2028 is no longer demand, but capacity.