Explosion! Goldman Sachs Research Report Sparks Optical Module Demand May Exceed Expectations(Table)

On Friday (January 30), the CPO concept surged significantly, with Jepte 20CM hitting the daily limit, and JuGuang Technology, TaiChen Optical, and several other stocks hitting the limit as well, with gains exceeding 10%.

Recently, overseas inference and training computing power demand has been strong, leading to price increases for Amazon Cloud and Google Cloud. On the inference side, products like MoltBot (formerly ClawdBot), ClaudeCode, and other Agent products are accelerating their deployment, resulting in a significant increase in demand for cloud computing resources. Since early 2026, token call volume has been continuously growing rapidly for 2-3 weeks. On the training side, models such as Grok-5 and Veo4 are still undergoing continuous iteration, with the industry exploring the upper limits of scaling, thereby supporting the demand for training computing power.

Goldman Sachs Research Report: Upgrading Demand for Optical Modules

Recently, a Goldman Sachs research report revised upward its forecast for demand for optical modules. The report shows that the firm updated its global optical module market size forecast and raised estimates for 2026-28. Previously, in the global server outlook report, Goldman Sachs had increased the implied number of AI chips in AI servers for 2026/27 by 14%/22%, and raised the ASIC penetration rate to an estimated 50% in 2027 (previously 45%). This adjustment reflects the ongoing advancement of the AI infrastructure cycle and the increasing diversification of chip platforms, both of which are positive for optical module demand.

The Goldman Sachs report states that based on updated AI server forecasts, further breakdown of network architectures for different models, and adjustments for optical module suppliers’ delivery times to ODM AI servers being moved forward by one quarter, Goldman Sachs expects the global optical module market value in 2026/27 to increase by 43%/46%. The shipment volume of 800G/1.6T optical modules will rise to 38 million / 14 million units (previously estimated at 36 million / 5 million units). Goldman Sachs remains optimistic about global optical module demand, expecting shipments of 800G and above modules to grow at a compound annual growth rate of 34% from 2026 to 2028, reaching 94 million units in 2028.

Funding Investors Accumulating These Stocks

Data from Eastmoney Choice shows that since the market bottomed in November 24 last year, funding investors have been actively accumulating a batch of related stocks. Among them, New Easy Shine ranks first, with a net financing purchase of over 5.8 billion yuan; Zhongji Xuchuang ranks second, with a net financing purchase of 4.4 billion yuan.

Stocks such as Changxin Bochuang, FiberHome Technologies, Liante Technology, Zhaochi Shares, Aerospace Electrical, Huagong Technology, Guangku Technology, Yunnan Germanium, and Roboteck have net financing amounts ranging from 1.5 billion to 500 million yuan.

From industry progress, multiple listed companies have achieved substantive breakthroughs in the CPO field. Changdian Technology’s silicon photonics engine products based on the XDFOI® multi-dimensional heterogeneous advanced packaging process platform have completed customer sample delivery; Zhishang Technology’s MPC products provide high-density optical connection solutions for emerging onboard and co-packaged applications; Roboteck’s ficonTEC has collaborated with industry chain partners to develop integrated optical interconnection solutions, focusing on large-scale manufacturing needs for CPO and SiPh technologies.

Zhongci Electronics, a leading supplier of high-end ceramic packaging substrates, stated during an institutional survey on December 19, 2025, that as a core ceramic product supplier (ceramic shells & substrates) for domestic and international optical module companies, the company currently has sufficient orders on hand, with capacity utilization maintained at a high level. Through improving yield, capacity is continuously released. It is expected that related products will continue to expand in 2026. The company has actively expanded production capacity based on market demand to fully ensure order delivery. Currently, CPO ceramic substrates are in the R&D stage, with mass production expected within three years. The value of electronic ceramics is projected to exceed one billion yuan.

(Source: Eastmoney Research Center)