Institution: Storage faces a structural shortage lasting for years; the large-scale rollout of CPO has been delayed until the end of 2028

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Golden Finance reported that on July 10, Dylan Patel, founder of SemiAnalysis, a top research institute focused on semiconductors and AI infrastructure, recently accepted a podcast interview in which he systematically outlined the key dynamics and investment logic of the current AI infrastructure stack. Dylan emphasized that storage is still facing a structural shortage that could last for years, with potential upside of 2 to 3 times. Meanwhile, although agents and reinforcement learning are driving up CPU demand, the sell-side market has priced it too high. CPU growth is mainly coming from historical “true-ups,” and its absolute value in AI servers still falls far short of GPUs. Dylan believes that the timeline for large-scale deployment of the highly anticipated co-packaged optics (CPO) has been clearly pushed back to the end of 2028 to 2029, unexpectedly extending the benefit period for copper cabling connectors. (Jin10)
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