Evercore's latest channel checks on AI networking show scale-out demand remains strong and supply-constrained. The firm maintains Outperform ratings on NASDAQ:NVDA, NASDAQ:MRVL, NASDAQ:AVGO, and NASDAQ:MTSI.
For Nvidia, NVLink remains the most proven scale-up fabric. NVLink Fusion extends the ecosystem to custom ASICs. Nvidia is expected to lead CPO adoption in 2027-28. Copper stays within racks for Rubin; CPO for inter-rack. Intra-rack CPO planned for Feynman.
For Marvell, NVLink Fusion partnership may reduce UALink focus. 800G DSP share likely remains high; Broadcom prioritizes 1.6T. AWS demand for 10 million 6.4T NPO chiplets in 2028 depends on Celestial AI's tests.
Broadcom is a frontrunner for scale-up CPO and leads 1.6T DSP share. It may shift from MZM to Microring CPO.
Astera Labs moves quickly. PCIe scale-up switch demand grows through 2027. UALink traction mixed; aggressive optics investment.
Macom's 200G/lane photodetector share is high but faces competition from SiFotonics. 2.5D stacking challenges may lower 1.6T TIA share.
This article was AI-generated and reviewed by an editor.
