Da Mo responds to SemiAnalysis essay: CPO delays recognition of 800V, delays rejection According to a report by Golden Finance on June 10th, SemiAnalysis released a report on June 9th stating that the large-scale shipment of Nvidia's native 800V DC will be postponed until after 2028, and at the same time, the expected shipment of CPO related switches will be lowered, directly causing a heavy decline in the US optical communication sector. Nvidia has reportedly denied the above statement. Morgan Stanley's hardware and semiconductor team in Greater China immediately responded to a report from a well-known semiconductor research institution that caused a market shock. On the CPO issue, the judgment is basically consistent with SemiAnalysis, but the position on the 800V schedule is completely opposite. For CPO, Morgan Stanley estimates that the global shipment of light engines in 2027 will only be 6 to 7 million units, far below the market's general expectation of 20 to 30 million units, and believes that short-term sentiment will continue to be under pressure; But at the same time, maintaining an overweight rating on core CPO related targets, it is judged that the true explosive growth of CPO will begin from 2028, and the long-term logic remains unchanged. For 800V, Morgan Stanley has explicitly stated that the news does not match the information obtained from its supply chain research, and the mass production process of 800V DC power cabinets has not been interrupted.