[Morgan Stanley Says Large-Scale Adoption of CPO Will Take Time, Copper Cable Technology Remains Competitive for the Next Two Years] Morgan Stanley's report on July 13 indicated that large-scale adoption of CPO in Scale-Up networks is expected to occur in 2029 and beyond, with only limited introduction in 2028. Copper cables, leveraging innovations such as PAM4 modulation, DSP, and retimers, can remain viable for another two years. The evolution of AI cluster sizes from 72 GPUs to 576 GPUs and even 1152 GPUs is the core driving force. 2026 marks the starting point for non-NVIDIA Scale-Up ecosystems, with AMD MI400, Amazon Trainium 3, and Microsoft Maia beginning mass production. Astera Labs and Broadcom are expected to be the primary beneficiaries in the early stages. Morgan Stanley maintains an overweight rating for NVIDIA, Broadcom, Astera Labs, and Keysight.