The
$AMD and
$GFS CPO announcement is probably bigger than markets expect for
$SIVE.
With the news, it's likely
$SIVE lasers power
$AMD's CPO program.
Either through two potential paths:
1. Enosemi (AMD's in-house PIC design post-acquisition). Enosemi's chiplets are fabbed at GF but for the ELS,
$AMD could source it from multiple players with
$SIVE as the underlying multi-source laser source.
2. Ayar (
$AMD invested in March 2026, Series E). Ayar's SuperNova light source already uses
$SIVE DFB laser arrays alongside
$LITE.
Ayar's SuperNova is the most likely first-gen CPO path for MI500 in 2027 given timelines and the enormous fundraise last month. That path already has
$SIVE designed in alongside
$LITE and they both appear with
$GFS's slide.
Enosemi becomes more relevant for 2028 generations?
Regardless,
$AMD through Enosemi/Ayar needs lasers for their 2027 MI500 rollout...
It seems likely Sivers ends up powering
$AMD's CPO program as the light source since they're designed into Ayar.
The
$AMD /
$GFS materiality looks large for Sivers.
