Hang Seng index futures night session closed up 0.78% at 23,498, trading at a 162-point premium to the cash index.

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Surging AI compute has pushed optical-interconnect valuations higher and amplified stock volatility. A SemiAnalysis report alleging delays to CPO (co‑packaged optics) mass production sparked a global sell-off in optical-communications names; NVIDIA executives denied a delay at a Taipei event and industry contacts say CPO mass production has not been postponed. Market confusion appears to conflate small‑batch validation with full industry rollout. Multiple industry sources identify indium‑phosphide laser chips as the binding constraint: long photonic‑chip fab buildouts and extended customer validation cycles make lasers the current capacity bottleneck. Strategically, CPO remains the long‑term solution for hyperscale model training clusters, but near term NPO, LPO and conventional pluggable modules are likely to operate in parallel to meet ultra‑high bandwidth demand. Deployment will be upstream‑capacity led and phased; compute‑bandwidth demand remains robust.