Morgan Stanley says expanding AI cluster scale and exponential GPU-to-GPU data
transfer will drive a rapid surge in optical-module demand. Upgrades from 400G
to 800G, 1.6T and 3.2T will require higher-spec PCB materials, more layers and
advanced manufacturing, substantially raising per-board value. The bank
forecasts the global AI optical-module PCB market rising from $620m in 2025 to
$3.77bn by 2028 — a three-year CAGR of about 83%, versus roughly 60% CAGR for
optical modules over the same period. It projects AI optical-module shipments of
73.0m, 141.0m and 158.0m units in 2026–28, and estimates 1.6T module shipments
will grow at ~60% three-year CAGR, while the PCB segment expands ~83%.
