Teradyne outlines a near-term CPO testing opportunity of $300 million to $700 million by 2028, with the final TAM hinging on 2027 ramp progress. The company also expresses strong confidence in sustained double-digit networking growth over the next three years, anchored by 15%–20% transistor growth and a broad platform shift across copper-to-backplane transitions, pluggables, NPO, and CPO, supported by robust switch-silicon demand.
Generated by Dafinchi AI. Source-grounded AI analysis, not investment advice.
What is the potential near-term size of the CPO testing opportunity by 2028, and how confident is management in sustained double-digit networking growth over the next three years?
Management characterized the CPO (“CPO alone”) addressable market as $300 million to $700 million by 2028. 1
They emphasized that this wide range reflects uncertainty in multiple drivers, especially “how quickly the initial higher volume ramps of CPO… primarily for scale out achieve success over the 2027 timeframe.” 2
For the next year, management said they are “probably aiming towards more of the low side of that $300 million,” and estimated that if you bracket “$100 million to the $300 million next year,” the “low end would be in the $200 million range,” adding that there is “not as much upside next year as there is in 2028.” 2
They also noted that there is less certainty about the 2028 outcome than the direction of the opportunity, because ramp success through 2027 is what ultimately pulls the 2028 TAM toward the upper bound ($700 million) or keeps it nearer the lower bound ($300 million). 2
Management expressed high confidence that networking will grow at a strong double-digit rate over the midterm/near term. Specifically:
While management did not provide a single explicit phrase like “double-digit each of the next three years” in the excerpt, their confidence logic is consistent with sustained double-digit growth because:
Management’s confidence differs by topic:
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