人工智能數據中心遇到新瓶頸：光互連

Investors Should Know: The AI chip supply chain is facing a critical bottleneck at the manufacturing and testing layer, where optical interconnect scaling and silicon photonics capacity are emerging as key constraints on AI data center buildout.

As AI data centers scale to handle larger workloads, the physical infrastructure connecting chips inside those facilities has become a limiting factor. Optical interconnects, which use light rather than electrical signals to move data, are increasingly seen as the solution to bandwidth and power constraints at scale.

The shift toward co-packaged optics and silicon photonics is not just a design challenge. It is a manufacturing and testing challenge. Equipment suppliers, test solution providers, and contract manufacturers all play roles in determining how quickly optical interconnect technology can reach high-volume production.

Key publicly traded companies in this supply chain include ASML Holding N.V. (ASML) and Lam Research Corporation (LRCX), both core semiconductor equipment suppliers whose tools are used in advanced chip fabrication. ASM International NV (ASMIY) and Tokyo Electron Limited (TOELY) are also major equipment players in the space. On the components and connectivity side, Credo Technology (CRDO) and MaxLinear (MXL) are among the companies reporting direct revenue exposure to optical data center ramps. Fabrinet (FN) serves as a contract manufacturer for optical and datacom products.

Additional companies with exposure to the AI chip supply chain theme include Nova Ltd. (NVMI), MKS Instruments (MKSI), QuickLogic Corporation (QUIK), Atomera Incorporated (ATOM), ChipMOS Technologies (IMOS), and X-FAB Silicon Foundries SE (XFABF), spanning process control, materials, and foundry services.

Recent announcements and earnings commentary from across the AI chip supply chain illustrate both the scale of the opportunity and the real-world constraints companies are navigating. Revenue targets are rising, but supply tightness and component availability remain active concerns for management teams and analysts alike.

The screener below identifies publicly traded companies aligned with the AI chip supply chain theme, ranked by relevance to the theme, with the most theme-relevant companies appearing first.

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篩選結果涵蓋半導體設備、過程控制、代工服務和特種芯片設計-涵蓋ASM International NV（ASMIY）、東京電子有限公司（TOELY）、QuickLogic Corporation（QUIK）、Atomera Incorporated（ATOM）、MKS儀器（MKSI）、Lam Research Corporation（LRCX）、ASML Holding NV（ASML）、ChipMOS技術（IMOS）、Nova Ltd.（NRTI）、和X-FAB Silicon Foundries SE（XFABF）。該列表反映了供應鏈的廣度，從頂層的平板印刷和蝕刻設備到底層的鑄造和專業工藝企業。