[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio85b3b3c2":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcio85b3b3c2","AI光模块新瓶颈曝光！下一只大牛股藏在这颗芯片里","\u002Fdoc\u002Fdcio85b3b3c2","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp> \u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>最近市场都在盯\u003C\u002Fspan>800G\u003Cspan>、\u003C\u002Fspan>1.6T\u003Cspan>光模块，但一个新的瓶颈正在浮出水面。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>这次卡住\u003C\u002Fspan>1.6T\u003Cspan>的，可能不是激光器，也不是光纤，而是一颗很多投资者过去根本不会单独研究的小芯片——\u003C\u002Fspan>TIA\u003Cspan>。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>AAOI\u003Cspan>最近在财报电话会上直接提到，\u003C\u002Fspan>800G\u003Cspan>和\u003C\u002Fspan>1.6T\u003Cspan>光模块目前面临的重要运营挑战之一，就是\u003C\u002Fspan>DSP\u003Cspan>和\u003C\u002Fspan>TIA\u003Cspan>供应。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>这个信号很重要，因为\u003C\u002Fspan>TIA\u003Cspan>已经不再只是光模块里的普通配套器件，而是开始真正影响交付节奏。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>为什么现在突然缺？\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>美股投资网研究核心原因是，\u003C\u002Fspan>1.6T\u003Cspan>不是\u003C\u002Fspan>800G\u003Cspan>简单乘以二。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>现在很多\u003C\u002Fspan>800G\u003Cspan>方案还是\u003C\u002Fspan>100G\u003Cspan>每通道，但\u003C\u002Fspan>1.6T\u003Cspan>开始进入\u003C\u002Fspan>200G\u003Cspan>每通道时代。单通道速度翻倍以后，对带宽、噪声、线性度、功耗和封装的要求全部同步提高。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>所以现在真正稀缺的，不是普通\u003C\u002Fspan>TIA\u003Cspan>，而是能够稳定量产\u003C\u002Fspan>200G\u003Cspan>每通道高规格产品的供应商。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>TIA\u003Cspan>到底是干什么的？\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>简单说，一只光模块就是把电信号变成光，再把光重新变回电。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>接收端的光先进入\u003C\u002Fspan>PD\u003Cspan>光电探测器，产生非常微弱的电流，\u003C\u002Fspan>TIA\u003Cspan>负责把这股弱信号放大，再交给后面的\u003C\u002Fspan>DSP\u003Cspan>处理。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>它的位置很关键，因为它处在接收链路最前端。如果这里噪声太大，后面的\u003C\u002Fspan>DSP\u003Cspan>再强，也很难完全补回来。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>而到了\u003C\u002Fspan>200G\u003Cspan>每通道以后，难度进一步提升。高速\u003C\u002Fspan>TIA\u003Cspan>和\u003C\u002Fspan>Driver\u003Cspan>往往需要更复杂的工艺，同时还要解决\u003C\u002Fspan>PAM4\u003Cspan>线性度、高频模拟设计和封装寄生等问题，产品研发周期通常需要\u003C\u002Fspan>2\u003Cspan>到\u003C\u002Fspan>4\u003Cspan>年。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>这就意味着，现在的瓶颈不是单纯缺晶圆，而是能做高规格产品的公司本来就不多。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>更值得关注的是\u003C\u002Fspan>LPO\u003Cspan>和\u003C\u002Fspan>NPO\u003Cspan>。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>很多人以为，未来光模块减少\u003C\u002Fspan>DSP\u003Cspan>，电芯片价值就会下降。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>其实未必。\u003C\u002Fspan>DSP\u003Cspan>被削弱以后，原来由它承担的一部分信号均衡和补偿任务，需要重新分配给\u003C\u002Fspan>SerDes\u003Cspan>、\u003C\u002Fspan>ASIC\u003Cspan>、\u003C\u002Fspan>TIA\u003Cspan>和\u003C\u002Fspan>Driver\u003Cspan>。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>也就是说，\u003C\u002Fspan>DSP\u003Cspan>可能减少，但\u003C\u002Fspan>TIA\u003Cspan>和\u003C\u002Fspan>Driver\u003Cspan>反而要在更小空间里承担更高带宽、更低功耗和更高线性度的要求。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>所以这件事真正值得投资者关注的，是\u003C\u002Fspan>AI\u003Cspan>光通信的瓶颈正在变化。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>现在随着\u003C\u002Fspan>800G\u003Cspan>继续放量、\u003C\u002Fspan>1.6T\u003Cspan>开始爬坡，下一轮真正可能出现供需矛盾的，或许就是这些过去不起眼的高速模拟芯片。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>一颗\u003C\u002Fspan>TIA\u003Cspan>在整只\u003C\u002Fspan>1.6T\u003Cspan>模块里的成本占比并不高，但少了它，整只模块就交不了货。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>这类环节往往最值得盯。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>如果接下来\u003C\u002Fspan>AAOI\u003Cspan>、\u003C\u002Fspan>Coherent\u003Cspan>继续提到\u003C\u002Fspan>TIA\u003Cspan>和\u003C\u002Fspan>DSP\u003Cspan>供应紧张，同时\u003C\u002Fspan>MACOM\u003Cspan>、\u003C\u002Fspan>Semtech\u003Cspan>的\u003C\u002Fspan>200G\u003Cspan>产品持续放量，那这就不只是一次短期缺货，而可能是\u003C\u002Fspan>AI\u003Cspan>光通信下一轮新的重估方向。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp> \u003C\u002Fp>","https:\u002F\u002Fwww.tradesmax.com\u002Fimages\u002Fa_Stock\u002FL\u002FLITE\u002FLITE.jpg","2026-08-20T14:24:11","2026.08.20","2026\u002F08\u002F20",44334,[22],"LITE","Article",0,"免费","success",{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":28,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},[22],"\u002Fcol\u002Fstocknews",{"visible":5,"marketingHtml":31,"services":32,"recentDocuments":41},"\u003Cfigure 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buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"courseContent":87,"more":88,"buyNow":89,"subscribeNow":90,"encoding":91,"paidContent":92},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]