Transurfing Volatility

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Yiji

Seoul, South Korea

On CPO Pt 4 | Today's Major CPO Products

On CPO Pt 4 | Today's Major CPO Products

A look at Nvidia (Quantum-X / Spectrum-X) and Broadcom (Humboldt / Bailly / Davisson) production CPO product lineups, Nvidia's generation-by-generation adoption timeline, and a comparison of the two vendors' entry paths. On CPO * Part 1, The Phased Transition from Pluggables to CPO * Part 2, The Economic

On CPO Pt. 3 | Inside the Optical Engine

On CPO Pt. 3 | Inside the Optical Engine

ELS vs. on-chip laser, MZM / MRM / EAM modulator comparison, and the OE scaling roadmap (fibers × speed × wavelengths). On CPO * Part 1, The Phased Transition from Pluggables to CPO * Part 2, The Economic and Architectural Case for CPO * Part 3, Inside the Optical Engine * Part 4, Today's Major

On CPO Pt. 2 | The Economic and Architectural Case for CPO

On CPO Pt. 2 | The Economic and Architectural Case for CPO

Why scale-out's cluster-level TCO impact gets diluted, why scale-up forces Nvidia to adopt CPO to defend its NVLink moat, and the mechanism by which the bottleneck migrates to packaging. On CPO * Part 1, The Phased Transition from Pluggables to CPO * Part 2, The Economic and

On CPO Pt.1 | The Phased Transition from Pluggables to CPO

On CPO Pt.1 | The Phased Transition from Pluggables to CPO

Before getting into the main parts, this briefing-style opener covers the conclusion, the core summary, and the five-step spectrum of optics moving closer to the chip (Pluggables → LPO → OBO → NPO → CPO). Conclusion * CPO (Co-Packaged Optics) is hard to frame simply as "a technology that reduces networking

4Q25 Review Pt. 3 | A Short-to-Medium-Term Liquidity Scenario Centered on USDJPY

4Q25 Review Pt. 3 | A Short-to-Medium-Term Liquidity Scenario Centered on USDJPY

The point: the policy-rate-spread-centric USDJPY pricing mechanism may be sitting in a short-term distorted regime. 4Q25 Review * Part 1⎯From Liquidity Fissures to Risk-Off * Part 2⎯US Q3 GDP Review * Part 3⎯A Short-to-Medium-Term Liquidity Scenario Centered on USDJPY Since Sep 18,

4Q25 Review Pt. 2 | US Q3 GDP Review

4Q25 Review Pt. 2 | US Q3 GDP Review

A quarter where the growth print was high, but the composition of the growth drivers and the measurement uncertainty have to be read separately. 4Q25 Review * Part 1⎯From Liquidity Fissures to Risk-Off * Part 2⎯US Q3 GDP Review * Part 3⎯A Short-to-Medium-Term Liquidity Scenario Centered

4Q25 Review Pt. 1 | From Liquidity Fissures to Risk-Off

4Q25 Review Pt. 1 | From Liquidity Fissures to Risk-Off

The chain mechanism behind the Q4 market correction. 1. Structural Backdrop — Sustained Q3 TGA Absorption, ONRRP Depletion, then Continued QT Eroding the Reserve Buffer After the TGA balance bottomed in July / November, system liquidity was absorbed into the TGA through Q3. The market should normally have corrected on the after-