Morgan Stanley: The global AI optical module PCB market's compound annual growth rate may reach as high as 83%, far exceeding the 60% growth rate of the optical module during the same period.

Morgan Stanley's latest report predicts that as the scale of AI clusters continues to expand, the demand for data transmission between GPUs will grow exponentially, driving a rapid surge in demand for optical modules. As optical modules upgrade from 400G to 800G, 1.6T, and even 3.2T, the materials, layers, and manufacturing processes of their internal PCBs will undergo comprehensive upgrades, thereby significantly increasing the value of single PCBs. Morgan Stanley expects that from 2025 to 2028, the global AI optical module PCB market size will increase from $620 million to $3.77 billion, a more than five-fold increase in three years, with a high annual compound growth rate of 83%, far exceeding the 60% growth rate of optical modules during the same period. The report indicates that the total shipment of AI optical modules is expected to be 73 million, 141 million, and 158 million units in 2026, 2027, and 2028, respectively, with a three-year compound growth rate of approximately 60% for 1.6T optical modules and a high growth rate of 83% for the circuit board market.