Test & Measurement Equipment (Tollgate)
Combined optical-electrical testing is the key bottleneck of the CPO era. 1.6T transceiver testing requires 240Gbps/lane sampling oscilloscopes, TDECQ measurement, and simultaneous optical-electrical probing. Keysight leads with DCA-M, while Viavi and EXFO split production/field testing. ATE players (Teradyne, Advantest) are also expanding into optoelectronic testing.
Investment Confidence
Theme Analysis
Key Drivers
- Rapidly increasing 1.6T transceiver test complexity
- CPO optical engine testing -- simultaneous electrical and optical verification
- ficonTEC-Teradyne/Advantest ATE integration
- Field testing and monitoring demand (Viavi)
Risk Factors
- Test equipment price increases squeezing transceiver company margins
- New measurement standard establishment delays
- CPO test automation entry barriers
Catalysts
- Keysight DCA-M 1.6T-compatible product launch
- OFC 2025/2026 CPO test solution demos
- Viavi LightDirect new module launch
Related Investment Ideas
2Keysight — The Tollbooth of 1.6T Optical Testing, Essential CPO-Era Infrastructure
Leading the 1.6T optical transceiver test equipment market. DCA-M sampling oscilloscope is the de facto standard for 240Gbps/lane optical signal analysis. Industry-best precision in TDECQ, OMA, and RLM measurements. In the CPO era, simultaneous electrical+optical testing becomes essential, making Keysight the 'tollbooth that everyone needs regardless of who wins.' Keysight equipment is mandatory from R&D through mass production.
Viavi Solutions — Field Optical Testing Champion, Splitting Production/Field Territory
Leading provider of optical test and measurement equipment for production and field use. LightDirect platform is widely deployed in optical transceiver production lines and data center field testing. While Keysight dominates R&D and high-precision testing, Viavi owns the production and field segment. The MAP-300 platform covers connector inspection, auto-cleaning, and high-speed measurement. Field testing demand grows in lockstep with AI infrastructure expansion.
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