This is an interesting perspective. My own understanding (based on a discussion with GPT 5.2) is that Nokia is in a quite unique position regarding system-level vertical integration, while Coherent is particularly strong in component-level integration. But this is just an amateur’s understanding..
“Coherent cannot achieve the same system-level vertical integration as Nokia in optical engines and CPO. Coherent’s strength lies in its deep control of InP materials and optical components, but the greatest value of CPO and optical engines is generated at the ASIC interface, in packaging, and in the overall system architecture – areas that Nokia masters and Coherent does not own.”
“Nokia is in a quite unique position in the system-level vertical integration of CPO technology, as it combines IP systems, optical architecture, SiPh integration, and InP-based active optics under one roof. While it is not the only CPO player, few others are able to optimize the entire chain from component to system as independently… Cisco is the closest point of comparison; Cisco does not own InP production but is stronger on the ASIC side.”