NVIDIA’s Rubin is only just being ramped up in production. Mass shipments will begin in late 2026. There are already coherent pluggables there. However, Nokia’s CPO will likely be integrated later, in a different variant, unless Nokia sells the technology to a competitor to be packaged into their platform even sooner. But I don’t believe that, because the entire bus architecture on the switch would need to be redesigned.
Currently, the strongest growth in NI is coming from Fixed Networks. Orders from hyperscalers are going through the roof.