Mirae Asset Securities highlights that analog semiconductors, where Moore's Law does not apply, are experiencing exploding value and overwhelming pricing power, with major players like TI, NXP, and Infineon executing synchronized price hikes in 2026. The firm notes that ultra-high-density AI racks require a shift to 800V DC power distribution to reduce current to 750A and cut copper requirements by 45% due to heat loss. Furthermore, the real bottlenecks in optical technology are identified as InP substrates, Continuous Wave (CW) laser sources, Photonics-SOI wafers, and SiPho foundries, rather than just finished optical modules.
The physical constraints of power delivery and optical light sources, not just logic or memory, are now binding variables for AI infrastructure scale.