Hyperscalers are prioritizing Near-Packaged Optics (NPO) as a pragmatic bridge through 2028, with GOOGL reportedly ordering 12 million NPO modules for its next-gen TPU clusters. While AVGO and NVDA are pushing Co-Packaged Optics (CPO) for its power and bandwidth benefits, adoption faces hurdles due to serviceability risks and vendor lock-in. The analysis suggests NPO is the near-term winner over the $91 billion CPO total addressable market forecast by GS for the 2026-2028 timeframe.