8 Equity Research U.S. Semiconductors & Semiconductor Capital Equipment 24 September 2026 U.S. Semiconductors & Semiconductor Capital Equipment ECOC Takeaways: Mixed Bag of Technologies as Customer Roadmaps Diverge We spent our time walking the booths and meeting with companies. Please see our takeaways below. Volume CPO timing is aligning more with the turn of the decade (if not later) and NPO solutions are starting to fill in the gap. We think that, like CPO, the "late 2027" that many are quoting in indus ...