Morgan Stanley interprets the ECOC conference: NPO consensus shifts to landing in 2028, optical devices sold out for 12-18 months, these US stocks benefit the most

According to Jinse Finance, the latest briefing from Morgan Stanley at the 2026 European Conference on Optical Communication (ECOC) offered three key conclusions: industry consensus has shifted from debating “whether to pursue NPO” to “rolling out the first batch of products in 2028”; the optical communication supply chain is nearly sold out for 12-18 months, with indium phosphide (InP) substrates being the tightest bottleneck; regardless of technical route, testing company Keysight is poised to be the most reliable beneficiary.