The prize stays the same: 17.5 pJ/bit for a pluggable versus 4.4 claimed for the strictest co-packaged designs — roughly a 4x gap per link, per company disclosures compiled by independent research. The price is six harder problems: heat, laser reliability, sub-micron alignment, serviceability, package yield, field repair. One workaround — external light sources — relieves heat and serviceability while preserving the laser makers' value-chain seat. Scoreboard unchanged: one hyperscaler's 15-switch trial in production.