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We demonstrate the first known experiment of a real-time end-to-end 40-Gb/s pulse amplitude modulation (PAM)-4 system for next-generation access applications using 10-Gb/s class transmitters only. Based on the measurement of a real-time 40-Gb/s PAM system, low-cost upstream and downstream link power budgets are estimated. Up to 27 and 25 dB power budgets for 10- and 20-km standard single-mode fiber...
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