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DP83869HM: Using the DP83869HM without magnetics

Part Number: DP83869HM
Other Parts Discussed in Thread: DP83869

Tool/software:

We are using the DP83869HM to convert SGMII to gigabit ethernet to communicate board to board within a product. I was wondering if anyone has any experience operating without magnetics? Intuition says it should be fine since the ground and voltages are going to be the same between boards. There's no chance of transients or shorts getting inside the box. I think it will work fine without them. If anything, i'll probably capacitively couple the signals between the boards.