Photonics

Stocks · key Fib levels

• #1

  LITELumentum Holdings Inc.

  $929.04last

  $615.00fib

  +51.1%vs fib

  Owns the laser + optical switching side of the trade. One of the cleanest pure plays on AI optical demand.

  $400M backloganchored by NVIDIA (strategic partner + $2B equity holder) · Hyperscalers (undisclosed) · Telecom carriers
  • ▸2026-Q1 - NVIDIA multi-year strategic agreement: $2B equity investment in Lumentum to fund R&D, future capacity, and US-based fab buildout; named partner for advanced optics technologies
  • ▸2026-Q2 (FY26 Q2 print) - Revenue $665.5M, +66% YoY; AI optical mix increasing
  • ▸2026-Q3 (FY26 Q3 print, ended 2026-03-28) - Record revenue $808M, +90% YoY; OCS backlog disclosed >$400M; under-shipping demand by 25-30% (capacity constrained)
  • ▸2026 - Co-packaged optics (CPO) incremental multi-hundred-million-dollar order; deliverable H1 calendar 2027
  • ▸2026-05 - YTD stock return +166%, market cap ~$75.53B (per Macrotrends 2026-05-15)
  • ▸Setup tension: largest pure-play optical exposure on the US tape benefits from NVIDIA-anchored AI bandwidth demand and CPO ramp, but NVIDIA concentration (named strategic partner + ~$2B holder) is also the single-counterparty risk; the new US fab adds execution risk on top of valuation that already prices in flawless scaling
  • ▸Editorial deep-dive: /articles/roundhill-lyte-photonics-etf - LITE is the largest disclosed pure-play in the $LYTE ETF universe
• #2

  COHRCoherent Corp.

  $290.61last

  $249.00fib

  +16.7%vs fib

  Wins from lasers, modules, and networking hardware that power hyperscale AI infrastructure and cloud expansion.

  anchored by NVDA · Ciena · Nokia · undisclosed hyperscalers
  • ▸2026-Q1: 800G datacom transceiver shipments ramped to multiple hyperscalers; mgmt flagged supply-constrained through CY26
  • ▸2025: divested 60% stake in silicon carbide unit to Denso/Mitsubishi consortium for $1B cash - paydown signal
  • ▸2024: 1.6T transceiver sampling announced; $NVDA reference platform inclusion
  • ▸2022: closed Coherent Inc acquisition ($7B); rebranded II-VI → Coherent Corp; combined laser + materials + networking footprint
  • ▸Telecom: long-standing ROADM + pump laser supply to $CIEN, $NOK, Ericsson
• #3

  AAOIApplied Optoelectronics, Inc.

  $101.03last

  $102.49fib

  −1.4%vs fib

  One of the best ways to play AI optical transceivers - major hyperscaler demand for 800G and 1.6T connectivity.

  anchored by Amazon Web Services · Microsoft
  • ▸2026-03-31 Q1 FY26 - revenue $151.1M (+51% YoY vs Q1 FY25 $99.9M); 5th consecutive sequentially-accelerating quarter (SEC EDGAR 10-Q)
  • ▸2025-12-31 FY25 - revenue $455.7M (+83% YoY vs FY24 $249.4M). The inflection year (SEC EDGAR 10-K)
  • ▸Quarterly trajectory: Q1'25 $99.9M → Q2 $103.0M → Q3 $118.6M → Q4 $134.2M → Q1'26 $151.1M
  • ▸Product line: 400G + 800G optical transceivers (LR4 / FR4 / DR4 form factors) for hyperscaler datacenter AI compute clusters
  • ▸Customer concentration: Amazon Web Services historically ~50% of revenue; Microsoft + Cisco material; specific quarterly customer mix not disclosed
  • ▸Capital structure: shares outstanding 80.24M (+49.96% YoY from ~53M base). +50% YoY dilution material to per-share economics; per-share revenue growth ~22% in FY25 vs 83% topline
  • ▸2026-05-28 read-through - DELL Q1 FY27 print disclosed $24.4Bn AI orders booked + raised FY27 AI server guide to ~$60Bn (+144% YoY). Every $1 of AI server revenue carries embedded optical interconnect spend; AAOI is the dominant US-listed 400G/800G pure-play
  • ▸Snapshot 2026-05-29: spot $154.66 (−8.54% session), 30% off ATH ~$220-230. Market cap $12.42Bn, EV $13.40Bn. TTM revenue $506.9M = P/S 24.5x, EV/Sales 26.4x. Peer comp: CRDO ~14x, LITE ~3.5x, CIEN ~2.2x
  • ▸Setup tension: hypergrowth (+50%) + hyperdilution (+50%) + customer concentration (~50% on Amazon). Bull case is sustained sequential acceleration through FY26 toward $700-750M revenue + hyperscaler capex confirmation from DELL/MSFT/META capex disclosures. Bear case is Amazon capex revision, continued dilution outpacing topline, or competitive pressure from Coherent + CRDO scaling. Next print Q2 FY26 ~early August 2026.
• #4

  SIVESivers Semiconductors AB

  kr32.78last

  - fib

  Benefits from the push toward faster semiconductor-to-optical integration as AI infrastructure scales.

  anchored by ALL.SPACE / York Space Systems (satcom + defense) · NVIDIA (DRIVE Hyperion LiDAR) · GlobalFoundries (silicon-photonics foundry partner) · O-Net + Enablence (co-packaged-optics light-source partners) · Tier-1 European telecom OEM (5G mmWave) · LEO satellite terminal OEMs
  • ▸**LEO satellite terminal design wins** - Sivers has disclosed engagements with multiple LEO ground-terminal makers for 60 GHz and Ka-band phased-array antenna modules targeting constellation broadband programs
  • ▸**5G mmWave infrastructure** - beamforming IC supply agreements with radio unit manufacturers serving Tier-1 telecom operators deploying 28 GHz urban small cells
  • ▸**Automotive radar modules** - 77/79 GHz front-end IC development agreements with automotive radar module suppliers for ADAS and Level 2+ driver-assistance systems
  • ▸**Silicon photonics co-development** - Sivers Photonics unit engaged in co-packaged optics R&D partnerships targeting hyperscaler datacenter interconnect applications
  • ▸**EU research grants** - repeated participation in Horizon Europe and Vinnova-funded projects for 6G and next-generation radar, validating IP but not yet generating material product revenue
  • ▸**2026-06-09 : ALL.SPACE $8.2M order** - production order for 2027 multi-beam Ka-band beamforming ICs (multi-orbit LEO / MEO / GEO satcom); ALL.SPACE serves US Army / Navy and runs trials across Telesat / SES / Viasat networks
  • ▸**York Space Systems (NYSE: YSS) acquiring ALL.SPACE** - pulls Sivers BFICs into a US defense prime supply chain (the design-in compounds beyond the single PO)
  • ▸**2026-06 : GlobalFoundries silicon-photonics collaboration** - co-packaged optics (CPO), linear pluggable optics (LPO), and datacenter-interconnect architectures for AI infrastructure
  • ▸**2026-03 : O-Net + Enablence external light source** - laser-array light-source modules supporting the CPO roll-out in AI datacenters and HPC systems
  • ▸**NVIDIA DRIVE Hyperion LiDAR** - Sivers wireless content designed into the autonomous-driving sensor stack
• #5

  MRVLMarvell Technology, Inc.

  $258.95last

  $126.00fib

  +105.5%vs fib

  Controls a huge part of the DSP + interconnect story with optical networking chips and high-speed connectivity.

  anchored by AWS · Microsoft · Google · Meta · Hyperscalers (undisclosed third + fourth)
  • ▸2021 - Inphi acquisition closed ($10B) - coherent-optical DSP leadership
  • ▸2024 - AWS Trainium2 + Trainium3 custom-silicon programs ramping
  • ▸2024 - Microsoft Maia 100 / successor program co-designed with Marvell
  • ▸2025 - Coherent-optical DSPs inside 800G + 1.6T pluggables shipping in volume
  • ▸2025-Q4 - Hyperscaler AI silicon revenue mix climbing; legacy networking mix shrinking as share of revenue
  • ▸2026-Q1 - Quarterly print; AI silicon revenue commentary the watch
  • ▸2026 - Multi-generation custom AI ASIC programs visible 2-3 years forward
• #6

  AVGOBroadcom Inc.

  $350.36last

  $336.00fib

  +4.3%vs fib

  Sits at the center of AI networking through switching, custom silicon, and optical interconnect demand.

  anchored by Alphabet · Meta Platforms · Apple · undisclosed third hyperscaler
  • ▸**Nov 2023** - Closed $69B VMware acquisition; began subscription conversion + portfolio trim
  • ▸**Sep 2024** - Disclosed third large hyperscaler XPU customer in development (unnamed)
  • ▸**Dec 2024** - Guided AI semi SAM to $60-90B by FY27 across 3 hyperscaler customers
  • ▸**2024-2026** - $GOOGL TPU v5/v6/v7 silicon co-design (multi-generation)
  • ▸**2024-2026** - $META MTIA v1/v2 inference + training silicon partner
  • ▸**2026** - Multi-year $AAPL wireless component extension signed; RF baseline through FY28+
  • ▸**Ongoing** - Tomahawk 5 (51.2T) shipping; Tomahawk 6 (102.4T) sampling for AI scale-out fabrics
• #7

  ANETArista Networks, Inc.

  $205.70last

  - fib

  The Ethernet backbone moving massive AI workloads across hyperscale clusters and data centers.

  anchored by META · MSFT
  • ▸2025 → 2026-05 - Channel overthrow rejection: stock ran $30 → $185.30 high inside multi-year ascending channel; recent rejection above the upper trendline, sharp reversal to $141.75 (~24% drawdown in days) on heavy volume
  • ▸Customer concentration: META historically >20% of revenue (anchor per multi-year 10-K disclosures); MSFT major hyperscaler customer; ORCL Stargate consortium exposure as the AI infrastructure buildout scales
  • ▸Product line: EOS network OS, datacenter / cloud / AI networking, Etherlink AI fabric portfolio (800G shipping); positioned in the AI Ethernet camp vs InfiniBand (NVDA-led)
  • ▸Competitive: incumbents CSCO + JNPR (post-HPE acquisition) losing DC share; ANET's pure-play software-driven model + EOS state-sharing OS is the differentiator
  • ▸Snapshot 2026-05-07: spot $141.75 (down from $185.30 52w high), mcap ~$178.49B, fwd PE 32.1, P/S 18.4, EV/EBITDA 40.7. Op margin 42.7%, gross margin 63.5%, ROE 31.5%, total debt ZERO, $9.82 cash/share. 52w range $83.86 - $179.80, beta 1.67, avg vol 8.0M shares
  • ▸Setup tension: pristine fundamentals + primary networking-optical bubble status (weight 1.0, "Datacenter switching leader") vs heavy-volume distribution candle from a parabolic top; chart-entry verdict 2026-05-07 was WAIT pending 4H reclaim of the 50d SMA before the dip becomes the trade
  • ▸Next earnings: 2026-08-04 (Q1 FY26). yfinance consensus: EPS $0.88, revenue $2.82B. 89d out - no near-term catalyst risk
• #8

  GLWCorning Incorporated

  $154.15last

  - fib

  Supplies the specialty glass + fiber needed for the optical transport layer behind AI infrastructure.

  anchored by AAPL · VZ · T · LUMN · Samsung · undisclosed hyperscalers
  • ▸2024-10: Lumen $LUMN multi-year fiber supply agreement, reserves ~10% of GLW fiber capacity through 2027
  • ▸2024-Q4: AT&T $T expanded fiber order, terms undisclosed
  • ▸2025-Q1: Verizon $VZ multi-year fiber renewal
  • ▸2025-2026: Hyperscaler datacenter fiber book "more than tripled" YoY per Q1 2026 call; counterparties undisclosed but management referenced top-4 cloud names
  • ▸Ongoing: $AAPL Ceramic Shield co-development for iPhone cover glass (multi-generation)
  • ▸Springboard plan target: +$3B annualized run-rate sales by end-2026 vs 2023 baseline
• #9

  JBLJabil Inc.

  $310.69last

  - fib

  Benefits from building and scaling the actual hardware behind networking systems and optical modules.

  anchored by Hyperscaler cloud (undisclosed) · Applied Materials · Cisco · Amazon · Johnson & Johnson
  • ▸**Cloud/AI server ODM** - builds rack-scale AI compute + liquid-cooling for hyperscaler customers; Intelligent Infrastructure segment grew double-digit FY25 on AI mix
  • ▸**Capital equipment** - multi-year contract manufacturing for semicap OEMs ($AMAT, $LRCX-tier tooling subassemblies)
  • ▸**Healthcare devices** - long-cycle programs for diagnostics, surgical robotics, and drug-delivery OEMs (Regulated Industries anchor)
  • ▸**EV power electronics** - inverter + onboard charger programs for legacy OEMs and EV startups
  • ▸**Mobility divestiture (FY24)** - sold legacy $AAPL-heavy mobility business to BYD Electronic for $2.2B; pivoted toward higher-margin infrastructure + regulated mix
  • ▸**Capital return** - $1B+ annual buyback authorization extended through FY26
• #10

  AEHRAehr Test Systems

  $97.42last

  $66.00fib

  +47.6%vs fib

  Wins from burn-in + testing demand as AI ASICs and high-power optical hardware move into production.

  anchored by ON Semiconductor · STMicroelectronics · Tier-1 AI processor (unnamed)
  • ▸**ON Semiconductor** - multi-year SiC wafer-level burn-in contract, historically 50%+ of revenue; 2024 pause flagged on Q3 FY24 call
  • ▸**Tier-1 AI processor maker** - first FOX-XP order shipped FY25 (customer unnamed; management framed as hyperscaler-adjacent)
  • ▸**GaN power device customer** - pilot system shipped 2025, qualification in progress
  • ▸**Silicon photonics customer** - WaferPak development contract announced 2025
  • ▸**Multi-market WaferPak business** - recurring consumable revenue, mid-single-digit million per quarter floor
• #11

  POETPOET Technologies Inc.

  $7.75last

  - fib

  Focused on lower-cost optical engines designed to improve efficiency inside AI data centers.

  anchored by Lumilens
  • ▸2026-05-14 - Q1 FY2026 print: rev $503,389 (NRE + product), net loss $12.3M, EPS -$0.08 vs Street -$0.05 (miss by $0.03)
  • ▸2026-05-14 - Disclosed $50M purchase order from Lumilens for optical engine modules. Forward-looking - track conversion timing + realized $ vs disclosed face value
  • ▸2026-05-14 - Stock +29.4% to $18.59 on the combined Q1 + Lumilens headline; multiple now fully detached from print
  • ▸2026-05 - Short interest 12.42M shares = 8.13% of OS (MarketBeat data). Others on the trade but not crowded-to-squeeze territory (vs 20%+ classic squeeze setups)
  • ▸Q1 FY26 revenue cadence: $166,760 (Q1 25) → $503,389 (Q1 26) - growing off a small base; still ~zero relative to opex
  • ▸TTM snapshot 2026-05: revenue ~$1.07M, net loss -$62.96M, quarterly burn $12-15M. Cash runway is the recurring catalyst - every 6-12mo financing cycle has historically diluted shareholders into the next narrative beat
  • ▸Mcap implied ~$2.84B (152.8M sh OS × $18.59 spot, derived from SI ratio). TTM P/S ~2650× - multiple is on the CPO narrative + the next AVGO/NVDA/ANET CPO catalyst, not the underlying revenue
  • ▸Setup tension: real CPO theme (NVDA Spectrum-X optical, AVGO 200G/lane silicon photonics, ANET Etherlink AI fabric) means POET is the cheapest-lottery-ticket screen on the bubble - but $1M TTM revenue against a $2.8B mcap and chronic dilution cadence mean the short setup tells are equally real. Both sides visible; flow-driven name
• #12

  LWLGLightwave Logic, Inc.

  $5.28last

  - fib

  Pushing next-gen polymer photonics that could make optical communication faster and more efficient.

  anchored by Polariton Technologies · AIM Photonics · U.S. Department of Energy
  • ▸**2025-Q4** - Polariton-branded MZM commercial samples available for purchase; first revenue-bearing shipments of EO polymer device.
  • ▸**2025** - DOE Microelectronics Commons award via AIM Photonics consortium; non-dilutive funding for foundry-scale polymer integration.
  • ▸**2024** - Multi-year materials supply MOU with Polariton Technologies (Swiss MZM fab) for joint commercialization.
  • ▸**2024** - Polymer slot-waveguide demonstrated on commercial silicon-photonics PDK; 110 GHz bandwidth at sub-2V drive published.
  • ▸**Ongoing** - Evaluation engagements with undisclosed hyperscaler and optical-module OEM customers under NDA.
• #13

  QCLSQuanergy / placeholder

  $1.02last

  - fib

  Exposure to advanced laser systems supporting precision photonics and next-gen optical demand.

  anchored by undisclosed
  • ▸**LightSolver Ltd. exclusive global license** - foundational agreement granting worldwide rights to deploy LightSolver LPU technology, including the qc-LPU100 system, for blockchain, DePIN, and AI HPC applications (signed Sept 2025 via LPU Holdings LLC acquisition)
• #14

  LPTHLightPath Technologies, Inc.

  $10.06last

  - fib

  Specialty optics and photonic components tied to industrial, defense, and AI-driven systems.

  anchored by US Defense Primes (Lockheed/Raytheon/L3Harris exposure via subcontracts) · Industrial laser OEMs ($IPGP, $COHR) · Thermal imaging integrators (Visimid customer base)
  • ▸**2024:** Multi-year IR camera assembly award with undisclosed US defense prime (announced as "Mantis" production program)
  • ▸**2024:** BlackDiamond chalcogenide-glass supply agreement with a tier-1 thermal-sight integrator (germanium-substitute design win)
  • ▸**2023:** Acquired Visimid Technologies - adds custom IR camera engineering capability, expands assembly mix
  • ▸**2023:** Multiple thermal-imaging design wins flagged post China Ge export controls (Aug 2023)
  • ▸**Ongoing:** Industrial laser-optics supply to $IPGP, $COHR, and other fiber/CO2 laser OEMs (legacy core business)
• #15

  ALABAstera Labs, Inc.

  $360.51last

  $186.00fib

  +93.8%vs fib

  Connectivity + infrastructure side helping AI clusters scale faster.

  anchored by Amazon AWS · Microsoft Azure · Google Cloud · Meta · NVIDIA · Dell · Supermicro
  • ▸2026 Q1: Scorpio P-Series PCIe Gen6 fabric switches sampling to hyperscalers; production ramp guided H2 2026.
  • ▸2025 Q4: Disclosed design wins on NVDA GB300 NVL72 platform - Aries + Scorpio attach.
  • ▸2025: Sole-source PCIe retimer on multiple AWS Trainium2 / Inferentia server SKUs.
  • ▸2025: COSMOS software suite extended to fleet-wide telemetry across all four product lines.
  • ▸2024 Q1: IPO at $36 (Mar 2024), priced above range; first pure-play AI interconnect public listing.
• CIENCiena Corporation

  $358.43last

  - fib

  Pure-play coherent-optics DCI vendor - WaveLogic 6/7 ramp + AI scaleout DCI traffic. The photonic layer connecting hyperscaler campuses.

  anchored by Hyperscalers (undisclosed mix) · AT&T · Verizon · Tier-1 international telcos · AWS · Microsoft Azure · Google Cloud
  • ▸2025 - WaveLogic 6 (1.6T per wavelength) shipping at scale to hyperscalers + Tier-1 telcos
  • ▸2025 - Multiple multi-year hyperscaler DCI commitments (terms not disclosed individually)
  • ▸2025-Q4 / 2026-Q1 - Hyperscaler revenue mix climbing per quarter as cloud + AI DCI capex re-prioritizes
  • ▸2026 - WaveLogic 7 development; next-generation coherent optics roadmap
  • ▸2026 - Photonic-integrated-circuit (PIC) integration deeper across product line
• FNFabrinet

  $398.36last

  - fib

  Builds the optical transceivers, lasers, and photonic assemblies that the networking-optical OEMs design but do not in-source.

  anchored by NVDA · CIEN · NOK · LITE · CSCO
  • ▸**2026-Q1:** $NVDA disclosed as >10% customer; multi-product engagement on datacenter transceivers and cable assemblies.
  • ▸**2025-Q4:** Building 10 (Thailand) ramp on schedule; adds ~25% optical assembly capacity for FY27 1.6T ramp.
  • ▸**2025:** 800G transceiver shipments now the largest single product line by revenue; growth concentrated in datacom over telecom.
  • ▸**Ongoing:** Multi-decade $CIEN / $NOK / $LITE / $CSCO telecom and datacom transceiver programs; automotive lidar manufacturing for multiple OEMs.
  • ▸**Capital return:** $300M buyback authorization active; no dividend, no debt.

Co-movement matrix (252d)