Theme

Photonics

As AI clusters scale, copper hits physical limits and the next bottleneck becomes optical infrastructure. Lasers, transceivers, optical engines, specialty glass, and the test/burn-in capacity behind it.

0.354avg corr (252d)

22stocks

Weak co-movement

Stocks · key Fib levels

#1
LITELumentum Holdings Inc.
$921.56last
$615.00fib
+49.8%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.
$385.03last
$249.00fib
+54.6%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.
$169.05last
$108.70fib
+55.5%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.
#3
AAOIApplied Optoelectronics, Inc.
$169.05last
$159.40fib
+6.1%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.
#3
AAOIApplied Optoelectronics, Inc.
$169.05last
$210.10fib
−19.5%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.
#3
AAOIApplied Optoelectronics, Inc.
$169.05last
$225.00fib
−24.9%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.
#3
AAOIApplied Optoelectronics, Inc.
$169.05last
$112.00fib
+50.9%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.
#3
AAOIApplied Optoelectronics, Inc.
$169.05last
$102.49fib
+64.9%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
- last
- 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.
$279.70last
$126.00fib
+122.0%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.
$382.07last
$336.00fib
+13.7%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.
$163.24last
- 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
$179.20last
- 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.
$384.82last
- fib
Benefits from building and scaling the actual hardware behind networking systems and optical modules.
anchored by Hyperscaler cloud (undisclosed) · Applied Materials · Cisco · Amazon · Johnson & Johnson
- ▸**Cloud/AI server ODM** - builds rack-scale AI compute + liquid-cooling for hyperscaler customers; Intelligent Infrastructure segment grew double-digit FY25 on AI mix
- ▸**Capital equipment** - multi-year contract manufacturing for semicap OEMs ($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
$108.47last
$66.00fib
+64.3%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.
$12.53last
- 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.
$9.59last
- 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
$3.87last
- 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.
$14.26last
- fib
Specialty optics and photonic components tied to industrial, defense, and AI-driven systems.
anchored by US Defense Primes (Lockheed/Raytheon/L3Harris exposure via subcontracts) · Industrial laser OEMs ($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.
$367.15last
$186.00fib
+97.4%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
$445.98last
- 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
$611.01last
- 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)

	AAOI	AAOI	AAOI	AAOI	AAOI	AAOI	AEHR	ALAB	ANET	AVGO	CIEN	COHR	FN	GLW	JBL	LITE	LPTH	LWLG	MRVL	POET	QCLS	SIVE
AAOI	·	·	·	·	·	·	0.40	0.35	0.31	0.32	0.48	0.58	0.51	0.43	0.37	0.57	0.32	0.26	0.30	0.25	-0.02	-
AAOI	·	·	·	·	·	·	0.40	0.35	0.31	0.32	0.48	0.58	0.51	0.43	0.37	0.57	0.32	0.26	0.30	0.25	-0.02	-
AAOI	·	·	·	·	·	·	0.40	0.35	0.31	0.32	0.48	0.58	0.51	0.43	0.37	0.57	0.32	0.26	0.30	0.25	-0.02	-
AAOI	·	·	·	·	·	·	0.40	0.35	0.31	0.32	0.48	0.58	0.51	0.43	0.37	0.57	0.32	0.26	0.30	0.25	-0.02	-
AAOI	·	·	·	·	·	·	0.40	0.35	0.31	0.32	0.48	0.58	0.51	0.43	0.37	0.57	0.32	0.26	0.30	0.25	-0.02	-
AAOI	·	·	·	·	·	·	0.40	0.35	0.31	0.32	0.48	0.58	0.51	0.43	0.37	0.57	0.32	0.26	0.30	0.25	-0.02	-
AEHR	0.40	0.40	0.40	0.40	0.40	0.40	·	0.28	0.30	0.33	0.45	0.50	0.53	0.50	0.49	0.41	0.31	0.39	0.40	0.31	0.08	-
ALAB	0.35	0.35	0.35	0.35	0.35	0.35	0.28	·	0.46	0.46	0.40	0.41	0.46	0.33	0.43	0.32	0.24	0.26	0.41	0.27	0.15	-
ANET	0.31	0.31	0.31	0.31	0.31	0.31	0.30	0.46	·	0.48	0.41	0.37	0.39	0.31	0.38	0.29	0.16	0.19	0.28	0.14	0.03	-
AVGO	0.32	0.32	0.32	0.32	0.32	0.32	0.33	0.46	0.48	·	0.52	0.45	0.54	0.44	0.50	0.45	0.16	0.22	0.43	0.30	0.14	-
CIEN	0.48	0.48	0.48	0.48	0.48	0.48	0.45	0.40	0.41	0.52	·	0.67	0.67	0.64	0.59	0.65	0.26	0.28	0.38	0.22	0.07	-
COHR	0.58	0.58	0.58	0.58	0.58	0.58	0.50	0.41	0.37	0.45	0.67	·	0.70	0.68	0.55	0.73	0.28	0.36	0.47	0.29	0.07	-
FN	0.51	0.51	0.51	0.51	0.51	0.51	0.53	0.46	0.39	0.54	0.67	0.70	·	0.67	0.65	0.63	0.30	0.37	0.46	0.33	0.09	-
GLW	0.43	0.43	0.43	0.43	0.43	0.43	0.50	0.33	0.31	0.44	0.64	0.68	0.67	·	0.63	0.61	0.26	0.30	0.43	0.32	0.08	-
JBL	0.37	0.37	0.37	0.37	0.37	0.37	0.49	0.43	0.38	0.50	0.59	0.55	0.65	0.63	·	0.51	0.30	0.29	0.41	0.28	0.09	-
LITE	0.57	0.57	0.57	0.57	0.57	0.57	0.41	0.32	0.29	0.45	0.65	0.73	0.63	0.61	0.51	·	0.24	0.24	0.31	0.17	0.02	-
LPTH	0.32	0.32	0.32	0.32	0.32	0.32	0.31	0.24	0.16	0.16	0.26	0.28	0.30	0.26	0.30	0.24	·	0.26	0.16	0.30	0.09	-
LWLG	0.26	0.26	0.26	0.26	0.26	0.26	0.39	0.26	0.19	0.22	0.28	0.36	0.37	0.30	0.29	0.24	0.26	·	0.28	0.22	0.10	-
MRVL	0.30	0.30	0.30	0.30	0.30	0.30	0.40	0.41	0.28	0.43	0.38	0.47	0.46	0.43	0.41	0.31	0.16	0.28	·	0.24	0.17	-
POET	0.25	0.25	0.25	0.25	0.25	0.25	0.31	0.27	0.14	0.30	0.22	0.29	0.33	0.32	0.28	0.17	0.30	0.22	0.24	·	0.23	-
QCLS	-0.02	-0.02	-0.02	-0.02	-0.02	-0.02	0.08	0.15	0.03	0.14	0.07	0.07	0.09	0.08	0.09	0.02	0.09	0.10	0.17	0.23	·	-
SIVE	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	·

About themes

Themes are editorial groupings - narrative buckets used for technical screens. They exist alongside bubbles, which are validated empirically by capital-flow co-movement.

When a theme's avg correlation is high, the editorial story is also tradeable as a bloc. When it's low, the narrative groups stocks that don't actually move together - useful for thinking, less useful for trading.

Frequently asked questions

What are the top stocks in the Photonics theme?: QuantAbundancia's Photonics theme tracks 22 stocks ranked editorially: LITE, COHR, AAOI, AAOI, AAOI, AAOI, AAOI, AAOI, SIVE, MRVL, plus 12 more.
Do Photonics stocks move together?: The Photonics theme has a 252-day average correlation of 0.35 across its members - weak co-movement. Editorial themes are narrative groupings, not capital-flow validated; tradability follows correlation, not the story.

Stocks · key Fib levels

LITELumentum Holdings Inc.

$921.56last

$615.00fib

+49.8%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

COHRCoherent Corp.

$385.03last

$249.00fib

+54.6%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

AAOIApplied Optoelectronics, Inc.

$169.05last

$108.70fib

+55.5%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.

AAOIApplied Optoelectronics, Inc.

$169.05last

$159.40fib

+6.1%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.

AAOIApplied Optoelectronics, Inc.

$169.05last

$210.10fib

−19.5%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.

AAOIApplied Optoelectronics, Inc.

$169.05last

$225.00fib

−24.9%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.

AAOIApplied Optoelectronics, Inc.

$169.05last

$112.00fib

+50.9%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.

AAOIApplied Optoelectronics, Inc.

$169.05last

$102.49fib

+64.9%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.

SIVESivers Semiconductors AB

- last

- 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

MRVLMarvell Technology, Inc.

$279.70last

$126.00fib

+122.0%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

AVGOBroadcom Inc.

$382.07last

$336.00fib

+13.7%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

ANETArista Networks, Inc.

$163.24last

- 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

GLWCorning Incorporated

$179.20last

- 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

JBLJabil Inc.

$384.82last

- 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

$108.47last

$66.00fib

+64.3%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.

$12.53last

- 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.

$9.59last

- 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

$3.87last

- 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.

$14.26last

- 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.

$367.15last

$186.00fib

+97.4%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

$445.98last

- 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

$611.01last

- 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)

	AAOI	AAOI	AAOI	AAOI	AAOI	AAOI	AEHR	ALAB	ANET	AVGO	CIEN	COHR	FN	GLW	JBL	LITE	LPTH	LWLG	MRVL	POET	QCLS	SIVE
AAOI	·	·	·	·	·	·	0.40	0.35	0.31	0.32	0.48	0.58	0.51	0.43	0.37	0.57	0.32	0.26	0.30	0.25	-0.02	-
AAOI	·	·	·	·	·	·	0.40	0.35	0.31	0.32	0.48	0.58	0.51	0.43	0.37	0.57	0.32	0.26	0.30	0.25	-0.02	-
AAOI	·	·	·	·	·	·	0.40	0.35	0.31	0.32	0.48	0.58	0.51	0.43	0.37	0.57	0.32	0.26	0.30	0.25	-0.02	-
AAOI	·	·	·	·	·	·	0.40	0.35	0.31	0.32	0.48	0.58	0.51	0.43	0.37	0.57	0.32	0.26	0.30	0.25	-0.02	-
AAOI	·	·	·	·	·	·	0.40	0.35	0.31	0.32	0.48	0.58	0.51	0.43	0.37	0.57	0.32	0.26	0.30	0.25	-0.02	-
AAOI	·	·	·	·	·	·	0.40	0.35	0.31	0.32	0.48	0.58	0.51	0.43	0.37	0.57	0.32	0.26	0.30	0.25	-0.02	-
AEHR	0.40	0.40	0.40	0.40	0.40	0.40	·	0.28	0.30	0.33	0.45	0.50	0.53	0.50	0.49	0.41	0.31	0.39	0.40	0.31	0.08	-
ALAB	0.35	0.35	0.35	0.35	0.35	0.35	0.28	·	0.46	0.46	0.40	0.41	0.46	0.33	0.43	0.32	0.24	0.26	0.41	0.27	0.15	-
ANET	0.31	0.31	0.31	0.31	0.31	0.31	0.30	0.46	·	0.48	0.41	0.37	0.39	0.31	0.38	0.29	0.16	0.19	0.28	0.14	0.03	-
AVGO	0.32	0.32	0.32	0.32	0.32	0.32	0.33	0.46	0.48	·	0.52	0.45	0.54	0.44	0.50	0.45	0.16	0.22	0.43	0.30	0.14	-
CIEN	0.48	0.48	0.48	0.48	0.48	0.48	0.45	0.40	0.41	0.52	·	0.67	0.67	0.64	0.59	0.65	0.26	0.28	0.38	0.22	0.07	-
COHR	0.58	0.58	0.58	0.58	0.58	0.58	0.50	0.41	0.37	0.45	0.67	·	0.70	0.68	0.55	0.73	0.28	0.36	0.47	0.29	0.07	-
FN	0.51	0.51	0.51	0.51	0.51	0.51	0.53	0.46	0.39	0.54	0.67	0.70	·	0.67	0.65	0.63	0.30	0.37	0.46	0.33	0.09	-
GLW	0.43	0.43	0.43	0.43	0.43	0.43	0.50	0.33	0.31	0.44	0.64	0.68	0.67	·	0.63	0.61	0.26	0.30	0.43	0.32	0.08	-
JBL	0.37	0.37	0.37	0.37	0.37	0.37	0.49	0.43	0.38	0.50	0.59	0.55	0.65	0.63	·	0.51	0.30	0.29	0.41	0.28	0.09	-
LITE	0.57	0.57	0.57	0.57	0.57	0.57	0.41	0.32	0.29	0.45	0.65	0.73	0.63	0.61	0.51	·	0.24	0.24	0.31	0.17	0.02	-
LPTH	0.32	0.32	0.32	0.32	0.32	0.32	0.31	0.24	0.16	0.16	0.26	0.28	0.30	0.26	0.30	0.24	·	0.26	0.16	0.30	0.09	-
LWLG	0.26	0.26	0.26	0.26	0.26	0.26	0.39	0.26	0.19	0.22	0.28	0.36	0.37	0.30	0.29	0.24	0.26	·	0.28	0.22	0.10	-
MRVL	0.30	0.30	0.30	0.30	0.30	0.30	0.40	0.41	0.28	0.43	0.38	0.47	0.46	0.43	0.41	0.31	0.16	0.28	·	0.24	0.17	-
POET	0.25	0.25	0.25	0.25	0.25	0.25	0.31	0.27	0.14	0.30	0.22	0.29	0.33	0.32	0.28	0.17	0.30	0.22	0.24	·	0.23	-
QCLS	-0.02	-0.02	-0.02	-0.02	-0.02	-0.02	0.08	0.15	0.03	0.14	0.07	0.07	0.09	0.08	0.09	0.02	0.09	0.10	0.17	0.23	·	-
SIVE	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	·

About themes

Themes are editorial groupings - narrative buckets used for technical screens. They exist alongside bubbles, which are validated empirically by capital-flow co-movement.

Frequently asked questions

What are the top stocks in the Photonics theme?

QuantAbundancia's Photonics theme tracks 22 stocks ranked editorially: LITE, COHR, AAOI, AAOI, AAOI, AAOI, AAOI, AAOI, SIVE, MRVL, plus 12 more.

Do Photonics stocks move together?

The Photonics theme has a 252-day average correlation of 0.35 across its members - weak co-movement. Editorial themes are narrative groupings, not capital-flow validated; tradability follows correlation, not the story.