Just some random thoughts, I do think AI is the most disruptive technology in human history. To the level of agricultural or industrial revolution. Since Anthropic, OpenAi, XAI, and others are racing to build superintelligence. The amount of economic impact can't be measured if AI helps find cures for cancer or accelerates discovery for Quantum Computing. Or if AI end up displacing the workforce, which increases profitability for companies. The US Gov has every incentive to keep the buildout going too, as the implications from Warfare, Cybersecurity, is also immeasurable if China takes the lead. So there's likely to be incentives and subsidies to win, even if there's not enough profit derived LLM training/inference. As for sustainability, when you look upstream, $GOOGL is able to fund it majorly with their own cashflow, same with $AMZN, $MSFT. More lukewarm on $META. Very iffy about $ORCL. But I do see some bubbles forming around debt interest like $CRWV. Maybe circular valuations that's happening with OpenAI backlog agreements or $NVDA / $AMD agreements with Neoclouds to buy their GPUs. But as seen with $MSFT and having OpenAI be a major part of the backlog, it did correct off the information, so "bubbles" like that do pop despite the overall markets increasing. Definitely don't see a bubble in upstream semiconductors from $LITE to Sk Hynix though since the amount of profit they get from the buildout would likely be insane to make up for capex decreasing. OpenAI was actually my biggest fear from contagion, eg. $CRWV, $CBRS and others, but they just raised a lot. So think it will be fine for another 1 1/2 years of capex, especially if they IPO this year. I also don't think we'll get massive Fed tightening despite "predictions" since this will trigger a contagion since many of these players rely heavily on debt. And although the Fed is independent, don't think Trump would have supported someone who is against his administration goals. As for semiconductor valuations going up every day like $AMD or $MU, there's probably going to be some corrections here and there. Everything going up together is kinda unhealthy. Can't time the capex peak but just from $AVGO and other projections, it just keeps accelerating exponentially into 2028. Especially as everyone is starting to sign multi year agreements as well. OpenAI contagion / hyperscaler capex decreasing / fed tightening was what I'm looking out for, and no blaring signs of any of those yet. So I think the music will keep playing for this year at the bare minimum.

$NVDA and $GOOGL lead 800V DC ahead of schedule. "Ahead of schedule", pulled up to Q3 2026 with small volume shipments starting . - Delta Electronics (2308), $VRT - Song Chuan Precision (7788) - Schneider Electric, Eaton, Siemens. All flagged as beneficiaries. "Market sources indicate that Nvidia’s Vera Rubin platform and Google’s next-generation AI data centers will be the first to adopt the technology" Source: Commercial Times The power semi trade should be happy to hear this.

I do see a lot of comments about "harvesting the leeks". And I hope my picks like LeaderDrive can help change that perspective around certain equities being good long term holds. I think my only Chinese listed pick was Innolight last year, and that's up triple digits to ATH? All my ideas come from a Western perspective (eg. institutional research from JP Morgan / Goldman Sachs I synthesize) and what US hyperscalers like $GOOGL or $MSFT require. And I do consider about geopolitical tensions + game theory all the time, such as with $AXTI. I think a foreigner's perspective brings a different kind of alpha here, and I'm excited to share how this plays out. Regardless, I'm excited to see how adventures in Chinese equities go! (also, I'm just 1 person posting thoughts throughout the day. there's a lot of conspiracy theories going around saying I'm some Chinese institution. and yes, English is my primary language, i typo sometimes since I post 20+ a day on mobile mostly).

$GOOGL (June 8, 2026-weekly chart) I was a buyer of $GOOGL between $290 and $305 and shared it with my community. It is holding up very well above the previous all-time high at $348.754. I will be a buyer again if the whales offer a discount, and I’ll double down when my two systems flash bullish signals again.

Yeah… I think all your upstream semi supply chain companies are going much higher. Goldman now expects a combined $5.3 trillion of capex spending for the four largest hyperscalers $GOOGL / $META / MSFT / $AMZN from 2025 to 2030. Revised up from $4.5T from Q1 earnings. “Aggregate capex est. $7.6 trillion between 2026 and 2031.” And it flows upward to these tiny chokepoints like $SIVE for CPO lasers/ $SOI for Silicon Photonics substrates. Leaderdrive/Harmonic for Humanoids components. And so on… Ai names don’t move in a straight line up, but is just the beginning of the next Industrial Revolution as we move from R&D/compute buildout into commercialization from Agents -> Physical AI -> discovery.

I never thought I’d see the day where $GOOGL needs to raise $80b for AI capex… Then Warren Buffet’s $BRK.A is funding the hyperscaler AI buildout. - $40B ATM, $30B offerings, Berkshire $10B Upstream ecosystem from $LITE to $AVGO to Mediatek to $TSM to $MU should go brrr. Not sure if the Google holders are though, given this massive capex scale isn’t as funded by FCF.

Kudos keep coming @dannycheng2022 @cantonmeow Here is my brother Ritchie’s account in 🇮🇳 He invests in both 🇮🇳 and 🇺🇸 5x in $ASTS He did very well in $GOOGL and $AMD He follows @dannycheng2022 charts diligently. Infact, he has outperformed me by following Danny. So, proud of him!!!

Ayar’s announcement today with Wiwynn is potentially very material for $SIVE regarding CPO -> rack scale deployments. As Wiwynn cloud clients include $AMZN, $META, $MSFT. And they’ve been in talks for $GOOGL TPU deployments. I think just for some reference architectures it’s around 512+ supernova light sourc a rack. So if $SIVE is the primary laser array supplier (which we expect, given Macom + Lumentum was removed from Ayar’s site). Even modest rack deployments would be very meaningful for revenue. This is just rack scale commercialization potential right now from $SIVE / Ayar / Wiwynn, which won’t show up in revenue financials yet.

Feels like $FUTU and $TIGR are kinda screwed? The Chinese Gov is going after their historical revenues. There's basically no fair law in China (esp. with IP), so if Gov wants something done, courts will be rigged against them. So no chance of an appeal, unless they make a hidden deal. Also don't think the brokerages are able to pull a $GOOGL like their 20 decillion fine, given local operations So TLDR: Good lesson learned to avoid Chinese exposure from $BABA to $PDD as much as possible... And (as seen with $META + Manus + this case), even if something looks cheap. There's a reason why all the US equities have premiums, even if a little high.

Taiwan financial sector rules are hilariously stupid. They literally dispositioned Mediatek, one of their largest companies lmfao. It's like if the US stopped letting people buy $GOOGL because the stock went up. Then that caused Google's stock dropped after. Wouldn't they want their companies to appreciate in value, so their economy benefits? Especially during one of their largest bull-runs from the semi sector, it's actually hindering their own growth where every week matters. Interesting to see such backward rules hurting their own high-tech economy.

Not sure if people realized this but unless a thesis completely breaks, companies like $NBIS can keep growing. Just look at $AMZN or $GOOGL over the past 15 years. If people "trim" it often triggers taxes. And a lot of corrections are typically less than those taxes paid. By the time a "50% crash happens", it's probably already compounded hundreds of even thousands of percent. If people need to pay expenses, once you hit 7-8-9 figures, you can always borrow against those assets and keep letting them appreciate. NFA, just personal opinion. You all do you, but it's highly, highly, dependent on the companies you pick. Can't do this with something trash like $IREN. But I do believe $NBIS is positioned to be the next hyperscaler.

I actually think $FLNC should be a lot higher. The implications of having 2 incoming direct hyperscaler contracts in 1 quarter is enormous. $MSFT to $AMZN don't sign tiny deals. Obviously markets like to wait more until actual news/purchase order numbers come out... in the off-chance it doesn't go through or lower than expected. But a company doesn't just randomly announce 2 hyperscalers MSas and an expectation of the orders to hit Q3. Also winning multiple hyperscaler deals, in a single quarter is a leading indicator for more, especially as Fluence BESS becomes standardized. Given short interest is around 27.69%, I'm not sure if pre-earnings short sellers are very comfortable to take a risk... I think there's a chance for a generational run if a hyperscaler like $GOOGL signs a massive contract.

I think $MU would hit my first target (in the video) very soon. I’ll keep sharing my target prices through cartoon videos (mostly for fun). Hope you guys enjoy them! I’ve done this before with $AMD, $GOOGL, and $MU.

Agreed high-level directionally, $FLNC compelling at $3B valuation post-earnings after taking a closer look. Very rare to see a US energy player that small get 2 direct Hyperscaler deals... The $5.6B+ backlog derisks the company growth, not including new hyperscalers backlog like $GOOGL or $MSFT. The hyperscaler deals were framework agreements, which are likely to convert "soon" Q3 this year, and aren't included in numbers. Once that's released it's major positive catalyst, similar to qualification -> volume ramp in semi players. Citi Analyst: "The possibility of a hyperscaler order will likely overshadow everything else in the quarter. We expect a positive reaction to the announcement" I'm going to go ahead and guess they'll likely rerated once they announce their hyperscaler orders maybe anytime in the next 3 months so I jumped on the boat as a short term catalyst trade. (not just 1 but 2) Also, if they hit ~$288M net income off gross-margin expansion ($6B revenue, 13.0% gross margins) from their software segment expansion, ~11.6x fwd p/e for 2027. The current stock price is -50% Feb's prices despite hyperscalers + backlog de-risking the company looks like a great entry point to me (NFA).

Wait a sec… This feels so weird I talk about Faker and Aespa and suddenly they’re doing $GOOGL ads together. https://t.co/U9TJ1XHUDj

Bullish on $ARM, given the new bottleneck shifting back to CPUs. MS shows stuff like Orchestration/RAG requiring CPUs. But I'm predicting parts of localized inference to be handled by CPUs more and more... as models like Gemma get lightweight in the future. Not every robot needs to be able to solve the mysteries of the universe. Data centers will need an astronomical amount of traditional CPU compute (AWS Graviton, $GOOGL Axion, and $MSFT Cobalt), which are all ARM based. $META + OpenAI are also buyers of the AGI CPU. And AI will flow down to edge. $15B annual revenue target.. Starting to look reasonable?

A Guide by Serenity: How to Cripple the Western Hyperscaler buildout with just $170m. Just take over Nippon Chemical (4092) with $169m! For InP substrates, you need: Indium and High Purity Phosphorus. Thought $AXTI was a bottleneck? NCI is the bottleneck of the bottleneck. NCI is actually the leader of the high purity red phosphorus chokepoint holding 26-27% of the market share (Rasa has less share, then the rest is China). And they export to $AXTI, Sumitomo, JX that need it to make InP substrates. 
So… if you have $160m to spend to acquire NCI (plus Rasa as smaller capacity), you can remove the leading Western world’s production of 6N/7N red phosphorus needed to make InP substrates! And without InP substrates: no photonics. Fun fact: China’s tech companies would get pretty disrupted with it too by NCI. For $AXTI, the mapping/reliance is actually pretty interesting: - AXT's Tongmei outlined its structural reliance on importing high-purity precursor materials from Japan on their STAR Market listing 
- WITS data showing ~$460/kg high-purity phosphorus flowing from Japan into China So they secretly do depend on NCI. 
China does have capacity like Wylton Chemical, Qin Xi New Materials, Jinding Electronics, and Chuxiong Chuanzhi, Guizhou Wylton Jinglin Electronic Materials as well. However, they’re all smaller players so can’t make up for high purity red phosphorus capacity provided by NCI for InP substrate production at scale. $LITE CEO already said inp substrates keeps him up at night. So now with NCI, you can give the guy permanent insomnia? For just $169M. So here's what the supply chain looks like: -> DGC phosphate rock mine and ships it to NCI -> NCI refines Yellow Phosphorus into High Purity Red Phosphorus -> Sumitomo / JX / AXT melt the Red Phosphorus with Indium to grow InP Substrates -> $COHR / $LITE fab InP substrates into Lasers -> Innolight/Fabrinet package them into 800G/1.6T transceivers -> $NVDA / $GOOGL use them for ASIC/GPU clusters. 
And basically, the entire West depends on NCI to make InP substrates for photonics. I hold some very small positions, just for fun. However, Japan is not well known for price hiking. So you’d probably run into regulatory problems eg. FEFTA if you bought the company and hiked prices 15000% (like government seizing back the company once they realize)… Maybe 30-50% hikes is possible to compress fwd p/e? But very likely wont end up like $AXTI. 
 Regardless, this company is a massive, massive national security risk priced at ~$160m. As for fundamentals, they’re trading at .54 book value and a forward P/E of 11.4 so it’s probably undervalued anyway. TLDR: -> Is it the next $AXTI? No. -> Is it an unknown structural bottleneck + critical vulnerability of the Western hyperscaler buildout with photonics? Yes. -> Is there still room for re-rating? Just reverting to Book Value of 1 is immediate 80-85% upside. Maybe more if you give it multiples past 11 fwd p/e. Regardless, it’s fun to find a major point of failure in the hyperscaler supply chains for $169m.

Taiwan $NVDA CPO supply chain ide #1: Shunsin (6451 TWSE) - Photonics Packaging at ~$1.4B MC. It's a subsidiary of Foxconn. And Foxconn is ODM for $NVDA. It's almost like Celestial got listed by $MRVL and got a free piggy back ride? Some personal est. 2027 fwd ~20 P/E, that compresses harder into 2028, 2029. Shunsin's optical division openly lists their markets as "CPO 51.2T/102.4T" and "Pluggable XCVR 800G/1.6T. Markets themselves as "Supported by Foxconn's vertically integrated supply chain for fast project ramp" If you look at $TSM COUPE for $NVDA, they don't assemble final fiber arrays/racks, Foxconn does. So $NVDA's CPO networking gear probably goes through Shunsin's alignment and bonding machines? And $GOOGL, $META optical switches probably end up thorough them too since they scaled Vietnam CPO facilities (speculative). Basically you get a free Foxconn piggy-back ride with this company at low forward multiples. Disclosures: I am personally long.

Here's a bunch of random 30 US-available random stocks I like today and why: 1. $INTC - America's hope for foundry, national security 2. $MRVL - scales rev from future maia asics and add ons like cpo, they do everything lost count 3. $TSM - backbone of semis/ai 4. $COHR - They do everything vertically integrated + captures optical cycle 5. $RKLB - the final frontier of space will be around 5 years from now and 20 years from now. 6. $DRAM - memory exposure for samsung/sk hynix 7. $AVGO - hyperscalers dont like nvidia gpu tax 8. $AMZN - nobody can compete against the overnight shipping of toilet paper. robotics will lower opex over time 9. $ARM - AGI CPUs scale revenue quite a bit over the next decade 10. $TSEM - you're going to need a foundry for light based stuff 11. $IBIT - bitcoin, we all know by now 12. $NBIS - i think it's the next AWS. Also they do self-driving cars with uber, own scaling DB companies, data labeling. It's almost like a mini Google. 13. $GOOGL - youtube is not going away, gemini is great. they're vertically integrated with TPUs and fund buildout with operating income so i like it. 14. $AMKR - super facilities coming online in late 2027-2028. benefits from made in america 15. $HOOD - i dont like short term, but long term i'm a fan of Robinhood since they captured retail + have more products like banking, etc that they're scaling up. product innovation is wild. 16. $CRCL - I happen to really like stablecoins and see them as the future for both payments/holding (depends on clarity act) 17. $META - people aren't going to stop using instagram or whatsapp, or others anytime soon. 18. $LITE - $GOOGL TPU exposure decently high part of BOM. As long as Google's AI program keeps running I think $LITE will do well. 19. $LPTH - Germanium and China export controls will always be an issue so US made engineered alternatives will always be important 20. $FN - Someone needs to assemble optical stuff 21. $JBL - same as above, but added with ip from Intel's SiPh acqusition so might end up like innolight? 22. $MP - American rare earths program is extremely important, similar to $INTC national security risks 23. $HIMS - Okay here me out they just acquired a ton of companies, and at $19 they have global DTC channel. short sellers really hate this company, but I think it's actually promising as a contrarian long 24. $SMTC - LRO/LPO transition 25. $POWL - US alternative to hammond for switchgear DC type bottleneck 26. $VPG - Humanoids will be a thing down the road maybe 2027-2028, this makes the sensors. 27. $MOG.A - Feels like i see them everywhere in robotics, to spacex supply chains 28. $MSFT - At $375, one day we'll look back and see this as a buying opportunity. 29. $CVX - oil might crash after war but these oil companies are going to be extremely important, especially when Venezulea is a goldmine. 30. $XLU - i think rate cuts might be back online, we need power/grid for AI so these names will always be improtant from $CEG to $NEE Just throwing out other thoughts aside from $AAOI and $AEHR.

The current bottleneck: Transformers/Switchgear. 

Trade Idea: Long Hammond (~2.2B CAD / ~$1.5B USD) at 184 CAD. They dominate the market for: -Transformers (dry, multi year bottleneck ~23% of market), -serve to switchgear (2-3Y bottleneck) -and manufacture liquid too (5Y, larger bottleneck) 
I personally anticipate components price hikes like NAND, as $AMZN, $MSFT and others compete for allocation. 

You might have seen: “Half of US data center builds have been delayed or canceled, growth limited by shortages of power infrastructure”… Then you go further:

“To address shortages… Canada, Mexico… became the biggest suppliers of high-power transformers for AI data centers to AI data centers”

Guess who is in Canada (Guelph).. Mexico (Monterrey 3 and 4)… and the US?

Hammond

Then here’s the reason the articles cite why hyperscaler DB buildouts are falling apart: 
 “Major reason behind these setbacks is the availability of key electrical components — such as transformers, switchgear”.  Institutions are probably looking at Powell, Eaton, and others… but little do they know? Companies like these actually buy Hammond’s transformers to put inside their own switchgear (“strong sales into data centres, switchgear manufacturers")

Their market share over the transformers market is actually pretty large (eg. ~23% dry).  
The most compelling signal:

-> 122% Y/Y 2025 backlog increase. And we can infer this to be 1B+ CAD.  Eg. company achieved 898m CAD in sales in 2025, capacity ceiling. Management said close of Q3 2025 orders were valued at 53% of the entire closing third-quarter backlog. Given that Q4 2025 revenue was 254 million and the backlog is "more than doubled," we can infer a total backlog value exceeding 1 billion CAD. Also: 
“Gross margin compression last year was due to the buildout of their Mexico facility, but both gross margins are expected to increase and the facility expansions are expectied to turn into accelerated revenue Q2 2026)” which is now.

Downside is if raw material costs (copper, electrical steel) spike again, but given this bottleneck, they can price hike. 

Personal FWD P/E estimates would be ~18-21 for 2026, <15 for 2027 from volume ramp. But I think it’s possible to hit single digit fwd P/E if they do price hikes mixed with hyperscaler emergency orders. But that might get a little mixed with the new acquisition. Regardless still looks cheap. 
 Just a TLDR:  
$AMZN, $MSFT, $META, $GOOGL, $ORCL datacenter are being bottlenecked because of a lack of transformers/switchgear.

Seems like markets missed this little player with large market share, despite backlog visibility and increasing revenue from capacity expansion coming online. I personally found it pretty compelling, so I went long. Just sharing my personal thoughts, of course DYOR before making any decisions yourself.

$AEHR looks extremely promising at ~$1.1B MC. Aehr is starting to remind me of an early $TER, mixed with pre-earnings $AAOI. If we look at the timeline and speculated customers: Feb 11th: Sonoma production win for Hyperscaler's AI ASIC processors. (likely $GOOGL, $AMZN, $META). - Probably Google? Aehr bought Incal, who was speculated to be used by Google for their TPUs. Feb 26th: $14 million from AI lead customer (likely $AMD, $NVDA) - Probably $AMD here for Instinct MI300/MI400. March 3rd: Lead silicon photonics customer for one FOX-XP system (likely $INTC siph) - Very likely $INTC has been their lead customer. March 31st: Initial order from major new silicon photonics customer (likely $AVGO, $MRVL, $CSCO ) - New customer (rules out Intel), prob one of these transitioning to 800G/1.6T silicon photonics transceivers (All speculative, very confidential BOM) Regardless. This timeline is just bottling up for $AEHR. Could be next earnings. Or two quarters from now. But feels like a matter of time before we see mass orders.

-> $LITE is a known $GOOGL supplier. -> $IQE is a known $LITE supplier. -> $AXTI is a known $IQE supplier. Google TPU + Hyperscaler ASIC BOM are extremely confidential. But you can kinda guess from relationship mapping even though nobody will say $AXTI or $IQE supplies to X hyperscaler? You'd be surprised how multi-hop relationships are missed.

Trade idea that I published to my shower thoughts channel: Korean Index volatility arbitrage and taking advantage of Black-Scholes models. $EWY long options seem mispriced. This is Blackrock's Korea Index, which is majority memory (Samsung Electronics, Sk Hynix). The stock swings 2-5+% a day, and is up 136.25% 1Y, despite priced like a normal index IV. Samsung is volatile. SK Hynix is volatile (eg. 65% - 80% est). But the combination of the two through the index is priced way less than both low beta $GOOGL (37.33%) and $AMZN (39.12%) at ~32% IV. I've been watching $EWY for a bit and it does look volatile. As for pricing my guess is MMs priced in IV based on historical averages (5-10 years), where the Korean index was completely flat. And were expecting calls 2 years out to revert to the mean. But this volatility should be the new norm as markets price in the new memory supercycle (eg. $TSM went from 30% IV to 46.2% IV). Long calls should benefit from both Samsung + Sk Hynix carrying the index. And the main benefit is vega expansion that you won't get from $KORU. You also can't get this option MM pinning like individual US stocks since this is Korea's national index and long term. TLDR: Individual components SK Hynix + Samsung are highly volatile. They're basically half of the index, but options in index are priced with low volatility, perhaps due to historical 5-10 year data. Long calls benefit from vega expansion that weren't priced in correctly as MM forward vol estimates are anchored too heavily on historical realized vol, which was low for $EWY over the past 5-10 years

BREAKING: Nancy Pelosi just filed ~$69M worth of new stock trades Including selling $50M of Apple $AAPL Major sells include: - Sold $50M shares of Apple $AAPL - Sold $5M shares of Nvidia $NVDA - Sold $5M shares of Disney $DIS She bought new call options: - Bought $500K of $GOOGL LEAPS - Bought $500K of Amazon $AMZN LEAPS - Bought $500K of Apple $AAPL LEAPS - Bought $250K of Nvidia $NVDA LEAPS Full set of trades in following tweet

Warning: The entire AI industry will likely be bottlenecked by two companies: 1. $AXTI ($700M) 2. $SMTOY ($31.7B) Which both control 60–70%+ of the world's InP substrates. Future $NVDA, $GOOGL TPU v7 pods, $META, $MSFT, $AMZN hyperscaler clusters require InP-based lasers and receivers. $AVGO, $LITE, $COHR use for EMLs for 800G/1.6T transceivers, DFB lasers, and other optical infra. Without InP substrates, the supply chain falters. After looking at TPU BOM to Maia BOM, it looks like future ASICs + GPUs + hyperscaler deployments are heavily reliant on photonics. And two vendors could freeze the global InP substrate market covering nearly all of: - Hyperscaler optics (TPU pods, etc) - Optical transceivers (5g, data) - LiDAR (robotaxis, drones, military) -Optical Modules (interconnect clusters) - Silicon photonics laser dies (Nvidia’s future co-packaged optics and Intel/Broadcom SiPh engines use InP CW laser arrays.) Since these companies make up majority of the market supply: -AXTI (est. ~30–35%) -Sumitomo (est.~30%) - JX Nippon (est. 10-15%) That’s it. (eg. 2021 industry note from Yole states that "Sumitomo Electric + AXT together had “more than 75%” of the InP substrate market") Hyperscalers/AI are moving toward photonics but the entire AI industry is fragile. If either $AXTI or $SMTOY stop supplying materials, the entire future AI buidlout gets crippled. It's even crazier that a $700m company could become the the center of it all. InP substrate will likely one of the biggest bottlenecks alongside HMB as the AI industry shifts to photonics.

"Late". $LITE is a $26B MC in the center of every future $GOOGL TPU deployment, $NVDA/ $AMZN / other GPU/ASICs. 8-12% BOM share of every Google TPU v7. This is like saying $NVDA was "late" when price it was a $1T MC. But if you want want another player, $AAOI. $MSFT is using them for Maia ASICs and are likely creating a new architecture with $AAOI. They also have a $4B warrant + purchase agreement with $AMZN. So it's more of a long $MSFT Maia + $AMZN Trainium ASIC play but markets haven't really cared about those two hyperscaler ASICs yet. If there's any positive news about those two $AAOI will revalue extremely fast. Everyone jumped on the $GOOGL TPU bandwagon after $META reportedly was going to buy a bunch though.

The $LITE thesis: The hidden monopoly in the AI. Lumentum is up 316% YTD, but might be 1000%+ by 2027. Micron ($300B) or TSM ($1.5T) sit in the center of every TPU/GPU deployed. But same with $LITE, but it's a $26B MC. In Every, Single, TPU from Google, $LITE makes unbelievable amounts of profit for their marketcap. That's because it's the standard for Optical Circuit Switching (OCS) + optical networking. It's also in - $NVDA Blackwell -$AMZN Trainium - and other hyperscaler ASICs. Lumentum sits in the holy trinity of every single chip deployment for photonics. And for every TPU capex spent, $LITE takes 8-12%. For every Nvidia GPU, $LITE takes ~2-3% (split between Innolight and some others, so the math gets a bit complex). But some napkin math on NVDA GPU deployments alone for BOM: NVIDIA Blackwell (GB200): HBM memory: ~50–55% (SK Hynix (Lead), Micron, Samsung) Logic (GPU Die): ~25-30% ( $TSM 4NP) CoWoS Packaging: ~13-18% $TSM Optics/Network: ~3–5% (Innolight, Lumentum, Coherent) PCB/Power: 5% For Google TPIU "Ironwood" TPU v7: HBM Memory: 38-42% Samsung / SK Hynix Logic Die: TSM ~28-33% Design/I.O: 8-10% MediaTek Optical Network: 10-14% ( $LITE (primary), $COHR secondary) Optical Switch: 2-4% $LITE $LITE est. total cluster share: ~8–12% Just an FYI, Google's "Optical" BOM share (8–12%) is an anomaly due to their unique Optical Circuit Switch (OCS) monopoly. Just for some napkin math: $40B Google TPU spend by 2027. $LITE captures 10% (30-40% margins), $1.5B+ FCF from Google alone, 17x earnings from just their primary customer. (analysts are probably extremely off with projecting TPU spend scaling). Not even including their split from $AMZN Trainium, $NVDA Blackwell, $MSFT Maia, and other chip deployments. $LITE is in the center of every single TPU/GPU future chip deployment for now and takes a cut. The only downside is they're the clear market leader now, but $AVGO and $COHR are likely set up to compete by 2027-2028. However... People say "$26B, ATH, why are you buying now". This is the reason. They're involved in every future single TPU/GPU/ASIC deployed. $LITE could end up easily over $60B+ if Google TPUs, and other chip spend ramps up and LITE takes a 2-3% (from $NVDA, $AMZN, $MSFT) or 8-12% cut (from $GOOGL) for every single dollar spent.