Just as a recap, these were all my core European longs: 1. $SIVE 2. $LPK 3. $SOI 4. $RPI 5. $IQE 6. $ALRIB 7. $XFAB Sivers: As you know by now, core laser chokepoint over next generation photonics, from 1.6T pluggables to CPO. Embedded in many hyperscaler suppliers from Jabil to Ayar. Should go brrr 2027 but markets are forward looking, so ramps + qualifications should get priced in now. LPK Laser - Glass core substrate "monopoly" with LIDE. "More than 80% of major global players have selected our equipment for process validation, learning and scaling to mass production" Soitec - Silicon photonics SoI substrate pure monopoly while coming out of legacy drag segments. Raspberry Pi - Was my fun idea around Raspberry Pis being used for AI hardware deployments. Previously this thing was mainly educational or hobby boards, but now used for edge/local AI. Just thought revenue increase would be extremely material and it played out well. IQE - Critical epiwafer player for your Western photonics like Macom, Tower, Lumentum, and others. Was kinda going under, but thought their latent capacity relative to Landmark was undervalued. Also given how important it was, I thought that your downstream players + Govs wouldn't let it go under, so it was more of a moonshot idea earlier in the year. Lot more derisked now, very important. Riber - Kinda monopoly in the MBE space, exposure to Quantum / quantum dot + silicon photonics. Found out from OSINT help from a friend latentvalue that Microsoft Quantum was buying their machines, so this was direct hyperscaler validation + kinda de-risked at current MCs. XFab - SiC foundry backed by EU/US CHIPS Act with power semi upside. (152% Y/Y growth for their sic vertical). Main growth was their silicon photonics foundry past 2027 that's getting evaled by nvidia. And that they're leading Europe's value chain efforts in photonics, kinda like an early tower semi. We'll see how this plays out, thought power semi exposure + low P/B would derisk the company until they scale their photbunchonics efforts. From my own personal thoughts: Out of the maybe $SOI has already been re-rated the most? But I'm holding anyway. $LPK and $ALRIB I think are still undervalued despite their monopolies. $RPI is just kinda seeing how things go at this point, would be hilarious if they ended up like a mini nvidia for low end edge ai. $IQE probably has a long way to go given new tower long term agreement, alongside macom. And if they convert latent capacity, I still think it has a chance of rerating like landmark. $XFAB idk if im missing something or are markets missing something. you have nvidia as a direct eval of their silicon photonics foundry, and it's trading below replacement P/B. i think im right though. $SIVE I see has the highest upside out of all of them given laser company ability to vertically integrate, acquire companies downstream to make their lasers more valuable, etc. Just like coherent/lumentum. There's like 1-2 more random ones that aren't really material, but just in general. These are the ones I've liked the most.

Just thought this was interesting: $LPK is an unknown SpaceX supplier. You can find it in SpaceX US import logs. It's fun information discovery ahead of Space'x IPO this week. Though, not sure what the exact contract entails. Disclosure: I have positions in LPK, NFA, credit to my follower Albert_TheVoid for the DM! Especially since everyone seems to be talking about about SpaceX with Velo... Just a fun, new direct relationship between $LPK and SpaceX if people want to do more digging.

@aleabitoreddit $lpk?

Just very helpful timelines reiterated around glass substrate (source: Trendforce): - SKC Absolics (011790) H2 2026 (first mover x $AMAT) - $AMD customers - Samsung electromechanics h2 2027 (009150) x Sumitomo Chem (4005) - Apple / $AVGO / hyperscalers Idk about $INTC 2030 reports, we’ll see. $TSM CoPoS was 2-3Y was correct though from recent TSM chairman comments. Innolux was interesting beneficiary. $SHMD should be too off TSM but financials were pretty toxic. Same players should appear multiple times, eg innolux + SKC. Also applies to $LPK and upstream equipment seller around these ramps.

Good times with $AEHR, it’s now ~$3.5B MC. Haven’t mentioned it as much since there’s nothing too new. Just waiting on volume orders for these types of players like $LPK, and others. https://t.co/W8k0ce3RSE

A special thank you to the only European stock green today: $IQE. Up to $54, from when I went long at $12-13, 4 months ago. Unfortunately lot of volatility with the other ones from $LPK, $SOI, $XFAB, and $ALRIB. https://t.co/FysZyHk5OK

Just in case people are wondering about my track record with European equities: $RPI: $280 -> $800 (agentic AI hardware demand thesis). $LPK: ~$6, thesis at $13 -> $24.2 (glass cores substrates close monopoly) $SOI: $44 -> $181 (silicon photonics, monopoly over substrates) $SIVE: $4 -> $71 (CPO, critical chokepoints over lasers). $IQE: $12 -> $47 (latent epiwafer capacity, information discovery around downstream photonics companies). $ALRIB: $5 -> $15 (duopoly, synthesis around quantum buyers with photonics growth verticals). And now $XFAB at $9. I’m not always right. But every single one of my European longs thesis have been validated so far by either earnings, investments (eg. $MTSI in IQE) or market returns.

$LPK turned out pretty well. https://t.co/mZlTyd4oUO

Photonics is nuanced and using ChatGPT/Gemini makes you miss all of it: 1. $SIVE is actually a chokepoint and partially a bottleneck. The reason it's a chokepoint is leading CPO/optical hyperscaler players go through Sivers, likely: Ayar. Celestial. Lightmatter. Lightelligence. Poet. If you take out Sivers, you literally can't make some of their products + delay their roadmap by years. As many are sole/primary source but are heading the direction on multi-source. As for the bottleneck argument: Win Semi is the bottleneck for scaling laser production. But... the nuance is when you have capacity allocated for the next few years. You become part of the bottleneck itself if players fight you for allocation of finished lasers. That's the nuance people miss with capacity allocation dynamics. It's like saying $SNDK is not part of the NAND bottleneck when Kioxia makes all of it. But when Sandisk has the ultimate control of output supply, they become the bottleneck + have all the pricing power. Sivers controls output supply of CW lasers given allocations, and as seen with $LITE earnings, CW laser is currently bottlenecked as everyone seems to be stuck producing EMLs. 2. Like how LLMs always uses em-dashes. You can tell when people use AI when they always use the same "CW is a dumb interchangeable laser" argument or compare "power" specs after conflating different architectures. That's why your "analysts" using AI will get this wrong over and over. There's CW lasers... and then there's a specific architectural design that Sivers achieves with DFB lasers. If you compare power specs with $LITE vs. Sivers, Lumentum wins in isolation. But they're completely different laser architectures. All the leading CPO players like Ayar, chose $SIVE for an architectural reason for high power, low thermal, laser arrays. $JBL 1.6T LRO also made one of the most dramatic moats cited by their fireside chat, using Sivers lasers. If you think CW lasers are interchangeable with Sumitomo/Furukawa, and others. And can be plug-and-play... i don't know what to tell you? Again: $SIVE makes architecturally unique CW lasers for leading CPO players. 3. I'm not sure how many times I need to say this: $SIVE for 2024-2025 has been going through development contracts. People using TTM revenue or former P/S metrics are using completely the wrong metrics, when there's volume ramp in 2027. It's the same with $AAOI which volume ramps in H1 2027. $AEHR which volume ramps after qualification. $LPK that volume ramps after qualification. This is just missing qualification cycles in semiconductors and how to model financials currently. As for the $LITE comparisons (which was also my long last year): $LITE literally started off selling laser dies before acquisition of Cloud Lite and other downstream optical engine components. This is where $SIVE is at today with starting off in the laser chokepoint for CPO: People are modeling laser revenue off very isolated TAM projections. Meanwhile Sivers is targeting M&A to expand revenue for TAM projections. This is not a simple component FAU + ramp valuation modeling over with a Taiwanese company. Since Laser companies like $LITE, $COHR are known to downstream expand to make their lasers more valuable, then vertically integrate (fabs, assembly) afterward. Again, Sivers worked with Ayar and these types of companies before they all became billion dollar companies. I have high conviction knowing they know what to acquire down the ELS/optical engine stack + pluggable transceiver for TAM expansion. It's just annoying when I get people who don't understand the nuances backseat commenting wrong things about my longs. I got the same thing about $AXTI is not a bottleneck! InP isn't needed! China! back at $14. Now it's $140 I got the same thing about $AAOI "is going down 50%!" back at $65. or "AOI management is shady at $30". Now it's $170 I got the "there's nothing new with $SOI" back at $45. Now it's $170. I think I'm one of the few who actually understands the nuances with photonics, since I did call out $LITE, $TSEM, Innolight, $AXTI, $AAOI, $SOI, that outperformed both photonics markets and overall markets over the past year. And now I'm long on $SIVE.

I don't post dollar amounts because they don't matter. What matters is return %. Speaking of that... YTD: 3840.39%. I'm probably the only one in the world. Who called out multiple names that 10x'd in a short timeframe. Do you remember these thesis anon? 1. $AXTI 2. $SIVE 3. $AAOI 4. $LITE 5. $IQE 6. $AEHR 7. $CRCL 8. $EWY 9. Unimicron 10. Nitto Boseki 11. $OSS 12. $GDRZF 13. $RPI 14. $SOI 15. $ALRIB 16. $SNDK 17. $SIMO 18. $VPG 19. $TSEM 20. $ARM 21. $MRVL 22. $INTC 23. $LPK 24. $NBIS 25. $MU They're all up 100-1000%+, because... 1. I post a thesis. 2. People can see how the stock performs months later. 3. They turn out right (thesis validation) because they're up hundreds of percent + hold their returns. I really dislike the traditional X influencer who shows large dollar amounts or fancy watches/cars/private jets. Then use that to get more by selling expensive subscriptions rather than through market returns. So trying to set a new trend off pure information discovery/synthesis from free thesis posts and the results that follow in terms of return percentages. TLDR: Market returns in terms of percentages matter the most to validate a thesis. Not the dollar amount made.

People keep asking: Hey why do have new longs with Taiwan/EU stocks recently like $LPK or Foci? And not much with new US ones? It's partly because the list of US stocks I've liked from $INTC to $NBIS hasn't changed. You can always just let the ones you like grow. https://t.co/ostZWjOAAm

European quantum/optical/glass chokepoints go BRRR? $ALRIB +8.35% $LPK +3.21% $IQE +5.68% $SOI +4.98% As a side thought, it’s a nice vote of confidence to retail that the LPKF CEO bought shares off the market. More CEOs should do the same, even if it’s small. https://t.co/BwxBnd2wDm

When I see comments like this (and there are a lot) from retail investors: I immediately think they lack the technical depth. I'll walk through each one from $SIVE to $LPK: 1. Photonics TAM goes from $14B -> $154B In just two years time, and it's likely going to keep scaling past 2030 as it's the next generation architecture of choice. It's not going away in 1 year. It's not going away in 3 years, which is why $LITE premiums keep going higher since they're backlogged into 2028. $SIVE supplies CW lasers and is highly tethered to CPO and now pluggable transcivers for 1.6T and 3.2... For expected companies like $JBL, Ayar, Lightmatter, Lightelligence, $POET, $MRVL Celestial, and $AMD. This isn't a "trade", it's the core chokepoint and IP holder for the next generation of photonics. And it's a comfortable hold for the next few years as they scale to become the next $LITE. The risk I personally see (since they're already qualified with so many players), it's mainly how much TAM they can capture of the overall optical supercycle. (And potential risks with Win Semi volume ramp, but Win is massive so I can sleep tightly there). As just supplying lasers isn't enough to justify valuation. It's TAM expansion downward into making the entire ELS or entire pluggable transceiver that makes these laser companies so valuable. Then afterward, they can vertically integrating upward for gross margin expansion upward like $COHR into doing the laser fabs or even substrate level. And that in my view is a very asymmetric risk/reward ratio as we've already seen this done with $LITE as they went from $2B to $80B. 2. $LPK - Is the purest exposure, without the messy financials of SKC Absolics, as the next advanced packaging shift for glass substrates. Almost every single major semi company from $INTC to Samsung are adopting glass substrates. $LPK is basically $ASML of this chokepoint, since they supply to ~80% of the global players currently. Yes, there's "trade cycles" for equipment suppliers like $ASML, where if there's more foundry capex, ASML scales up. But if there's downturns, these tend to perform poorly, and don't capture all the volume ramp that happens after. However, if the MC is $650m and they're making $100-200M, revenue per costumer volume ramped, the amount they make from the glass substrate cycle will likely exceed current valuations. And they'll have baseline fundamentals (as more companies adopt the packaging shift), that keeps their valuation up. It's just a waiting game for volume ramp at this point. 3. $AAOI - This is literally $INTC but for America + Photonics. It's like saying Intel is not a long term investment. Guess where all your optical transcivers are made? China. Thailand. Malaysia. If you look at Innolight, Eoptolink, $FN, and others. AOI is building the largest Made in America supply chains for both CW laser fab, as well as 800g, 1.6T assembly. Yes, there are pluggable cycle ups and downs to this as well. There's going to be a wave for 1.6T next year, then CPO cannibalizes pluggables down the road. But since they make the entire supply chain in house, they have extreme optionality for other segments. And like $NVDA older gen-GPUs, there's going to be sovereign DC requirements for older gen pluggables from names like $AAOI. It's likely going to keep rising as it hits that $400m+/month revenue target H2 2026. There's just a lot of different short term volatility along the way like the $600m dilution. 4. $IQE - ??? It's one of the most important players in the Western word for epiwafers. $MTSI went out of their way to pay off IQE's debt because they can't have them going under. $IQE is also supplying to $LITE. The world is currently bottlenecked both on the epiwafer level from Landmark comments and InP substrate levels. Their financials were track but the raw book value, and value they hold to the entire Western supply chain... completely justifies their valuation. And other optical companies will not let their core upstream supply chain go under. As these tens of millions worth of materials would screw up tens of billions worth of downstream products. Again photonics is the next generation architecture required to scale AI. It's not Quantum where it's just "In development". It's literally here and the architecture of choice by $NVDA. I would not be surprised if all of these are a lot higher in 3-4 years time. People who think it's one and done in 3 months time "only because I mentioned it" don't know what they're talking about. Institutions would have bought up the name eventually (like Point 72 on $IQE) and retail would only find out after their valuations are 600% higher. Should really do the research before adding comments like these: These are all forward growth companies that require in-depth supply chain knowledge.

Leopold Aschenbrenner is a legend, but I'm not quite sure he can beat 3152.77% YTD in the Serenity Awareness fund. That being said, I've hit 23 different longs this year with 100-1000%+ YTD. 1. $AXTI 2. $AAOI 3. $SIVE 4. $LITE 5. $IQE 6. $AEHR 7. $CRCL 8. $EWY 9. Unimicron 10. Nitto Boseki 11. $OSS 12. $GDRZF 13. $RPI 14. $SOI 15. $ALRIB 16. $SNDK 17. $SIMO 18. $VPG 19. $TSEM 20. $ARM 21. $MRVL 22. $INTC 23. $LPK Do you remember all of these anon?

Woah, rough day for Europe. Looks like everything from $SOI to $LPK and others are down 10-20% from overwhelmingly macro. Fun thing if war sentiment flips, as they often do with our president… lot of these names should go a lot higher. https://t.co/7JYmFAzcTv

And now $LPK is #19 on the list of my individual stocks that returned 100-1000%+ YTD. After going up +4.57% today. Usually 1 or 2 is good, but I’ve written about and went long on 19 different stocks this year that went up triple digits. I’m kinda impressed with myself ngl? https://t.co/s9FLfTWHGd

“Leading” Glass Substrate players that were name dropped if you’re curious: • $LPK — TGV Equipment • $GLW — Glass Materials • $ASGLY (5201 T)— Glass Materials • $NIDGY (5214 T) — Glass Materials • $LRCX — Etching Systems • $DSCSY (6146 T)— Dicing Equipment • $SMHSF — Bonding Systems • $ONTO — Inspection Tools • $KLAC — Inspection Tools Fun to see the stuff I’ve called out early in the year like LPK at ~$150m MC get mentioned as a critical player by Trendforce and others.

Just a TLDR of recent semi developments: 1. $TSM pushing hard CoPoS - VisEra/others might go brrr earlier than expected. 2. $AAPL goes with $INTC for semi production, which is a major shift cause they normally go with TSM. Made in America go like Intel go brrr. 3. $NVDA Vera Rubin reportedly makes changes to cooling architectures very recently. "Taiwan's thermal management suppliers are emerging as one of the fastest-growing segments in the AI hardware ecosystem" - From Last Month. "Vera Rubin server architecture is expected to drive a fundamental shift in data center cooling and system design" Will cover thermal ecosystem later, maybe it's time to take a look? 4. 2D NAND shortage spirals after Samsung, Micron, and rivals exit market Macronix, Windbond go brrr. implications for GigaDevice and other niche players. 5. "Big Tech reportedly offers to fund SK Hynix fabs and EUV" - Memory that badly bottlenecked that mag7 wants to pay for it, so $MU, SK Hynix, Samsung go brr. 6. $TSM 2026 net revenue $12.6B for April 2026. Revenue up 30%, Semis keep going brr. 7. Anthropic needs compute -> SpaceX. So implications for compute demand is extreme here which is BRRR $NBIS and others. But it's very interesting they sidestepped Neoclouds and went with SpaceX. 8. "SKC to Accelerate Mass Production of Glass Substrates for U.S. Clients by the End of the Year" "the end of the year, ahead of its original plan, it has been announced" Glass Core substrates players like $LPK for mass production and other related players like SKC go brrr. Glass timelines moved up. heavy brrr glass. 9. "Power chip shortages deepen as AI server demand and GaN battles escalate" Maybe time to look into the power chip bottleneck anon? 10. "Adata said DRAM and NAND flash contract prices will each climb more than 40% in the second quarter of 2026" Another positive for $MU, SK Hynix, Samsung, $SNDK, and others.

Unreal… I’m over halfway there to Elon in subscriber count. 24K more and I’ll be #1 on the entire X platform! Feels surreal that a random person sharing their thoughts about niche AI ideas from $LPK to $SOI …. Has a chance to be the most popular one on the largest platform? https://t.co/MsuqG95Y3p

$LPK up 80% in the last two weeks. Not too shabby at ~$687M MC? It's probably one of the cleaner ways to play the next Glass Substrate supercycle. 50-100 machines per customer at scale, with "start of 2027 as mass production" across likely $INTC, $GLW, SKC, and others (since they captured ~80% of the major players). Maybe ~€2M average per machine. €400M–€1B+ across just 5 players in 2027 (could be more)? Since they basically supply to everyone as a chokepoint. Off ~67.6% blended gross margins. Seems promising for volume ramp wait time.

I guess, post earnings when $ARM touched $268... $ARM is now #18 on the individual stock list that I went long on that hit 100%-1000%+ YTD? I've lost count TBH. Some others like $LPK and $SIMO and $HPS.A are getting really close now. But feels like I'm one of the few ones out there on X with actual receipts of all the returns + original thesis post.

People nonstop ask me about $LPKK / $LPK for my opinion Yes, I mentioned they're like a chokepoint for glass core substrates for LIDE (laser induced deep etching) way back when. Biggest known partner is $ONTO (LIDE with Onto metrology for glass core mass production). Then as for market share: "more than 80% of customers among major global players have selected LPKF equipment" for process validation. So that probably includes: - Samsung Electronics/Electro-Mechanics - $INTC (Receives a Major Order from a Leading Chip Manufacturer... installed a first LIDE system at the beginning of 2020... now ordered further LIDE systems to start volume production) - SKC (Absolics) - $GLW, AGC, Schott. - Nippon electric glass. Of course this is evaluation, so that 80% could be lower in actual ramp. As for some personal FWD P/E calculations: - 2027: ~11-12.5x and ~7.8x for 2028, which looks very compelling. - Total Cash: ~€10.0M, debt was around ~€3.0M. debt to equity: ~3.8% So very clean-asset light balance sheet, no dilution overhang like $SHMD. ~$362m MC, conclusion: great upside long imo, hard to see institutions not buying this name down the road. Even if the 80% of players managed to design another way, even a fraction would probably be very material to the MC. It was probably a bit early few months ago, but glass core roadmaps have been speeding up like CPO. Disclosure: I do have positions. This are just my thoughts. People on X did their homework.

Serenity's Followers Favorite Stock Parabolic Growth ETF: The most anticipated ETF of all time: $TRT - $5.88 $HGRAF - $4.49 $SIVE - 9.9 SEK $QURE - $17.21 $AEHR - $45.08 $ENVX - $5.07 $ASPI - $4.2 $EONR - $11.79 $LPK.DE - 6.59 EUR $MITK - $13.9 $EQR.AX - .315 AUD $WATT - $15.8 $VLN - $1.16 $BZAI - $1.79 $TMC - $4.59 $ALCJ - $74.57 $POET - $6.11 $AAOI - $108.86 $ADUR - $10.37 $P4O.DE - 6.85 EUR $PLAB - $40.87 $FLY - $33.16 $LASR - $60.7 $AL2SI - 28.70 EUR $ENAFF - $1.71 $VPG - $44.7 $EOS.AX - $9.00 I haven't heard of 1/3rd of these names, but if my followers have high conviction that their name will 10x... So do I.