· 供应链分析
两大光子学外延片晶圆厂： - $IQE（$LITE 的供应商）本周上涨 62.53% - Landmark 本周上涨 23.95%。 它们都正处于强劲上涨势头中。 两者今天迄今均上涨 7-9%。 市场可能正在定价由 $AAOI 财报发出的光收发器繁荣信号，以及 Nvidia 对 Coherent 和 Lumentum 的投资。 光子学是人工智能在可预见的未来中的新范式转变，机构投资者正积极重新配置到光子学供应链的上游瓶颈环节。 市场通常具有前瞻性，因此如果像 $AAOI 这样的公司预测一年后的年化经常性收入(ARR) 为 45 亿美元，那么 AAOI 及其整个供应链现在就会开始重新定价。
The two largest photonics epiwafer fabs - $IQE ( $LITE supplier) is up 62.53% this week - Landmark is up 23.95% this week. And they’re both on a tear. Both are up 7-9% today so far. Markets are probably pricing in the optical transceiver boom signaled from $AAOI earnings and Nvidia’s investment into Coherent and Lumentum. Photonics is a new paradigm shift for AI for the foreseeable future and institutions are aggressively repositioning into upstream bottlenecks in the photonics supply chains. Markets are typically forward looking, so if companies like $AAOI project $4.5B ARR a year from now, then AAOI along with the entire supply chain will start to get repriced in now.