中文翻译
也不是完全这样，我对光子学还是超级看多，只是现在对存储只算略微看多。 我确实把一些标的的仓位砍掉了一点，好把杠杆降下来。 如果未来几年光子学已经卖断货，那么超大规模云厂商哪怕削减 CapEx，它依然还是卖断货，因为它在 BOM 里的占比本来就很低。 但存储在 BOM 里占比就大得多。 末日组合就是一种对冲。
· 供应链分析
仍然极度看多光子学，只是对存储略偏多，并把 doomsday portfolio 当对冲。
英文原文
Not exactly, still mega bullish on photonics, only slightly bullish on memory now. I did cut some concentration in some names to go off margin. If you’re sold out for next few years for photonics, hyperscalers possibly cutting capex still makes it sold out since it’s still a low part of BOM. Memory is a huge amount of BOM though. Doomsday portfolio is a hedge.