· 供应链分析
CPO 供应链里有两个不同的 chokepoints / bottlenecks，而且风险结构不一样。我真的、真的都很喜欢。 MSScorps 有潜在的 yield monopoly，市场份额最高可到 90%（基本就是 100%，只是我不想说成反垄断）。这对规模化来说绝对必需。 FOCI 则是 FAU 和光学组件的 bottleneck。 FOCI 可能是一个增长很快、很有吸引力的敞口，而且需求可见度很高。 如果它的竞争对手真被专利打掉，Msscorp 就像一艘从 0 到 100 的火箭。
Two different chokepoints/bottlenecks in CPO supply chain with different risk profiles. I really, really like both. MSScorps is potential monopoly over yields with up to 90% market share (basically 100% just don’t want antitrust), which is an absolute must for scaling. Foci is a bottleneck over FAU and optical components. Foci is probably a really high growth, compelling exposure with a lot of demand visibility. Msscorp is like a 0 to 100 rocket ship if all their competitors get successfully slapped by patents.