· 供应链分析
相关概念： 光子学 PhotonicsPluggable 可插拔光模块
我们从 $LITE、$MTSI、$AAOI 的财报中均看到激光器/TIA/DSP等存在极端的供需失衡... 现在，Elazr 总经理在其投资者大会上表示： 光模块供应仍远远落后于市场需求，预计 AI 光通信供应链（AI optical supply chain）的紧张局面将持续数年。 - “整个供应链都缺货” - “供应仍远远落后于市场需求” - “短缺将持续到未来几年” “无论是 PCB、载板、激光芯片，还是相关封装产能，只要是 AI 供应链环节，几乎全部短缺。” 当需求可见度延伸至数年且供应链存在瓶颈时： 很难不认为光子学（Photonics）正在重演进入 2027 年的存储超级周期。
We got $LITE, $MTSI, $AAOI all pointing to extreme demand imbalances with lasers/TIA/DSP/etc from earnings... And now Elazr GM at their investor conference stated: Optical supply is still far behind the market demand, the expected AI optical supply chain are likely to continue for years. - "the entire supply chain is out of stock" - "the supply is still far behind the market demand" - "the shortage will continue to the next few years" "Whether it is PCB, carrier board, laser chip, or even related packaging capacity, as long as the AI supply chain link, almost all are in short supply." When demand visibility extends for years with the supply chain bottlenecked: It's getting difficult not to see photonics echoing the memory supercycle entering 2027.