NEXgen-Generation Nexus

$HYLN Hyliion demonstrates multi-fuel transition in KARNO reactor. Reactor switches between gas, hydrogen, and diesel without hardware changes.

$IONQ Q1 Earnings, LFG 🚀⚛️

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The $AMD and $GFS CPO announcement is probably bigger than markets expect for $SIVE. With the news, it's likely $SIVE lasers power $AMD's CPO program. Either through two potential paths: 1. Enosemi (AMD's in-house PIC design post-acquisition). Enosemi's chiplets are fabbed at GF but for the ELS, $AMD could source it from multiple players with $SIVE as the underlying multi-source laser source. 2. Ayar ( $AMD invested in March 2026, Series E). Ayar's SuperNova light source already uses $SIVE DFB laser arrays alongside $LITE. Ayar's SuperNova is the most likely first-gen CPO path for MI500 in 2027 given timelines and the enormous fundraise last month. That path already has $SIVE designed in alongside $LITE and they both appear with $GFS's slide. Enosemi becomes more relevant for 2028+ generations? Regardless, $AMD through Enosemi/Ayar needs lasers for their 2027 MI500 rollout... It seems likely Sivers ends up powering $AMD's CPO program as the light source since they're designed into Ayar. The $AMD / $GFS materiality looks large for Sivers.

I am long Win Semi (3105.TWO) at $4.1B MC. I believe markets are sleeping on of the most important foundries in the world (aside from $TSM). IMO their strategic positioning exceeds far beyond $4B MC. They sit in almost every major chokepoints: -> In the SpaceX Starlink LEO supply chain. -> As $AVGO, $LITE, $MTSI, $SIVE InP foundries for optical transceivers -> then as the body/eyes of humanoids as the GaAs foundry for TOF lasers possibly mapping to Boston Dynamic Atlas -> With legacy from MediaTek / Qualcomm / $AAPL from their previous business. But Win appears to be bottom of the legacy drag (like with $SOI), with optical as one of their largest growth vectors. Then... Win has the largest TAM expansion/revenue acceleration out of almost any foundry: With: LEO, humanoids / CW laser, 800g, 1.6t, 3.2t optical transceiver massive ramp up over the next few years. Especially with Broadcom as their anchor client ( $AVGO owns ~5% of Win). $NVDA doesn't care who makes the lasers, whether it's $LITE or $COHR. They just care if there's enough. There's not enough. -> Demand for CW lasers will likely go parabolic. (they make the lasers that companies like $SIVE designs) -> Demand for LEO satellites (SpaceX Starlink) will likely go parabolic. -> Demand for humanoids will likely go parabolic. As, Win Semi sits as a semi-monopoly chokepoint in the three most frontier and fastest growing industries for photonics/AI, robotics/humanoids, and space. Especially with Optical TAM explosion: Win fwd earnings for 2027 roughly in ~35x range, I do think this is sandbagging it and forward multiples will end up dirt cheap. Win will largely benefit from TAM expansion and accelerated revenue growth. Of course: Win will win. So I am long Win.

$SIVE executing US NASDAQ listing from Reuters. Welcome to America Sivers. I said Sivers looks like it should be valued at $2B+ soon based on today's fundamentals. And US institutions will likely be piling into the laser supplier for $MRVL and $JBL once it's on NASDAQ. This comes after a highly bullish 2.5% raise today from new "international institutional investors" to likely fund regulatory/audit requirements for the listing. "The investors in the Directed Share Issue comprise of a limited number of Swedish and international institutional and other qualified investors" We’ll likely going to see a parabolic ride up from the news. In just the last three days: -> $JBL 1.6T to use $SIVE -> $SIVE new US/international institutional investors -> $SIVE looks to be listed on NASDAQ. We're witnessing the birth of the next $LITE.

$SIVE is the next $LITE at $560m MC. Institutions just got full confirmation today: Sivers is now the light source in hyperscaler supply chains and the direct supplier of $JBL optical transceivers. It’s only a matter of time.