MF

NEW: 11 Florida high school students are facing charges after they ambushed a 16-year-old at a bus stop. It reportedly started as a fight between two students before a mob of others joined in, beating, kicking and stumping the 16-year-old unconscious. If your kid joins a mob that ambushes and beats someone, that’s a parenting failure. Plain and simple.

The $LITE thesis: The hidden monopoly in the AI. Lumentum is up 316% YTD, but might be 1000%+ by 2027. Micron ($300B) or TSM ($1.5T) sit in the center of every TPU/GPU deployed. But same with $LITE, but it's a $26B MC. In Every, Single, TPU from Google, $LITE makes unbelievable amounts of profit for their marketcap. That's because it's the standard for Optical Circuit Switching (OCS) + optical networking. It's also in - $NVDA Blackwell -$AMZN Trainium - and other hyperscaler ASICs. Lumentum sits in the holy trinity of every single chip deployment for photonics. And for every TPU capex spent, $LITE takes 8-12%. For every Nvidia GPU, $LITE takes ~2-3% (split between Innolight and some others, so the math gets a bit complex). But some napkin math on NVDA GPU deployments alone for BOM: NVIDIA Blackwell (GB200): HBM memory: ~50–55% (SK Hynix (Lead), Micron, Samsung) Logic (GPU Die): ~25-30% ( $TSM 4NP) CoWoS Packaging: ~13-18% $TSM Optics/Network: ~3–5% (Innolight, Lumentum, Coherent) PCB/Power: 5% For Google TPIU "Ironwood" TPU v7: HBM Memory: 38-42% Samsung / SK Hynix Logic Die: TSM ~28-33% Design/I.O: 8-10% MediaTek Optical Network: 10-14% ( $LITE (primary), $COHR secondary) Optical Switch: 2-4% $LITE $LITE est. total cluster share: ~8–12% Just an FYI, Google's "Optical" BOM share (8–12%) is an anomaly due to their unique Optical Circuit Switch (OCS) monopoly. Just for some napkin math: $40B Google TPU spend by 2027. $LITE captures 10% (30-40% margins), $1.5B+ FCF from Google alone, 17x earnings from just their primary customer. (analysts are probably extremely off with projecting TPU spend scaling). Not even including their split from $AMZN Trainium, $NVDA Blackwell, $MSFT Maia, and other chip deployments. $LITE is in the center of every single TPU/GPU future chip deployment for now and takes a cut. The only downside is they're the clear market leader now, but $AVGO and $COHR are likely set up to compete by 2027-2028. However... People say "$26B, ATH, why are you buying now". This is the reason. They're involved in every future single TPU/GPU/ASIC deployed. $LITE could end up easily over $60B+ if Google TPUs, and other chip spend ramps up and LITE takes a 2-3% (from $NVDA, $AMZN, $MSFT) or 8-12% cut (from $GOOGL) for every single dollar spent.

We're not gonna drain the Great Salt Lake. That's ridiculous. We are gonna create incremental jobs. This is not gonna destroy air quality because we don't have the option to do that. That's controlled both state and federally, and we don't want to do that. That's not what we wanna do. I want this to be the example of what we can do all across the country. This is not going to be my only project. But in order to do that, we have to prove it, and we're not building 40,000 acres of data centers. That's the size of the land parcel. So saying it’s twice the size of Manhattan is ridiculous. We're building very slowly and incrementally, and everybody around us nationally and internationally can see what we're doing. It'll be totally transparent, and we want it to be the shining example of how you do this.

Kevin O’Leary claims people opposing his massive Utah data center are being “bussed in.” But we talked to protesters. They’re locals, and they’re pissed at this millionaire swooping in. "I don't understand why Utah is letting a Canada company come in and take advantage of us.”