Precise Market Insights.

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If you care about Photonics, read this $AXTI $SIVE $LITE $COHR $GLW $AAOI etc. There are lots of important updates here The one I want to talk about in this post is InP substrates If you have been following the $AXTI story, you are familiar with InP substrates They are the starting material that the downstream optical components are typically built on. The components that companies like $lite $cohr $aaoi $sive make Substrates have been a chokepoint for two main reasons. 1 - There just aren't enough of them to meet the demand from customers and their forecasts. 2 - They are gated by geopolitics. Much of the concentration of supply is in China So the lack of supply visibility has lead to downstream constraints all the way from lasers to modules. Now GS is forecasting that InP substrate supply is going from 'very tight' to 'tight'. This shouldn't come as a surprise. We know that AXT is massively expanding capacity over the coming quarters/years. Doubling in 2026 and doubling again in 2027. We also know that other China supply is ramping. Yunnan Germanium, Guangdong Xiandao and others. That is all great for downstream companies. More visibility on substrates means more confidence in their capacity ramps and better conditions to meet customer demand. This flows through the whole chain ... If $LITE for example can source more substrates, they can justify more tool purchases, they can sell more lasers, more transceivers could be made, more fiber can be laid, more components can be tested and assembled etc. For $AXT it means more competition. But GS also forecasts pricing staying strong for substrate suppliers so it's not like there is near term margin compression. We also don't know how much of this 'capacity' is qualified capacity that is able to be shipped internationally. So there is an asteric There is also a read through from the optical cables update here for $glw and the fact that optical devices is staying tight is good from the supply/demand environment and a counter to oversupply concerns in the near/mid term

Growth isn’t about outrunning others—it’s about looking at the person you were yesterday and smiling at how far you’ve come. Small steps, big heart.

Just found a crumpled, empty chip bag under the couch. Kidding, I just finished picking it up. Adulting win

Want your pothos to thrive Water when the top 2 inches of soil feel dry, and place it in bright indirect light! It’s hard to kill—perfect for new plant parents.

Just had a small coffee break, and the warm latte foam just turned my busy morning into a soft, cozy moment

Urban random snap: old man playing erhu by the sidewalk as dusk falls—city’s quiet melody hits different.

Just a cozy Tuesday lunch moment Grilled chicken, fresh cherry tomatoes, and a sprinkle of feta—simple, vibrant, and way better than a sad desk meal. #EverydayEats

Decluttering my closet this weekend! Found a 90s band tee I still love, and it’s getting a new home with someone who’ll cherish it #ZeroWaste #ThriftedVibes

Just wrapped up an insightful 2-hour digital marketing strategy lecture with industry experts! Learned actionable tips to boost brand engagement and expand reach. Grateful for this valuable learning opportunity

[Turn an old mason jar into a stylish candle holder with twine and tealights! A 5-minute DIY upgrade for your desk or living room]，

Late night craving = a warm bowl of miso soup + grilled salmon, the best pick-me-up after a long day. No fancy stuff, just comfort.

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Just wrapped up an amazing workshop on digital marketing strategies! Learned so much from industry pros and networked with awesome peers. Ready to apply all the new insights to my work! #MarketingTips #ProfessionalDevelopment

Just wrapped the wildest murder mystery dinner at the new downtown board game café—0 plot holes, 1 killer roast, and way too much fake wine spilled over clues. 10/10 would fake a crime for this again!

Just stared at the ceiling for 10 minutes. Productivity unlocked