Nicolas

I think $IQE is extremely undervalued. Everyone already knows $AXTI, but $IQE is not getting the attention it deserves. They are not the same layer of the CPO supply chain. • $AXTI sits in the previous layer: InP substrates. That is the raw material layer. Before you can build high-power lasers for CPO, you need indium phosphide substrates. • $IQE sits one step after that. It takes those compound semiconductor substrates and performs epitaxy, turning them into epiwafers that can actually be used to manufacture lasers. So the chain is basically: InP substrate → epitaxy → laser → optical engine → CPO module. $AXTI has already been re-rated because the market understood that InP substrates are a bottleneck. But if CPO ramps, the bottleneck does not stop at substrates. Those substrates still need to become epiwafers. That is why I think $IQE is so interesting. It is not as obvious as $AXTI, but it sits right in the next critical layer of the same CPO supply chain.

I think $IQE is extremely undervalued. Everyone already knows $AXTI, but $IQE is not getting the attention it deserves. They are not the same layer of the CPO supply chain. • $AXTI sits in the previous layer: InP substrates. That is the raw material layer. Before you can build high-power lasers for CPO, you need indium phosphide substrates. • $IQE sits one step after that. It takes those compound semiconductor substrates and performs epitaxy, turning them into epiwafers that can actually be used to manufacture lasers. So the chain is basically: InP substrate → epitaxy → laser → optical engine → CPO module. $AXTI has already been re-rated because the market understood that InP substrates are a bottleneck. But if CPO ramps, the bottleneck does not stop at substrates. Those substrates still need to become epiwafers. That is why I think $IQE is so interesting. It is not as obvious as $AXTI, but it sits right in the next critical layer of the same CPO supply chain.

AI capex spend is expected to go to "$3 to $4 trillion annually" by 2030 from $NVDA Jensen Huang projections. You're not bullish enough. And it might be a good idea to stay exposed + own the keys of the AI Kingdom: -> $AXTI controls the materials buildout with photonics. -> $SOI controls the AI buildout with silicon photonics. -> $SIVE controls laser chokepoints for CPO. -> $IQE controls Western epiwafer supply chains for photonics. All these started off as tiny companies, yet the trillions of projected capex gradually upward to them.  There's many more in other industries as well. -> AI Capex flows to Neoclouds like $NBIS. -> AI Capex flows to memory like $MU and $SNDK. And many of the "commodity" materials or "science projects" for the past 20 years now a sudden shift in exponential TAM expansion. We're witnessing the next industrial revolution with Artificial Intelligence + Physical AI.

$SIVE 👀

Been at this for a while now. ~20 years in capital markets, and I still think the best edge comes from going deep on a small number of ideas rather than covering everything. I'm not here to give you a daily ticker list. What I try to do is find asymmetric setups; the kind where the research actually matters, and share the thinking behind them. If you've gotten value from what I post, I'd genuinely appreciate a follow, a repost, or just pointing someone here who might find it useful. Growing this community slowly with the right people matters more to me than the number. Thanks for being here 🫦

Can we hit 10.000 this weekend?👀 Big milestone and never thought I would even get close to it Thank you all!❤️