Jonathan ری ٹویٹ کیا
Photonics is the trade of the decade
We got in early.
The AI bottleneck keeps moving.
First it was compute → $NVDA won
Then memory → $MU and SK Hynix ran
Now it’s interconnects
Moving data between chips at AI speed.
Copper is done.
Light is next.
We positioned across the photonics stack before the crowd showed up, from materials to lasers to foundries to transceivers.
Here’s what I’m holding:
$SIVE / $SIVEF
The one nobody was watching.
Now confirmed as a laser supplier for 1.6T transceivers going into hyperscaler data centers. Tied into next-gen architectures.
NASDAQ listing plans just hit. Institutions starting to move in.
Feels like the last undiscovered chokepoint.
$AAOI
Fully vertically integrated transceivers and even makes its own lasers.
Serious hyperscaler demand already showing up.
April 30 earnings = big moment.
$AXTI
This is upstream.
Indium Phosphide = critical for AI lasers.
No InP → no lasers
No lasers → no photonics
No photonics → no scaling
Most overlooked part of the chain.
$COHR
Picks and shovels.
Scaling advanced InP wafers. Backed and booked out years.
Positioned across multiple optical growth areas.
$LITE
Could be sold out through 2028.
Massive growth, strong backlog, already landing early CPO orders.
Watch this closely; it’s a signal stock.
$SOI
Quiet monopoly.
Every silicon photonics chip needs SOI wafers.
Huge IP moat. Market still catching on.
$TSEM
Key foundry for silicon photonics.
Scaling capacity hard with long-term demand locked in.
Critical piece of the ecosystem.
$SMSN.L
Only one doing memory + logic + packaging + photonics.
As AI scales, full-stack players win.
Still cheap vs peers.
$EWY
Memory is the other bottleneck.
SK Hynix leading HBM. Demand not slowing.
This gives broad Korea semi exposure.
This isn’t hype. It’s physics.
AI isn’t just about compute anymore.
It’s about moving data.
And the shift from copper to light is happening now.
Institutions are just starting to figure it out.
Shoutout to the leaders in the space on X.
I have got most of my education from them.
They are a must follow in the space
@crux_capital_
@PhotonCap
@damnang2
@aleabitoreddit
@ParadisLabs
@jukan05
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