When you go through the list of the leading CW laser companies from $Coherent Corp.(COHR.US) to $Applied Optoelectronics(AAOI.US).

It’s very impressive $SIVE stands out at $300m still… compared to the every other player in the billions.

This is despite being the light source for $Jabil(JBL.US) 1.6T LRO optical transceivers and ~ $Marvell Tech(MRVL.US) Celestial photonics program (now accelerated by $NVIDIA(NVDA.US) $2B investment).

The sector from Furukawa to Yuanjie has been re-rated recently.

But I do think markets missed this one, as they start volume ramp est. H2 (from $POET Tech(POET.US) earnings) with multi year exponential TAM expansion from CPO and optical scale up.

Downside risk is balance sheet, but I do think the likely Nasdaq listing for their photonics entity + scaling as the hyperscaler light source far exceeds current valuations.

And will likely drive valuation premiums in a matter of time.

We’ll see if this turns out right or not.

Source: Serenity