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In the US stock market, two threads point to the same sector at once — optical communications. One comes from the "rising Oracle of stocks" Serenity; the other from Nvidia CEO Jensen Huang. Both have turned their attention to "connectivity".

Excerpted from X, a very simple and straightforward analogy, suitable for everyone to understand.

Simply understand the differences between these four "optical interconnect" tickers: $Nokia Oyj(NOK.US) $Marvell Tech(MRVL.US) $Lumentum(LITE.US) $Applied Optoelectronics(AAOI.US).

I used a food delivery platform analogy to clearly distinguish them:

You order a takeaway, what happens behind the scenes?

Step 1: The chef in the kitchen prepares the food.

$Lumentum(LITE.US) = The chef in the kitchen.

It produces the core lasers for optical modules. Without it, the signal simply can't be sent. Production capacity is already booked until 2027, with a supply-demand gap exceeding 30%.

Step 2: The packer boxes the order.

The food is ready, needs to be boxed, utensils added, and sealed before being handed to the delivery rider.

$Applied Optoelectronics(AAOI.US) = The packer. It assembles LITE's components into complete optical modules, selling them directly to data centers. Closest to the customer, orders surge quickly, but profit margins are thin and volatility is high.

Step 3: The dispatch system assigns the order.

The order is ready, but how to deliver it? Which route is fastest? Which rider is most convenient?

$Marvell Tech(MRVL.US) = The dispatch system. It is the "digital brain" (DSP chip) of the optical module, with over 60% market share, responsible for ensuring signals travel fast and without distortion in optical fibers. It was also invested in by NVIDIA with $20 billion, responsible for high-speed interconnects inside AI cabinets.

Step 4: The rider hits the road for delivery.

Dispatch is set, but how smoothly the journey goes depends on traffic conditions and traffic lights.

$Nokia Oyj(NOK.US) = The urban road network. It builds the optical network infrastructure between data centers and between cities. When AI moves down to base stations and edge nodes, NOK's physical foundation is unavoidable. NVIDIA directly invested $10 billion.

Step 5: The rider delivers to your home.

Who does the most frontline delivery work?

$Amazon(AMZN.US) $Microsoft(MSFT.US) $Alphabet(GOOGL.US) = The riders. They are the cloud service providers (AWS, Azure, Google Cloud), "delivering" computing power to end users.

Step 6: We get to eat.

You, me, him = The customers. End users using ChatGPT and cloud services.