---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/100000000653078.md"
description: "People wonder why I'm focusing on non-US markets recently.  Why? CPO is my #1 thematic long. Markets don't know yet, the sudden paradigm shift in photonics...I was one of the only to frontrun the current supercycle in 2025 w/ $Applied Optoelectronics(AAOI.US) @ ~$30, $Lumentum(LITE.US) ~$300s, and $AXT(AXTI.US) at ~$13 on X.... With the actual receipts and thesis that others can't show. CPO goes from ~$0. To $91 Billion TAM opportunity.In the next 1 1/2 years from GS research. While overall optical market reaches $154B. Many players that had little exposure to the current photonics cycle at all: -> In Europe with high-end lasers design like $SIVE or $SOI with substrates. -> In Taiwan with Foci (3363), Nextronics (8147), Shunsin (6451) and others for optical components and foundries.  -> In Japan with laser mass production, substrates, and chemicals. Are suddenly the new dominant players for CPO. As for US players, there's not much exposure. But the existing ones like $Lumentum(LITE.US), $Coherent Corp.(COHR.US) still get upside from CPO as that's their new growth vector. My contrarian thought process on current players:Is that most of their valuation is priced in huge legacy pluggable revenue that will inevitably face cannibalization over time, so re-rating potential is less unless someone uses leverage. A lot of these new purer play CPO names go from 0 to 100 extremely quickly one mass production starts H2 2026 for scale out (as a revenue bridge) into H2 2027 for scale up (massive growth driver). Markets usually price things in 8-12 months ahead of time too... I have high conviction thematically in my supply chain research despite any market volatility leading up until then.Source: Serenity"
datetime: "2026-05-13T04:17:21.000Z"
locales:
  - [en](https://longbridge.com/en/topics/100000000653078.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/100000000653078.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/100000000653078.md)
author: "[Serenity](https://longbridge.com/en/profiles/26792196.md)"
generator: "portal-rs"
---

# People wonder why I'm focusing on non-US markets r…


### Related Stocks

- [LITE.US](https://longbridge.com/en/quote/LITE.US.md)
- [AXTI.US](https://longbridge.com/en/quote/AXTI.US.md)
- [AAOI.US](https://longbridge.com/en/quote/AAOI.US.md)
- [COHR.US](https://longbridge.com/en/quote/COHR.US.md)
- [03363.HK](https://longbridge.com/en/quote/03363.HK.md)
- [08147.HK](https://longbridge.com/en/quote/08147.HK.md)

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**