<p>内存是第一个主要的人工智能瓶颈，这在 <strong>美光科技公司</strong> (NASDAQ: MU) 和 <strong>闪迪公司</strong> (NASDAQ: SNDK) 的爆炸性走势中得以体现。</p>
<p>光子学可能是下一个瓶颈，而一个新的交易所交易基金刚刚开业以参与其中。</p>
<p><strong>Corgi Lithography &amp; Semiconductor Photonics ETF</strong> (CBOE: EUV) 于 5 月 6 日推出，成为首个围绕光子学主题建立的美国上市基金。</p>
<p>到目前为止，它持有 1840 万美元的资产，远低于在大约一个月内涌入的近 70 亿美元的 <strong>Roundhill Memory ETF</strong> (NASDAQ: DRAM)。</p>
<p>但这种冷淡的反应掩盖了一个更有趣的故事。</p>
<p>EUV 的四十个持股中，有十五个今年迄今已上涨超过 100%。其中三个上涨超过 300%。一个上涨超过 650%。</p>
<h2>为什么是光子学，为什么是现在？</h2>
<p>光子学是利用光来完成电子曾经执行的工作。</p>
<p>在人工智能数据中心，这意味着使用激光和光纤在图形处理单元之间传输数据，而不是使用铜线，因为铜线在 <strong>英伟达公司</strong> (NASDAQ: NVDA) 现在所需的带宽上遇到了严峻的物理限制。</p>
<p>可以把它看作是人工智能的管道。当超大规模公司将数十万的 GPU 连接到一个单一的训练集群时，瓶颈不再是芯片，而是芯片之间的电缆。</p>
<p>这就是为什么光学收发器、光子集成电路、共封装光学和可插拔光学成为人工智能建设中最拥挤的供应受限领域。</p>
<p>英伟达已经向光子学供应商投入了数十亿美元以锁定产能。一些公司的订单延续至 18 个月，远高于历史上 12 个月的正常水平。</p>
<p>根据 Corgi Funds 的估计，该公司是 EUV 的发行方，硅光子学市场预计将从 2025 年的 28 亿美元增长到 2032 年的 107 亿美元，年均复合增长率为 21%，主要受人工智能数据中心需求的推动。</p>
<h2>EUV ETF 中的 15 个股票在 2026 年已上涨三位数</h2>
<p>在 EUV 的投资组合中，有一系列股票已经大幅上涨。</p>
<p>截至目前，EUV 成分股中表现最佳的包括 <strong>AXT Inc.</strong> (NASDAQ: AXTI)，上涨 651.7%，<strong>应用光电公司</strong> (NASDAQ: AAOI)，上涨 440.1%，以及 <strong>Lightwave Logic Inc.</strong> (NASDAQ: LWLG)，上涨 391.7%。</p>
<p>名单继续包括：</p>
<ul>
<li><strong>Aehr Test Systems Inc.</strong> (NASDAQ: AEHR)，上涨 379.1%</li>
<li><strong>Ultra Clean Holdings Inc</strong>. (NASDAQ: UCTT)，上涨 227.6%，</li>
<li><strong>Viavi Solutions Inc.</strong> (NASDAQ: VIAV)，上涨 199.7%</li>
<li><strong>Lumentum Holdings Inc.</strong> (NASDAQ: LITE)，上涨 169.2%</li>
<li><strong>Ciena Corp.</strong> (NYSE: CIEN)，上涨 146.8%</li>
<li><strong>FormFactor Inc.</strong> (NASDAQ: FORM)，上涨 136.7%</li>
<li><strong>Corning Inc.</strong> (NYSE: GLW)，上涨 126.8%</li>
<li><strong>nLIGHT Inc.</strong> (NASDAQ: LASR)，上涨 123.4%</li>
<li><strong>POET Technologies Inc.</strong> (NASDAQ: POET)，上涨 116.9%</li>
<li><strong>Veeco Instruments Inc.</strong> (NASDAQ: VECO)，上涨 115.1%</li>
<li><strong>MACOM Technology Solutions Holdings Inc.</strong> (NASDAQ: MTSI)，上涨 111.8%</li>
<li><strong>GlobalFoundries Inc.</strong> (NASDAQ: GFS)，上涨 106.6%。</li>
</ul>
<p>十五个名字，全部在四个多月内上涨超过 100%。</p>
<p><strong>表格：截至目前表现最佳的 15 个 EUV 持股</strong></p>
<table>
<thead>
<tr>
<th>#</th>
<th>公司</th>
<th>价格</th>
<th>权重</th>
<th>年初至今回报</th>
</tr>
</thead>
<tbody>
<tr>
<td>01</td>
<td>AXT Inc.</td>
<td>$122.90</td>
<td>2.57%</td>
<td>+651.68%</td>
</tr>
<tr>
<td>02</td>
<td>应用光电公司</td>
<td>$188.28</td>
<td>2.16%</td>
<td>+440.10%</td>
</tr>
<tr>
<td>03</td>
<td>Lightwave Logic Inc.</td>
<td>$15.93</td>
<td>0.25%</td>
<td>+391.67%</td>
</tr>
<tr>
<td>04</td>
<td>Aehr Test Systems Inc.</td>
<td>$96.72</td>
<td>1.30%</td>
<td>+379.05%</td>
</tr>
<tr>
<td>05</td>
<td>Ultra Clean Holdings Inc.</td>
<td>$82.99</td>
<td>1.50%</td>
<td>+227.64%</td>
</tr>
<tr>
<td>06</td>
<td>Viavi Solutions Inc.</td>
<td>$53.40</td>
<td>2.25%</td>
<td>+199.66%</td>
</tr>
<tr>
<td>07</td>
<td>Lumentum Holdings Inc.</td>
<td>$992.37</td>
<td>4.61%</td>
<td>+169.23%</td>
</tr>
<tr>
<td>08</td>
<td>Ciena Corp.</td>
<td>$577.15</td>
<td>4.24%</td>
<td>+146.78%</td>
</tr>
<tr>
<td>09</td>
<td>FormFactor Inc.</td>
<td>$132.02</td>
<td>1.88%</td>
<td>+136.68%</td>
</tr>
<tr>
<td>10</td>
<td>Corning Inc.</td>
<td>$198.24</td>
<td>5.30%</td>
<td>+126.83%</td>
</tr>
<tr>
<td>11</td>
<td>nLIGHT Inc.</td>
<td>$83.81</td>
<td>1.74%</td>
<td>+123.43%</td>
</tr>
<tr>
<td>12</td>
<td>POET Technologies Inc.</td>
<td>$13.73</td>
<td>1.05%</td>
<td>+116.90%</td>
</tr>
<tr>
<td>13</td>
<td>Veeco Instruments Inc.</td>
<td>$61.46</td>
<td>1.61%</td>
<td>+115.05%</td>
</tr>
<tr>
<td>14</td>
<td>MACOM Technology Solutions Inc.</td>
<td>$362.76</td>
<td>3.20%</td>
<td>+111.79%</td>
</tr>
<tr>
<td>15</td>
<td>GlobalFoundries Inc.</td>
<td>$72.15</td>
<td>0.22%</td>
<td>+106.62%</td>
</tr>
</tbody>
</table>
<p><em>数据截至 2025 年 5 月 12 日</em></p>
<p><strong>另请阅读：</strong>
<strong>苹果在 2007 年凭借 iPhone 击败了这些竞争对手——现在英伟达正在帮助他们再次获胜</strong></p>
<h2>瓶颈逻辑</h2>
<p>那么，为什么光层超越了芯片层？</p>
<p>至少有三个原因。</p>
<p>首先，需求是结构性的。根据 Stifel 分析师 Ruben Roy 的说法，超大规模公司的资本支出预计在 2026 年将同比增长 67%。</p>
<p>每一美元的 GPU 资本支出最终都需要互连，而现在大多数都需要光互连。</p>
<p>其次，供应受到限制。铟磷激光器是高速收发器的基础构件，处于一个由少数公司主导的垂直整合供应链中。</p>
<p><strong>Coherent Corp</strong>. (NYSE: COHR) 和 Lumentum 是两家拥有内部激光芯片生产能力的公司，能够扩展到 800G 和 1.6T 的收发器，这是超大规模企业目前大规模订购的带宽层级。</p>
<p>第三，光纤以固定的速度取代铜缆。一旦超大规模企业将集群承诺给光互连，部件将在该集群的整个生命周期内发货。其收入是持续性的，而 GPU 则不是。</p>
<p>这种组合推动了年复一年收入的增长，一些公司自互联网泡沫时期以来未曾出现过这样的增长。</p>
<p>Lumentum 刚刚报告了财政第三季度的收入为 8.084 亿美元，同比增长 90.1%，并预计第四季度收入在 9.6 亿到 10.1 亿美元之间。中间值将代表近 100% 的年增长。</p>
<h2>为什么 EUV 不是一个 ‘纯’ 光子学投资</h2>
<p>ETF.com 的高级 ETF 分析师 Sumit Roy 质疑 EUV 是否真的算是一个光子学 ETF。</p>
<p>Roy 指出，EUV 的主要持股更倾向于半导体和代工故事，而不是推动光子学反弹的数据中心互连瓶颈。</p>
<p>截至 5 月 12 日，该基金的前五大持股为 <strong>台湾半导体制造公司</strong> (NYSE: TSM) 9.52%，<strong>ASML 控股公司</strong> (NASDAQ: ASML) 7.97%，<strong>康宁</strong> 5.19%，<strong>Lam Research Corp</strong>. (NASDAQ: LRCX) 4.98% 和 <strong>应用材料公司</strong> (NASDAQ: AMAT) 4.84%。</p>
<p>这些公司在排名中位于光子学纯粹投资的前面。</p>
<p>在前五大公司中，只有康宁在光通信方面是明确的 AI 光子学驱动者。其余的都是受益于 AI 的通用半导体公司，但并不是特别受益于光子学瓶颈。</p>
<p>台湾半导体受益于先进节点的需求。ASML 受益于代工资本支出。两者都在使用光，但都不是推动 Lumentum、Coherent 和应用光电公司今年实现多倍增长的 AI 光子学纯粹投资。</p>
<p>“这与推动 Lumentum、Coherent 和应用光电公司——这些股票在持股名单中排得更靠后——的光子学瓶颈是不同的周期，” Roy 说。</p>
<p>Roy 还指出，<strong>TSM、ASML、LRCX、AMAT</strong> 和 <strong>KLA Corp.</strong> (NASDAQ: KLAC) 一起占据了 <strong>VanEck 半导体 ETF</strong> (NASDAQ: SMH) 的四分之一以上，因此 EUV 的主要持股重复了投资者在更广泛的半导体基金中已经可以获得的敞口。</p>
<p>最近还有三个光子学 ETF 提交了更严格的纯粹投资定义，包括 <strong>KraneShares 光学 AI 基础设施 ETF</strong>，该 ETF 要求至少 50% 的收入或毛利润来自于收发器、光子集成电路、光纤组件和光网络系统的光学基础设施。</p>
<p>主导 EUV 持股的芯片和半导体公司都无法通过这一测试。</p>
<p><strong>另请阅读：</strong>
<strong>为什么银、能源和化学品将成为下一个美光交易，顶级 AI 专家表示</strong></p>
<p><em>照片由 VL-PhotoPro 通过 Shutterstock 提供</em></p>

应用光电公司

闪迪

AXT公司

美光科技

<p>Corgi Lithography & Smcndctr Phtncs ETF（CBOE: EUV）于 5 月 6 日首次亮相，专注于光子学，其 40 个持股中已有 15 个年初至今上涨超过 100%。主要表现优异的公司包括 AXT Inc.（+651.7%）和应用光电公司（+440.1%）。硅光子学市场预计将显著增长，主要受人工智能数据中心需求的推动。分析师指出，光互连的需求具有结构性，供应限制和经常性收入模型促进了增长。Lumentum 报告称其收入同比增长 90.1%，突显了该行业的潜力</p>

<p>Memory was the first major AI bottleneck, as seen in explosive moves in <strong>Micron Technology Inc.</strong> (NASDAQ: MU) and <strong>SanDisk Corp.</strong> (NASDAQ: SNDK).</p>
<div class="lb-trans"><p>内存是第一个主要的人工智能瓶颈，这在 <strong>美光科技公司</strong> (NASDAQ: MU) 和 <strong>闪迪公司</strong> (NASDAQ: SNDK) 的爆炸性走势中得以体现。</p>
</div><p>Photonics could be the next one, and a new exchange-traded fund just opened for business to play it.</p>
<div class="lb-trans"><p>光子学可能是下一个瓶颈，而一个新的交易所交易基金刚刚开业以参与其中。</p>
</div><p>The <strong>Corgi Lithography &amp; Semiconductor Photonics ETF</strong> (CBOE: EUV) launched on May 6 as the first U.S.-listed fund built around the photonics theme.</p>
<div class="lb-trans"><p><strong>Corgi Lithography &amp; Semiconductor Photonics ETF</strong> (CBOE: EUV) 于 5 月 6 日推出，成为首个围绕光子学主题建立的美国上市基金。</p>
</div><p>It holds $18.4 million in assets so far, a fraction of the nearly $7 billion that flooded into the <strong>Roundhill Memory ETF</strong> (NASDAQ: DRAM) in roughly a month.</p>
<div class="lb-trans"><p>到目前为止，它持有 1840 万美元的资产，远低于在大约一个月内涌入的近 70 亿美元的 <strong>Roundhill Memory ETF</strong> (NASDAQ: DRAM)。</p>
</div><p>But the lukewarm reception is hiding a more interesting story.</p>
<div class="lb-trans"><p>但这种冷淡的反应掩盖了一个更有趣的故事。</p>
</div><p>Fifteen of EUV’s forty holdings are already up more than 100% year-to-date. Three are up more than 300%. One is up more than 650%.</p>
<div class="lb-trans"><p>EUV 的四十个持股中，有十五个今年迄今已上涨超过 100%。其中三个上涨超过 300%。一个上涨超过 650%。</p>
</div><h2>Why Photonics, Why Now?</h2>
<div class="lb-trans"><h2>为什么是光子学，为什么是现在？</h2>
</div><p>Photonics is the use of light to do work that electrons used to do.</p>
<div class="lb-trans"><p>光子学是利用光来完成电子曾经执行的工作。</p>
</div><p>In an AI data center, that means using lasers and optical fiber to move data between graphics processing units instead of copper wires, which are running into hard physical limits at the bandwidths <strong>Nvidia Corp.</strong> (NASDAQ: NVDA) clusters now demand.</p>
<div class="lb-trans"><p>在人工智能数据中心，这意味着使用激光和光纤在图形处理单元之间传输数据，而不是使用铜线，因为铜线在 <strong>英伟达公司</strong> (NASDAQ: NVDA) 现在所需的带宽上遇到了严峻的物理限制。</p>
</div><p>Think of it as the plumbing for AI. When hyperscalers wire up hundreds of thousands of GPUs into a single training cluster, the bottleneck is no longer the chip. It is the cable between the chips.</p>
<div class="lb-trans"><p>可以把它看作是人工智能的管道。当超大规模公司将数十万的 GPU 连接到一个单一的训练集群时，瓶颈不再是芯片，而是芯片之间的电缆。</p>
</div><p>That is why optical transceivers, photonic integrated circuits, co-packaged optics and pluggable optics have become the most crowded supply-constrained corner of the AI buildout.</p>
<div class="lb-trans"><p>这就是为什么光学收发器、光子集成电路、共封装光学和可插拔光学成为人工智能建设中最拥挤的供应受限领域。</p>
</div><p>Nvidia has poured billions into photonics suppliers to lock down capacity. Orders extend 18 months out at some firms, well above historical norms of 12 months.</p>
<div class="lb-trans"><p>英伟达已经向光子学供应商投入了数十亿美元以锁定产能。一些公司的订单延续至 18 个月，远高于历史上 12 个月的正常水平。</p>
</div><p>According to estimates made by Corgi Funds, the issuer behind EUV, the silicon photonics market is projected to grow from $2.8 billion in 2025 to $10.7 billion by 2032 at a 21% compound annual growth rate, driven by AI data center demand.</p>
<div class="lb-trans"><p>根据 Corgi Funds 的估计，该公司是 EUV 的发行方，硅光子学市场预计将从 2025 年的 28 亿美元增长到 2032 年的 107 亿美元，年均复合增长率为 21%，主要受人工智能数据中心需求的推动。</p>
</div><h2>15 Names Inside EUV ETF Are Already Up Triple Digits In 2026</h2>
<div class="lb-trans"><h2>EUV ETF 中的 15 个股票在 2026 年已上涨三位数</h2>
</div><p>Inside EUV’s basket sits a roster of stocks that have already gone vertical.</p>
<div class="lb-trans"><p>在 EUV 的投资组合中，有一系列股票已经大幅上涨。</p>
</div><p>The top performers year-to-date among EUV’s components include <strong>AXT Inc.</strong> (NASDAQ: AXTI), up 651.7%, <strong>Applied Optoelectronics Inc.</strong> (NASDAQ: AAOI), up 440.1%, and <strong>Lightwave Logic Inc.</strong> (NASDAQ: LWLG), up 391.7%.</p>
<div class="lb-trans"><p>截至目前，EUV 成分股中表现最佳的包括 <strong>AXT Inc.</strong> (NASDAQ: AXTI)，上涨 651.7%，<strong>应用光电公司</strong> (NASDAQ: AAOI)，上涨 440.1%，以及 <strong>Lightwave Logic Inc.</strong> (NASDAQ: LWLG)，上涨 391.7%。</p>
</div><p>The list continues with:</p>
<div class="lb-trans"><p>名单继续包括：</p>
</div><ul>
<li><strong>Aehr Test Systems Inc.</strong> (NASDAQ: AEHR) at 379.1%</li>
<li><strong>Ultra Clean Holdings Inc</strong>. (NASDAQ: UCTT) at 227.6%,</li>
<li><strong>Viavi Solutions Inc.</strong> (NASDAQ: VIAV) at 199.7%</li>
<li><strong>Lumentum Holdings Inc.</strong> (NASDAQ: LITE) at 169.2%</li>
<li><strong>Ciena Corp.</strong> (NYSE: CIEN) at 146.8%</li>
<li><strong>FormFactor Inc.</strong> (NASDAQ: FORM) at 136.7%</li>
<li><strong>Corning Inc.</strong> (NYSE: GLW) at 126.8%</li>
<li><strong>nLIGHT Inc.</strong> (NASDAQ: LASR) at 123.4%</li>
<li><strong>POET Technologies Inc.</strong> (NASDAQ: POET) at 116.9%</li>
<li><strong>Veeco Instruments Inc.</strong> (NASDAQ: VECO) at 115.1%</li>
<li><strong>MACOM Technology Solutions Holdings Inc.</strong> (NASDAQ: MTSI) at 111.8%</li>
<li><strong>GlobalFoundries Inc.</strong> (NASDAQ: GFS) at 106.6%.</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>Aehr Test Systems Inc.</strong> (NASDAQ: AEHR)，上涨 379.1%</li>
<li><strong>Ultra Clean Holdings Inc</strong>. (NASDAQ: UCTT)，上涨 227.6%，</li>
<li><strong>Viavi Solutions Inc.</strong> (NASDAQ: VIAV)，上涨 199.7%</li>
<li><strong>Lumentum Holdings Inc.</strong> (NASDAQ: LITE)，上涨 169.2%</li>
<li><strong>Ciena Corp.</strong> (NYSE: CIEN)，上涨 146.8%</li>
<li><strong>FormFactor Inc.</strong> (NASDAQ: FORM)，上涨 136.7%</li>
<li><strong>Corning Inc.</strong> (NYSE: GLW)，上涨 126.8%</li>
<li><strong>nLIGHT Inc.</strong> (NASDAQ: LASR)，上涨 123.4%</li>
<li><strong>POET Technologies Inc.</strong> (NASDAQ: POET)，上涨 116.9%</li>
<li><strong>Veeco Instruments Inc.</strong> (NASDAQ: VECO)，上涨 115.1%</li>
<li><strong>MACOM Technology Solutions Holdings Inc.</strong> (NASDAQ: MTSI)，上涨 111.8%</li>
<li><strong>GlobalFoundries Inc.</strong> (NASDAQ: GFS)，上涨 106.6%。</li>
</ul>
</div><p>Fifteen names, all north of 100% in a little over four months.</p>
<div class="lb-trans"><p>十五个名字，全部在四个多月内上涨超过 100%。</p>
</div><p><strong>Table: 15 Best-Performing EUV Holdings Year-To-Date</strong></p>
<div class="lb-trans"><p><strong>表格：截至目前表现最佳的 15 个 EUV 持股</strong></p>
</div><table>
<thead>
<tr>
<th>#</th>
<th>COMPANY</th>
<th>PRICE</th>
<th>WEIGHT</th>
<th>YTD RETURN</th>
</tr>
</thead>
<tbody>
<tr>
<td>01</td>
<td>AXT Inc.</td>
<td>$122.90</td>
<td>2.57%</td>
<td>+651.68%</td>
</tr>
<tr>
<td>02</td>
<td>Applied Optoelectronics Inc.</td>
<td>$188.28</td>
<td>2.16%</td>
<td>+440.10%</td>
</tr>
<tr>
<td>03</td>
<td>Lightwave Logic Inc.</td>
<td>$15.93</td>
<td>0.25%</td>
<td>+391.67%</td>
</tr>
<tr>
<td>04</td>
<td>Aehr Test Systems Inc.</td>
<td>$96.72</td>
<td>1.30%</td>
<td>+379.05%</td>
</tr>
<tr>
<td>05</td>
<td>Ultra Clean Holdings Inc.</td>
<td>$82.99</td>
<td>1.50%</td>
<td>+227.64%</td>
</tr>
<tr>
<td>06</td>
<td>Viavi Solutions Inc.</td>
<td>$53.40</td>
<td>2.25%</td>
<td>+199.66%</td>
</tr>
<tr>
<td>07</td>
<td>Lumentum Holdings Inc.</td>
<td>$992.37</td>
<td>4.61%</td>
<td>+169.23%</td>
</tr>
<tr>
<td>08</td>
<td>Ciena Corp.</td>
<td>$577.15</td>
<td>4.24%</td>
<td>+146.78%</td>
</tr>
<tr>
<td>09</td>
<td>FormFactor Inc.</td>
<td>$132.02</td>
<td>1.88%</td>
<td>+136.68%</td>
</tr>
<tr>
<td>10</td>
<td>Corning Inc.</td>
<td>$198.24</td>
<td>5.30%</td>
<td>+126.83%</td>
</tr>
<tr>
<td>11</td>
<td>nLIGHT Inc.</td>
<td>$83.81</td>
<td>1.74%</td>
<td>+123.43%</td>
</tr>
<tr>
<td>12</td>
<td>POET Technologies Inc.</td>
<td>$13.73</td>
<td>1.05%</td>
<td>+116.90%</td>
</tr>
<tr>
<td>13</td>
<td>Veeco Instruments Inc.</td>
<td>$61.46</td>
<td>1.61%</td>
<td>+115.05%</td>
</tr>
<tr>
<td>14</td>
<td>MACOM Technology Solutions Inc.</td>
<td>$362.76</td>
<td>3.20%</td>
<td>+111.79%</td>
</tr>
<tr>
<td>15</td>
<td>GlobalFoundries Inc.</td>
<td>$72.15</td>
<td>0.22%</td>
<td>+106.62%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>#</th>
<th>公司</th>
<th>价格</th>
<th>权重</th>
<th>年初至今回报</th>
</tr>
</thead>
<tbody>
<tr>
<td>01</td>
<td>AXT Inc.</td>
<td>$122.90</td>
<td>2.57%</td>
<td>+651.68%</td>
</tr>
<tr>
<td>02</td>
<td>应用光电公司</td>
<td>$188.28</td>
<td>2.16%</td>
<td>+440.10%</td>
</tr>
<tr>
<td>03</td>
<td>Lightwave Logic Inc.</td>
<td>$15.93</td>
<td>0.25%</td>
<td>+391.67%</td>
</tr>
<tr>
<td>04</td>
<td>Aehr Test Systems Inc.</td>
<td>$96.72</td>
<td>1.30%</td>
<td>+379.05%</td>
</tr>
<tr>
<td>05</td>
<td>Ultra Clean Holdings Inc.</td>
<td>$82.99</td>
<td>1.50%</td>
<td>+227.64%</td>
</tr>
<tr>
<td>06</td>
<td>Viavi Solutions Inc.</td>
<td>$53.40</td>
<td>2.25%</td>
<td>+199.66%</td>
</tr>
<tr>
<td>07</td>
<td>Lumentum Holdings Inc.</td>
<td>$992.37</td>
<td>4.61%</td>
<td>+169.23%</td>
</tr>
<tr>
<td>08</td>
<td>Ciena Corp.</td>
<td>$577.15</td>
<td>4.24%</td>
<td>+146.78%</td>
</tr>
<tr>
<td>09</td>
<td>FormFactor Inc.</td>
<td>$132.02</td>
<td>1.88%</td>
<td>+136.68%</td>
</tr>
<tr>
<td>10</td>
<td>Corning Inc.</td>
<td>$198.24</td>
<td>5.30%</td>
<td>+126.83%</td>
</tr>
<tr>
<td>11</td>
<td>nLIGHT Inc.</td>
<td>$83.81</td>
<td>1.74%</td>
<td>+123.43%</td>
</tr>
<tr>
<td>12</td>
<td>POET Technologies Inc.</td>
<td>$13.73</td>
<td>1.05%</td>
<td>+116.90%</td>
</tr>
<tr>
<td>13</td>
<td>Veeco Instruments Inc.</td>
<td>$61.46</td>
<td>1.61%</td>
<td>+115.05%</td>
</tr>
<tr>
<td>14</td>
<td>MACOM Technology Solutions Inc.</td>
<td>$362.76</td>
<td>3.20%</td>
<td>+111.79%</td>
</tr>
<tr>
<td>15</td>
<td>GlobalFoundries Inc.</td>
<td>$72.15</td>
<td>0.22%</td>
<td>+106.62%</td>
</tr>
</tbody>
</table>
</div><p><em>Data as of May 12, 2025</em></p>
<div class="lb-trans"><p><em>数据截至 2025 年 5 月 12 日</em></p>
</div><p><strong>Read Also:</strong>
<strong>Apple Crushed These Rivals In 2007 With The iPhone — Now Nvidia Is Helping Them Win Again</strong></p>
<div class="lb-trans"><p><strong>另请阅读：</strong>
<strong>苹果在 2007 年凭借 iPhone 击败了这些竞争对手——现在英伟达正在帮助他们再次获胜</strong></p>
</div><h2>The Bottleneck Logic</h2>
<div class="lb-trans"><h2>瓶颈逻辑</h2>
</div><p>So why is the light layer outrunning the chip layer?</p>
<div class="lb-trans"><p>那么，为什么光层超越了芯片层？</p>
</div><p>There are at least three reasons.</p>
<div class="lb-trans"><p>至少有三个原因。</p>
</div><p>First, demand is structural. Hyperscaler capital expenditure is on track to grow 67% year-over-year in 2026, according to Stifel analyst Ruben Roy.</p>
<div class="lb-trans"><p>首先，需求是结构性的。根据 Stifel 分析师 Ruben Roy 的说法，超大规模公司的资本支出预计在 2026 年将同比增长 67%。</p>
</div><p>Every dollar of GPU capex eventually requires interconnect, and most of it now requires optical interconnect.</p>
<div class="lb-trans"><p>每一美元的 GPU 资本支出最终都需要互连，而现在大多数都需要光互连。</p>
</div><p>Second, supply is constrained. Indium phosphide lasers, the building block of high-speed transceivers, sit in a vertically integrated supply chain dominated by a handful of names.</p>
<div class="lb-trans"><p>其次，供应受到限制。铟磷激光器是高速收发器的基础构件，处于一个由少数公司主导的垂直整合供应链中。</p>
</div><p><strong>Coherent Corp</strong>. (NYSE: COHR) and Lumentum are the two firms with the in-house laser chip capacity needed to scale into 800G and 1.6T transceivers, the bandwidth tier hyperscalers are now ordering at scale.</p>
<div class="lb-trans"><p><strong>Coherent Corp</strong>. (NYSE: COHR) 和 Lumentum 是两家拥有内部激光芯片生产能力的公司，能够扩展到 800G 和 1.6T 的收发器，这是超大规模企业目前大规模订购的带宽层级。</p>
</div><p>Third, optical replaces copper at a fixed pace. Once a hyperscaler commits a cluster to optical interconnects, the parts ship for the life of that cluster. The revenue is recurring in a way GPUs are not.</p>
<div class="lb-trans"><p>第三，光纤以固定的速度取代铜缆。一旦超大规模企业将集群承诺给光互连，部件将在该集群的整个生命周期内发货。其收入是持续性的，而 GPU 则不是。</p>
</div><p>The combination is driving year-over-year revenue growth that some companies have not posted since the dot-com fiber boom.</p>
<div class="lb-trans"><p>这种组合推动了年复一年收入的增长，一些公司自互联网泡沫时期以来未曾出现过这样的增长。</p>
</div><p>Lumentum just reported fiscal third-quarter revenue of $808.4 million, up 90.1% year-over-year, and guided fourth-quarter revenue to a range of $960 million to $1.01 billion. The midpoint would represent year-over-year growth of nearly 100%.</p>
<div class="lb-trans"><p>Lumentum 刚刚报告了财政第三季度的收入为 8.084 亿美元，同比增长 90.1%，并预计第四季度收入在 9.6 亿到 10.1 亿美元之间。中间值将代表近 100% 的年增长。</p>
</div><h2>Why EUV Is Not A ‘Pure’ Photonics Play</h2>
<div class="lb-trans"><h2>为什么 EUV 不是一个 ‘纯’ 光子学投资</h2>
</div><p>ETF.com senior ETF analyst Sumit Roy has questioned whether EUV is really a photonics ETF at all.</p>
<div class="lb-trans"><p>ETF.com 的高级 ETF 分析师 Sumit Roy 质疑 EUV 是否真的算是一个光子学 ETF。</p>
</div><p>Roy indicated that EUV’s top holdings tilt toward the semicap and foundry story rather than the data center interconnect bottleneck driving the photonics rally.</p>
<div class="lb-trans"><p>Roy 指出，EUV 的主要持股更倾向于半导体和代工故事，而不是推动光子学反弹的数据中心互连瓶颈。</p>
</div><p>The fund’s top five holdings as of May 12 are <strong>Taiwan Semiconductor Manufacturing Co. Ltd.</strong> (NYSE: TSM) at 9.52%, <strong>ASML Holding NV</strong> (NASDAQ: ASML) at 7.97%, <strong>Corning</strong> at 5.19%, <strong>Lam Research Corp</strong>. (NASDAQ: LRCX) at 4.98% and <strong>Applied Materials Inc.</strong> (NASDAQ: AMAT) at 4.84%.</p>
<div class="lb-trans"><p>截至 5 月 12 日，该基金的前五大持股为 <strong>台湾半导体制造公司</strong> (NYSE: TSM) 9.52%，<strong>ASML 控股公司</strong> (NASDAQ: ASML) 7.97%，<strong>康宁</strong> 5.19%，<strong>Lam Research Corp</strong>. (NASDAQ: LRCX) 4.98% 和 <strong>应用材料公司</strong> (NASDAQ: AMAT) 4.84%。</p>
</div><p>Together those names sit ahead of the photonics pure-plays in the ranking.</p>
<div class="lb-trans"><p>这些公司在排名中位于光子学纯粹投资的前面。</p>
</div><p>Of the top five, only Corning has Optical Communications as the clear AI photonics driver. The rest are general semicap names benefiting from AI but not from the photonics bottleneck specifically.</p>
<div class="lb-trans"><p>在前五大公司中，只有康宁在光通信方面是明确的 AI 光子学驱动者。其余的都是受益于 AI 的通用半导体公司，但并不是特别受益于光子学瓶颈。</p>
</div><p>Taiwan Semiconductor benefits from leading-edge node demand. ASML benefits from foundry capex. Both are using light. Neither is the AI photonics pure-play that drove Lumentum, Coherent and Applied Optoelectronics to multi-bagger status this year.</p>
<div class="lb-trans"><p>台湾半导体受益于先进节点的需求。ASML 受益于代工资本支出。两者都在使用光，但都不是推动 Lumentum、Coherent 和应用光电公司今年实现多倍增长的 AI 光子学纯粹投资。</p>
</div><p>“That’s a different cycle from the photonics bottleneck driving Lumentum, Coherent, and Applied Optoelectronics—stocks that sit further down the holdings list,” Roy said.</p>
<div class="lb-trans"><p>“这与推动 Lumentum、Coherent 和应用光电公司——这些股票在持股名单中排得更靠后——的光子学瓶颈是不同的周期，” Roy 说。</p>
</div><p>Roy also noted that <strong>TSM, ASML, LRCX, AMAT</strong> and <strong>KLA Corp.</strong> (NASDAQ: KLAC) together make up over a quarter of the <strong>VanEck Semiconductor ETF</strong> (NASDAQ: SMH), so EUV’s top holdings duplicate exposure investors can already get in broader semiconductor funds.</p>
<div class="lb-trans"><p>Roy 还指出，<strong>TSM、ASML、LRCX、AMAT</strong> 和 <strong>KLA Corp.</strong> (NASDAQ: KLAC) 一起占据了 <strong>VanEck 半导体 ETF</strong> (NASDAQ: SMH) 的四分之一以上，因此 EUV 的主要持股重复了投资者在更广泛的半导体基金中已经可以获得的敞口。</p>
</div><p>Three other photonics ETFs have been recently filed with stricter pure-play definitions, including the <strong>KraneShares Optical AI Infrastructure ETF</strong>, which would require at least 50% of revenue or gross profit from optical infrastructure across transceivers, photonic integrated circuits, fiber assemblies and optical networking systems.</p>
<div class="lb-trans"><p>最近还有三个光子学 ETF 提交了更严格的纯粹投资定义，包括 <strong>KraneShares 光学 AI 基础设施 ETF</strong>，该 ETF 要求至少 50% 的收入或毛利润来自于收发器、光子集成电路、光纤组件和光网络系统的光学基础设施。</p>
</div><p>None of the chip and semicap names that dominate EUV’s holdings would clear that test.</p>
<div class="lb-trans"><p>主导 EUV 持股的芯片和半导体公司都无法通过这一测试。</p>
</div><p><strong>Read Also:</strong>
<strong>Why Silver, Power And Chemicals Will Be The Next Micron Trade, Top AI Expert Says</strong></p>
<div class="lb-trans"><p><strong>另请阅读：</strong>
<strong>为什么银、能源和化学品将成为下一个美光交易，顶级 AI 专家表示</strong></p>
</div><p><em>Photo by VL-PhotoPro via Shutterstock</em></p>
<div class="lb-trans"><p><em>照片由 VL-PhotoPro 通过 Shutterstock 提供</em></p>
</div>

SanDisk And Micron Had Their Run – This New 'Photonics' ETF Has 15 Triple-Digit Gainers Inside

- Corgi Lithography & Semiconductor Photonics ETF 于 5 月 6 日启动，资产达 1840 万美元。  
- 其成分股中 15 只股票年初至今均上涨超过 100%。  
- 硅光子市场预计将以 21% 的年复合增长率增长至 107 亿美元。

benzinga_article

Corgi Lithography & Smcndctr Phtncs ETF

Roundhill Memory ETF

英伟达

Lightwave Logic

Aehr测试系统

超科林半导体

唯亚威系统服务

Lumentum控股

讯远通信

Formfactor

康宁

nLight

POET Tech

维易科精密仪器

MACOM科技解决方案控股

格芯

苹果

Coherent Corp.

Sandisk - WI

NVIDIA Corporation

闪迪和美光科技已经经历了它们的高峰期——这个新的 “光子” ETF 中包含 15 个三位数增长的赢家