<p>內存是第一個主要的人工智能瓶頸，這在 <strong>美光科技公司</strong> (NASDAQ: MU) 和 <strong>閃迪公司</strong> (NASDAQ: SNDK) 的爆炸性走勢中得以體現。</p>
<p>光子學可能是下一個瓶頸，而一個新的交易所交易基金剛剛開業以參與其中。</p>
<p><strong>Corgi Lithography &amp; Semiconductor Photonics ETF</strong> (CBOE: EUV) 於 5 月 6 日推出，成為首個圍繞光子學主題建立的美國上市基金。</p>
<p>到目前為止，它持有 1840 萬美元的資產，遠低於在大約一個月內湧入的近 70 億美元的 <strong>Roundhill Memory ETF</strong> (NASDAQ: DRAM)。</p>
<p>但這種冷淡的反應掩蓋了一個更有趣的故事。</p>
<p>EUV 的四十個持股中，有十五個今年迄今已上漲超過 100%。其中三個上漲超過 300%。一個上漲超過 650%。</p>
<h2>為什麼是光子學，為什麼是現在？</h2>
<p>光子學是利用光來完成電子曾經執行的工作。</p>
<p>在人工智能數據中心，這意味着使用激光和光纖在圖形處理單元之間傳輸數據，而不是使用銅線，因為銅線在 <strong>英偉達公司</strong> (NASDAQ: NVDA) 現在所需的帶寬上遇到了嚴峻的物理限制。</p>
<p>可以把它看作是人工智能的管道。當超大規模公司將數十萬的 GPU 連接到一個單一的訓練集羣時，瓶頸不再是芯片，而是芯片之間的電纜。</p>
<p>這就是為什麼光學收發器、光子集成電路、共封裝光學和可插拔光學成為人工智能建設中最擁擠的供應受限領域。</p>
<p>英偉達已經向光子學供應商投入了數十億美元以鎖定產能。一些公司的訂單延續至 18 個月，遠高於歷史上 12 個月的正常水平。</p>
<p>根據 Corgi Funds 的估計，該公司是 EUV 的發行方，硅光子學市場預計將從 2025 年的 28 億美元增長到 2032 年的 107 億美元，年均複合增長率為 21%，主要受人工智能數據中心需求的推動。</p>
<h2>EUV ETF 中的 15 個股票在 2026 年已上漲三位數</h2>
<p>在 EUV 的投資組合中，有一系列股票已經大幅上漲。</p>
<p>截至目前，EUV 成分股中表現最佳的包括 <strong>AXT Inc.</strong> (NASDAQ: AXTI)，上漲 651.7%，<strong>應用光電公司</strong> (NASDAQ: AAOI)，上漲 440.1%，以及 <strong>Lightwave Logic Inc.</strong> (NASDAQ: LWLG)，上漲 391.7%。</p>
<p>名單繼續包括：</p>
<ul>
<li><strong>Aehr Test Systems Inc.</strong> (NASDAQ: AEHR)，上漲 379.1%</li>
<li><strong>Ultra Clean Holdings Inc</strong>. (NASDAQ: UCTT)，上漲 227.6%，</li>
<li><strong>Viavi Solutions Inc.</strong> (NASDAQ: VIAV)，上漲 199.7%</li>
<li><strong>Lumentum Holdings Inc.</strong> (NASDAQ: LITE)，上漲 169.2%</li>
<li><strong>Ciena Corp.</strong> (NYSE: CIEN)，上漲 146.8%</li>
<li><strong>FormFactor Inc.</strong> (NASDAQ: FORM)，上漲 136.7%</li>
<li><strong>Corning Inc.</strong> (NYSE: GLW)，上漲 126.8%</li>
<li><strong>nLIGHT Inc.</strong> (NASDAQ: LASR)，上漲 123.4%</li>
<li><strong>POET Technologies Inc.</strong> (NASDAQ: POET)，上漲 116.9%</li>
<li><strong>Veeco Instruments Inc.</strong> (NASDAQ: VECO)，上漲 115.1%</li>
<li><strong>MACOM Technology Solutions Holdings Inc.</strong> (NASDAQ: MTSI)，上漲 111.8%</li>
<li><strong>GlobalFoundries Inc.</strong> (NASDAQ: GFS)，上漲 106.6%。</li>
</ul>
<p>十五個名字，全部在四個多月內上漲超過 100%。</p>
<p><strong>表格：截至目前表現最佳的 15 個 EUV 持股</strong></p>
<table>
<thead>
<tr>
<th>#</th>
<th>公司</th>
<th>價格</th>
<th>權重</th>
<th>年初至今回報</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>應用光電公司</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>數據截至 2025 年 5 月 12 日</em></p>
<p><strong>另請閲讀：</strong>
<strong>蘋果在 2007 年憑藉 iPhone 擊敗了這些競爭對手——現在英偉達正在幫助他們再次獲勝</strong></p>
<h2>瓶頸邏輯</h2>
<p>那麼，為什麼光層超越了芯片層？</p>
<p>至少有三個原因。</p>
<p>首先，需求是結構性的。根據 Stifel 分析師 Ruben Roy 的説法，超大規模公司的資本支出預計在 2026 年將同比增長 67%。</p>
<p>每一美元的 GPU 資本支出最終都需要互連，而現在大多數都需要光互連。</p>
<p>其次，供應受到限制。銦磷激光器是高速收發器的基礎構件，處於一個由少數公司主導的垂直整合供應鏈中。</p>
<p><strong>Coherent Corp</strong>. (NYSE: COHR) 和 Lumentum 是兩家擁有內部激光芯片生產能力的公司，能夠擴展到 800G 和 1.6T 的收發器，這是超大規模企業目前大規模訂購的帶寬層級。</p>
<p>第三，光纖以固定的速度取代銅纜。一旦超大規模企業將集羣承諾給光互連，部件將在該集羣的整個生命週期內發貨。其收入是持續性的，而 GPU 則不是。</p>
<p>這種組合推動了年復一年收入的增長，一些公司自互聯網泡沫時期以來未曾出現過這樣的增長。</p>
<p>Lumentum 剛剛報告了財政第三季度的收入為 8.084 億美元，同比增長 90.1%，並預計第四季度收入在 9.6 億到 10.1 億美元之間。中間值將代表近 100% 的年增長。</p>
<h2>為什麼 EUV 不是一個 ‘純’ 光子學投資</h2>
<p>ETF.com 的高級 ETF 分析師 Sumit Roy 質疑 EUV 是否真的算是一個光子學 ETF。</p>
<p>Roy 指出，EUV 的主要持股更傾向於半導體和代工故事，而不是推動光子學反彈的數據中心互連瓶頸。</p>
<p>截至 5 月 12 日，該基金的前五大持股為 <strong>台灣半導體制造公司</strong> (NYSE: TSM) 9.52%，<strong>ASML 控股公司</strong> (NASDAQ: ASML) 7.97%，<strong>康寧</strong> 5.19%，<strong>Lam Research Corp</strong>. (NASDAQ: LRCX) 4.98% 和 <strong>應用材料公司</strong> (NASDAQ: AMAT) 4.84%。</p>
<p>這些公司在排名中位於光子學純粹投資的前面。</p>
<p>在前五大公司中，只有康寧在光通信方面是明確的 AI 光子學驅動者。其餘的都是受益於 AI 的通用半導體公司，但並不是特別受益於光子學瓶頸。</p>
<p>台灣半導體受益於先進節點的需求。ASML 受益於代工資本支出。兩者都在使用光，但都不是推動 Lumentum、Coherent 和應用光電公司今年實現多倍增長的 AI 光子學純粹投資。</p>
<p>“這與推動 Lumentum、Coherent 和應用光電公司——這些股票在持股名單中排得更靠後——的光子學瓶頸是不同的週期，” Roy 説。</p>
<p>Roy 還指出，<strong>TSM、ASML、LRCX、AMAT</strong> 和 <strong>KLA Corp.</strong> (NASDAQ: KLAC) 一起佔據了 <strong>VanEck 半導體 ETF</strong> (NASDAQ: SMH) 的四分之一以上，因此 EUV 的主要持股重複了投資者在更廣泛的半導體基金中已經可以獲得的敞口。</p>
<p>最近還有三個光子學 ETF 提交了更嚴格的純粹投資定義，包括 <strong>KraneShares 光學 AI 基礎設施 ETF</strong>，該 ETF 要求至少 50% 的收入或毛利潤來自於收發器、光子集成電路、光纖組件和光網絡系統的光學基礎設施。</p>
<p>主導 EUV 持股的芯片和半導體公司都無法通過這一測試。</p>
<p><strong>另請閲讀：</strong>
<strong>為什麼銀、能源和化學品將成為下一個美光交易，頂級 AI 專家表示</strong></p>
<p><em>照片由 VL-PhotoPro 通過 Shutterstock 提供</em></p>

應用光電公司

閃迪

AXT公司

美光科技

<p>Corgi Lithography & Smcndctr Phtncs ETF（CBOE: EUV）於 5 月 6 日首次亮相，專注於光子學，其 40 個持股中已有 15 個年初至今上漲超過 100%。主要表現優異的公司包括 AXT Inc.（+651.7%）和應用光電公司（+440.1%）。硅光子學市場預計將顯著增長，主要受人工智能數據中心需求的推動。分析師指出，光互連的需求具有結構性，供應限制和經常性收入模型促進了增長。Lumentum 報告稱其收入同比增長 90.1%，突顯了該行業的潛力</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>內存是第一個主要的人工智能瓶頸，這在 <strong>美光科技公司</strong> (NASDAQ: MU) 和 <strong>閃迪公司</strong> (NASDAQ: SNDK) 的爆炸性走勢中得以體現。</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>光子學可能是下一個瓶頸，而一個新的交易所交易基金剛剛開業以參與其中。</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) 於 5 月 6 日推出，成為首個圍繞光子學主題建立的美國上市基金。</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>到目前為止，它持有 1840 萬美元的資產，遠低於在大約一個月內湧入的近 70 億美元的 <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>但這種冷淡的反應掩蓋了一個更有趣的故事。</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 的四十個持股中，有十五個今年迄今已上漲超過 100%。其中三個上漲超過 300%。一個上漲超過 650%。</p>
</div><h2>Why Photonics, Why Now?</h2>
<div class="lb-trans"><h2>為什麼是光子學，為什麼是現在？</h2>
</div><p>Photonics is the use of light to do work that electrons used to do.</p>
<div class="lb-trans"><p>光子學是利用光來完成電子曾經執行的工作。</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>在人工智能數據中心，這意味着使用激光和光纖在圖形處理單元之間傳輸數據，而不是使用銅線，因為銅線在 <strong>英偉達公司</strong> (NASDAQ: NVDA) 現在所需的帶寬上遇到了嚴峻的物理限制。</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。當超大規模公司將數十萬的 GPU 連接到一個單一的訓練集羣時，瓶頸不再是芯片，而是芯片之間的電纜。</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>這就是為什麼光學收發器、光子集成電路、共封裝光學和可插拔光學成為人工智能建設中最擁擠的供應受限領域。</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>英偉達已經向光子學供應商投入了數十億美元以鎖定產能。一些公司的訂單延續至 18 個月，遠高於歷史上 12 個月的正常水平。</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>根據 Corgi Funds 的估計，該公司是 EUV 的發行方，硅光子學市場預計將從 2025 年的 28 億美元增長到 2032 年的 107 億美元，年均複合增長率為 21%，主要受人工智能數據中心需求的推動。</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 個股票在 2026 年已上漲三位數</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 的投資組合中，有一系列股票已經大幅上漲。</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 成分股中表現最佳的包括 <strong>AXT Inc.</strong> (NASDAQ: AXTI)，上漲 651.7%，<strong>應用光電公司</strong> (NASDAQ: AAOI)，上漲 440.1%，以及 <strong>Lightwave Logic Inc.</strong> (NASDAQ: LWLG)，上漲 391.7%。</p>
</div><p>The list continues with:</p>
<div class="lb-trans"><p>名單繼續包括：</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)，上漲 379.1%</li>
<li><strong>Ultra Clean Holdings Inc</strong>. (NASDAQ: UCTT)，上漲 227.6%，</li>
<li><strong>Viavi Solutions Inc.</strong> (NASDAQ: VIAV)，上漲 199.7%</li>
<li><strong>Lumentum Holdings Inc.</strong> (NASDAQ: LITE)，上漲 169.2%</li>
<li><strong>Ciena Corp.</strong> (NYSE: CIEN)，上漲 146.8%</li>
<li><strong>FormFactor Inc.</strong> (NASDAQ: FORM)，上漲 136.7%</li>
<li><strong>Corning Inc.</strong> (NYSE: GLW)，上漲 126.8%</li>
<li><strong>nLIGHT Inc.</strong> (NASDAQ: LASR)，上漲 123.4%</li>
<li><strong>POET Technologies Inc.</strong> (NASDAQ: POET)，上漲 116.9%</li>
<li><strong>Veeco Instruments Inc.</strong> (NASDAQ: VECO)，上漲 115.1%</li>
<li><strong>MACOM Technology Solutions Holdings Inc.</strong> (NASDAQ: MTSI)，上漲 111.8%</li>
<li><strong>GlobalFoundries Inc.</strong> (NASDAQ: GFS)，上漲 106.6%。</li>
</ul>
</div><p>Fifteen names, all north of 100% in a little over four months.</p>
<div class="lb-trans"><p>十五個名字，全部在四個多月內上漲超過 100%。</p>
</div><p><strong>Table: 15 Best-Performing EUV Holdings Year-To-Date</strong></p>
<div class="lb-trans"><p><strong>表格：截至目前表現最佳的 15 個 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>價格</th>
<th>權重</th>
<th>年初至今回報</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>應用光電公司</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>數據截至 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>另請閲讀：</strong>
<strong>蘋果在 2007 年憑藉 iPhone 擊敗了這些競爭對手——現在英偉達正在幫助他們再次獲勝</strong></p>
</div><h2>The Bottleneck Logic</h2>
<div class="lb-trans"><h2>瓶頸邏輯</h2>
</div><p>So why is the light layer outrunning the chip layer?</p>
<div class="lb-trans"><p>那麼，為什麼光層超越了芯片層？</p>
</div><p>There are at least three reasons.</p>
<div class="lb-trans"><p>至少有三個原因。</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，需求是結構性的。根據 Stifel 分析師 Ruben Roy 的説法，超大規模公司的資本支出預計在 2026 年將同比增長 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 資本支出最終都需要互連，而現在大多數都需要光互連。</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，供應受到限制。銦磷激光器是高速收發器的基礎構件，處於一個由少數公司主導的垂直整合供應鏈中。</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 是兩家擁有內部激光芯片生產能力的公司，能夠擴展到 800G 和 1.6T 的收發器，這是超大規模企業目前大規模訂購的帶寬層級。</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，光纖以固定的速度取代銅纜。一旦超大規模企業將集羣承諾給光互連，部件將在該集羣的整個生命週期內發貨。其收入是持續性的，而 GPU 則不是。</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>這種組合推動了年復一年收入的增長，一些公司自互聯網泡沫時期以來未曾出現過這樣的增長。</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 剛剛報告了財政第三季度的收入為 8.084 億美元，同比增長 90.1%，並預計第四季度收入在 9.6 億到 10.1 億美元之間。中間值將代表近 100% 的年增長。</p>
</div><h2>Why EUV Is Not A ‘Pure’ Photonics Play</h2>
<div class="lb-trans"><h2>為什麼 EUV 不是一個 ‘純’ 光子學投資</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 的高級 ETF 分析師 Sumit Roy 質疑 EUV 是否真的算是一個光子學 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 的主要持股更傾向於半導體和代工故事，而不是推動光子學反彈的數據中心互連瓶頸。</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，該基金的前五大持股為 <strong>台灣半導體制造公司</strong> (NYSE: TSM) 9.52%，<strong>ASML 控股公司</strong> (NASDAQ: ASML) 7.97%，<strong>康寧</strong> 5.19%，<strong>Lam Research Corp</strong>. (NASDAQ: LRCX) 4.98% 和 <strong>應用材料公司</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>這些公司在排名中位於光子學純粹投資的前面。</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，只有康寧在光通信方面是明確的 AI 光子學驅動者。其餘的都是受益於 AI 的通用半導體公司，但並不是特別受益於光子學瓶頸。</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>台灣半導體受益於先進節點的需求。ASML 受益於代工資本支出。兩者都在使用光，但都不是推動 Lumentum、Coherent 和應用光電公司今年實現多倍增長的 AI 光子學純粹投資。</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>“這與推動 Lumentum、Coherent 和應用光電公司——這些股票在持股名單中排得更靠後——的光子學瓶頸是不同的週期，” Roy 説。</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 還指出，<strong>TSM、ASML、LRCX、AMAT</strong> 和 <strong>KLA Corp.</strong> (NASDAQ: KLAC) 一起佔據了 <strong>VanEck 半導體 ETF</strong> (NASDAQ: SMH) 的四分之一以上，因此 EUV 的主要持股重複了投資者在更廣泛的半導體基金中已經可以獲得的敞口。</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>最近還有三個光子學 ETF 提交了更嚴格的純粹投資定義，包括 <strong>KraneShares 光學 AI 基礎設施 ETF</strong>，該 ETF 要求至少 50% 的收入或毛利潤來自於收發器、光子集成電路、光纖組件和光網絡系統的光學基礎設施。</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>主導 EUV 持股的芯片和半導體公司都無法通過這一測試。</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>另請閲讀：</strong>
<strong>為什麼銀、能源和化學品將成為下一個美光交易，頂級 AI 專家表示</strong></p>
</div><p><em>Photo by VL-PhotoPro via Shutterstock</em></p>
<div class="lb-trans"><p><em>照片由 VL-PhotoPro 通過 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 於 5 月 6 日啓動，資產達 1840 萬美元。  
- 其成分股中 15 只股票年初至今均上漲超過 100%。  
- 硅光子市場預計將以 21% 的年複合增長率增長至 107 億美元。

benzinga_article

Corgi Lithography & Smcndctr Phtncs ETF

Roundhill Memory ETF

英偉達

Lightwave Logic

Aehr測試系統

超科林半導體

唯亞威系統服務

Lumentum控股

訊遠通信

Formfactor

康寧

nLight

POET Tech

維易科精密儀器

MACOM科技解決方案控股

格芯

蘋果

Coherent Corp.

Sandisk - WI

NVIDIA Corporation

閃迪和美光科技已經經歷了它們的高峰期——這個新的 “光子” ETF 中包含 15 個三位數增長的贏家