Lumentum
LITEcompute· NASDAQLumentum – Optical networking: Indium phosphide lasers and co-packaged optics (CPO) transceiver components.
Why it matters
Every optical link in an AI cluster begins and ends at an indium phosphide laser. Lumentum sells those lasers and has multi-year visible backlog.
The read
Levered to Indium-phosphide laser supply for AI-cluster optical interconnect (multi-year sold out).
Bull case: Every optical link in an AI cluster begins and ends at an InP laser, Lumentum sells those lasers, and capacity is sold out multi-year.