Mizuho on $CRDO: "very positive $MU / CRDO": "Our checks indicate GB300 ramps could continue, significantly stronger than previously expected, into 2H26E and into 2027E - Very Positive MU-CRDO. With GB300 at ~$4M/rack and 145KW, tight memory and land/power/shell (LPS) we see a fat BW tail driving higher rack shipments into 2027E vs VR at ~$8M/rack and ~200KW/800V-400V dual-rail racks. We believe this is consistent with $NVDA recent comments "August Blackwell shipments up 27% m/m" and 2027E GPU shipments up 2x y/y.The upside for connector suppliers comes from increased number of racks/cables, offsetting the downside of lower ASP at 100G/lane vs 200G/lane. For NVDA, we est. ~10% of OctQ units (20% of revenue) on VR/1.6T."

Mizuho on opticals: We see CW laser capacity ramping sharply from ~83M units in 2025 to ~427M by 2029E (Ex-7), driven by SiPho pluggables at 1.6T/3.2T and the initial NPO/CPO transition into 2027-2029E as we see yields improving. We see $COHR profitability lagging as we believe it relies on external lasers for it's leading-edge products (also sourced from LITE) and its business model remains more transceiver-heavy which is lower-margin vs LITE, which we see as more laser-oriented. On margins, LITE continues to ramp GMs sharply from low-30% in early 2024 to the low-50% range in 2026-2028E, while COHR rises more gradually to only the low-40s%, resulting in a 10-11ppt gap. We believe ELS pluggable modules housing a laser source could start to ramp as well. ELS as the back plate pluggable component retains serviceability in case of a component failure, while enabling laser light to transmit the converted optical signal and advance more efficient optical architectures. $LITE has noted orders for ELS have begun, with we believe potentially 2x content opportunity compared to laser chips alone. Ex-China, we believe COHR is the largest transceiver assembler with ~17% market share, differentiated via deep InP vertical integration and high in-house component supply. We note some tailwinds with $NVDA, incl. $2B investment and multi-year CPO/CW supply agreement through YE-2030E. We estimate LITE's Cloudlight business (acquired Nov 2023) is ramping strongly toward ~$900M C26E revenues and ~$1.2B by C27E, but remains smaller at >6% market share. Similar to COHR, LITE is leveraging CW/EML in house manufacturing, but we believe it is entirely reliant on in-house laser chip supply, with a path to mid-30% GM. FN is an important assembler, serving NVDA's designed transceivers alongside merchant OEM contracts. $AAOI (NC) is another key domestic assembler, operating three Taiwan facilities (~795K sq ft) with a new Pearland, Texas facility (800G/1.6T) and an estimated SOP in early 2027E.

Mizuho Bank, a unit of Japanese lender Mizuho and a creditor of iron ore trader Radiant World, has taken legal steps to remove the management of the merchant’s key operating company in Singapore, according to a court document