Everyone is talking about AI. But behind every AI breakthrough is a massive infrastructure challenge. More compute. More data. More connectivity. More pressure on the systems that keep everything moving. As AI infrastructure scales, photonics is becoming a critical technology enabler. In the first episode of “Following the Photons”, Sivers CEO #VickramVathulya# joins #JustineMurphy# with to discuss how photonics and AI are converging to enable the next generation of high-performance, energy-efficient computing. Curious where AI infrastructure is heading? Worth a listen. 🎧 #Photonics# #AI# #Semiconductors# #OpticalNetworking# #DataCenter#

Abstract - Semtech (SMTC) Initiated Buy on 1.6T and NPO • Initiates with Buy, $180 PT (25x FY28E P/E). • Transitioning from an analog chip company to an AI interconnect beneficiary w portfolio spanning ACC, TIA, drivers, lasers and NPO analog solutions. • Guides FY27 AI revenue >$350M; we forecast $466M (FY27E) → $1.22B (FY28E), driven by 1.6T. • Google TPU expansion to be a key catalyst for CopperEdge ACC. • NPO adoption could be the next major growth leg beyond 2027 as DSP removal increases analog content. • Believes NVIDIA and leading CSPs are evaluating NPO deployments. • NPO market size : we forecast 38M NPO optical engines in 2028, suggesting a multi-billion-dollar TIA/driver TAM • Acquisition of HieFo strengthens its laser portfolio and expands optical content opportunities. #AI# #Semiconductors# #OpticalNetworking# #SMTC#

$NOK — Nokia is rebuilding itself around the AI infrastructure cycle — across optical networking, AI silicon, and AI-RAN. Key highlights: — Q1 2026 net sales in optical networking grew 20% YoY. JPMorgan maintained an Overweight rating, pointing to AI and cloud order strength as a potential upside catalyst. — Launched four AI-workload-optimized DSPs at the March OFC conference, expected to lower customer TCO by up to 70%. — Partnering with Nvidia and other chip leaders on the AI-RAN alliance, bringing radio access networks onto AI accelerators. Three structural shifts, one company quietly repositioning. Trade $NOK and 900+ U.S. and Hong Kong equities with stablecoins on StableStock.

$SPCX / Elon Musk acquires Mesh, an optical networking startup. Which is working on 1.6T OSFP (pluggable). It’s seems they own the optical engine/packaging side of things, but likely sources CW DFB lasers off merchant companies. $SIVE is one of the more startup friendly plausible merchant suppliers as seen with Ayar to $POET? Maybe $LITE and $MTSI that were have a little history too, but less so. Regardless it’s very positive a lot of startups recently like Celestial have been acquired by Marvell. For both merchant laser supplier revenue (working with startups -> having hyperscalers like SpaceX drive revenue after being designed in already). As well as valuations from M&A desirability. Goes to show how optical interconnects is the right direction if Elon Musk is directly buying these companies.

$AAPL looks to acquire AI chip companies for running AI (Source: The Information) Right now, $MSFT, $META, Amazon, Google are carrying AI capex spend. But what if Apple joined the others after M&A? A possible scenario is that they revise capex largely upward for their own AI buildout. Since they probably witnessed Google cutting off Meta from compute constraints... or what happens when you partner with OpenAI for LLMs. Then learned how important it is to have your own infrastructure. This scenario would be quite bullish thematically from optical networking to foundries and something markets would not expect? We'll see what happens.