Abstracts of UMC (2303 TT, UMC) Acceleration in PIC/TFLN（薄膜铌酸锂 Thin‑Film Lithium‑Niobate） 📈 Buy | TP lifted to NT$160 - PIC/TFLN upside unlocks a higher-margin cycle • High-margin PIC business acceleration mainly driven by:
– Hyperlight (could have made significant progress with Google)
– TeraHop (key customers: Nvidia, GOOG) • TFLN 8” Wafer shipment expectations:
– 20k wafers/month by 4Q27
– 40k wafers/month by 4Q28 • PIC economics far superior to corporate average with Gross margin >70%, ASP ~$2.5k per 8” wafer (vs Normal 8” ASP below $1k), Expected EPS contribution of NT$0.7 in 2027 and NT$1.5 in 2028 • That said, TFLN will help UMC shift its product mix toward higher-value AI segments (including optics) • Possibility remains open for UMC to extend its PIC wafer business into packaging over the mid/long term In addition to PIC/TFLN, • UTR expected to keep rising, driven by: AI (incl. optics), CIS / ISP
and DDIC (benefiting from Apple moving Mac from 8” to 55nm) • Although the market has less appetite for the price-hike theme, visibility has been extended to 2H27 • Intel collaboration: Management earlier reiterated the partnership remains on track Tape-out targeted for 2027 on Intel 12, and we now expect the Capacity to be more than one phase #UMC# #PIC# #SiPh# #TFLN# #NVDA# #CPO#

my prediction on the photonics/laser stuff is, there will be more and more SiPho as we add more lanes and need better mux/demux, TFLN is not gonna win for 400G per lane although you hear it a lot, as some folks already made it working on SiPho and the TFLN price and volume won't be even close to beating SiPho. DSP will be dominated by broadcom and then marvell for a long time, but SiPho is just so much easier to design and make, and the Chinese companies will be taping out most of the SiPho chips and making all the way to various engines and modules. Laser moat of the US companies won't last long, it's not that complicated, and more similar to e.g. battery optimization than complex digital circuit design, and Chinese companies already make most of the andriod and lidar vcsel chips, some of them pretty high power and spec. They control most of In and InP production as well. US laser companies will have to and are already building InP fabs in SEA, theres no In or In purification in the US. If I know more chemistry, I would start an ITO recycling company now.

BOYNEXTDOOR COLLECTED BOOK VOL.3 Components Preview 👀 🔗 📅RELEASE: 2026.03.31 #BOYNEXTDOOR# #보이넥스트도어# #BND# #BND_COLLECTED_BOOK_VOL3# #Soft_Hours#

$SIVE 2025 annual report analysis. TLDR: Extremely Bullish. Sivers main growth vector is CPO, but they've TAM expansioned to pluggable transcivers + multiple new qualifications/development. 1. "We are currently seeing great interest... testing our DFB lasers across multiple manufacturers in pluggable transceivers" For pluggable angle, we've seen this with $JBL 1.6T LRO already, but annual report hinted they're developing/qualifying with more hyperscaler suppliers. "Our serviceable markets have now been expanded to include pluggable optical interconnects as well as scale-up and scale-out architectures for co-packaged" (TAM expansion) 2. "Discussions with hyperscalers and pluggable transceiver suppliers indicate a shortage of CW lasers in the coming years" $LITE already signaled CW laser bottlenecks, and they had to buy externally from competitors. So we kinda guessed CW Laser was a bottleneck. And this confirmed it, so was wondering about Win semi. "The partnership announced with high-volume supplier Win Semiconductor in March 2025 now gives us a strong position to meet growing demand" $SIVE likely has capacity locked in with Win from this nuance, which is exactly what I wanted to know. This positions Sivers in the CW laser as both a bottleneck and CPO laser architectural leader. VOLUME PRODUCTION H2 INDICATIONS (BULLISH): 3. "The collaboration positions both companies to address the rapidly growing market for optical AI connectivity, with prototypes to be demonstrated to customers during the first half of 2026 and with the goal of scaling up production by the end of 2026" H1 is more preproduction, H2 production signaled starting with names like $POET. 4. "We are pleased that our largest LIDAR customer will increase production starting in the fourth quarter of 2026" $AEVA start of volume production Q4 with $SIVE = bullish for both. Revenue floor from LIDAR as their CPO scales. 5. Sivers announced a partnership with LIGHTIUM AG to integrate their CW lasers directly onto TFLN wafers. 3.2T+ cycle. (future proofing) FYI no decent investor cares about last year's 2025 financials from development contracts aside from Swedish Media/Locals. Especially when you're forward looking for the 2027-2028 CPO supercycle. But the hint from you can take away from financials + geography that is $NOK is now the high confidence customer of $SIVE. TLDR: -> Win Semi implied capacity lock in during CW laser bottleneck -> Hints of new group of hyperscaler suppliers testing/qualification for pluggable transcivers, which is massive TAM expansion. -> New customers for CW lasers -> Volume production scaling starting H2 for both photonics and lidar.