WIN Semi ( Q2 ER takeaways- also for $SIVE investors Optical is clearly the standout. 1.6T PD entered mass production at the end of Q2 and is ramping hard into Q3. Optical revenue mix jumped from 5-10% in Q1 to 10-15% in Q2, with management targeting double-digit contribution by 2027. On the laser side: • VCSEL & EML: already in mass production, volumes expanding • CW Laser: still slower due to longer customer qualification cycles • maintaining NT$2-3bn for 2026, no large new fab, expansion only when customer demand is clear In short: $SIVE’s high-volume manufacturing ramp via WIN looks more like a 2027 story than a 2026 catalyst. Net: Positive validation of WIN’s InP optical capability and AI demand, which reduces foundry execution risk for Sivers. But near-term volume leverage through WIN remains limited until CW Laser qualifications progress further.