Is there anything concrete behind all the demand we’re hearing about in these optical businesses? Are there actual contractual obligations, or is it all just vibes? Well, let's look at some of what’s been signed. $NVDA announced multibillion-dollar purchase commitments with BOTH $LITE and $COHR, plus access to future capacity. $TSEM disclosed $1.3B of silicon photonics contracts for 2027 and $290M in customer prepayments ALREADY RECEIVED. Contractual wafer commitments for 2028 were even larger. $META signed a multiyear optical supply agreement worth up to $6B with $GLW. $AMZN signed its own multiyear, multibillion-dollar agreement with them. Both support manufacturing expansion. $COHR agreed to a $22.3M prepayment to $AXTI for six-inch InP substrate capacity. $LITE signed a six-year capacity reservation agreement with AXT, including an initial $43.5M deposit. $MRVL expanded its multiyear agreement with $GFS to add optical manufacturing capacity, including for NPO and CPO. On October 13, $SMTC agreed to invest in dedicated capacity at $TSEM across the US, Israel and Japan. So yes, there is real money and contractual backing behind parts of this buildout. Customers are helping fund capacity and reserving production years ahead. But the amount of protection varies. Some businesses have much more of their expected demand covered by contracts. Others are leaning more on customer forecasts, discussions and indications of interest. Even within a signed agreement, minimum purchases, cancellation rights and refundable deposits can make a big difference. An “up to” dollar amount also deserves a closer look. I think that distinction is worth spending time on when comparing these stocks. How much future business is actually committed, and how much is management expecting to convert? And the stocks can absolutely still get hit. Earnings can grow while valuation multiples fall. Contracted demand gives us more evidence about the business, but the price we pay still determines how much of that growth we get to benefit from.