With photonics, I was years ahead of most people. I had been following almost every photonics company in Europe long before the sector became fashionable. By the time the hype really started, most of the names people were suddenly discovering had already been on my watchlist for years. What got me interested in the space in the first place, despite coming from outside the field, is something I think is highly relevant to AI. I started digging into it more than three years ago, and surprisingly, I still barely see anyone talking about it on X. I’m keeping that part to myself for now, but I’m pretty sure the topic will have its moment. If anything, I’ve probably been too selective with photonic pitches. I only ever pitched a handful of these companies because I didn’t think most of them were good enough. Others seem to have had a lower bar. AMS Osram $AMS.SW was actually one of those names I initially put in the “not good enough” bucket in february. Later, I highlighted it specifically because of its microLED approach for data centers. I eventually deleted the post because I had forgotten the disclaimer. Probably a very old-school German trait of mine, be correct. The pitch should still be up on @yellowbrick. Disclaimer: No financial advice. I am not invested in AMS Osram right now

Just for context: last week people were claiming that SemiAnalysis had deliberately reported a CPO delay in order to help launch a fund (as far as I know, they only act as an advisor) that could buy photonics stocks at lower prices. The fund does exist, and now SemiAnalysis is once again reporting delays. So what’s the conspiracy theory this time? It’s always easier to blame someone else when your investment thesis isn’t playing out (at least for now). Conspiracy theories about market manipulation are especially popular. The possibility that your own thesis might have weaknesses or that you may have overlooked something rarely seems to cross people’s minds. Delays are part of the game. That’s why you should avoid buying stocks that are priced for perfection.