$LITE $COHR $AAOI $SIVE $AXTI just confirmed InP demand is converting into real revenue and margins, and the entire optics stack is the beneficiary. > Q3 revenue $73.4M (+162% YoY, +54% sequential) vs ~$66M guidance. > Adj. EPS $0.41 vs $0.31 est. > GAAP GM exploded to 56.0% (+3,370 bps YoY, +11.1 pts sequential). > Operating margin ~38.7%. Management said they surpassed the goal of doubling InP capacity and more than quadrupled the 2026 InP revenue opportunity via productivity and higher-value large-diameter substrates. This is the upstream materials layer of the AI photonics/CPO cycle. Strong InP demand + capacity expansion + margin leverage means the laser and optical-engine buildout is real and accelerating. It feeds directly into the names that sell the lasers, modulators, and CPO engines. Adds to the strength already visible across $LITE $COHR $AAOI $SIVE. The optics stack is no longer a narrative, it’s showing up in shipments and margins. Position accordingly. Optics is the next Memory.