Merchant InP laser market shares (Cowen est) "Three of the four major suppliers have described strategies to increase laser manufacturing capacity, the outlier being Broadcom, which has not explicitly commented on capacity expansion in a public forum, but which we believe is likely expanding capacity as well. Sumitomo Electric, which we estimate had ~22% of the merchant InP market in 2024, plans to increase InP production capacity by 2.4x from 2023 to 2028. More qualitatively, Mitsubishi Electric (~18% share) has described "partially shifting" its ~$1.5B in annual capital investment from power devices to optical devices. Finally, Lumentum (~30% share) has described increasing capacity by 40% from September 2025 to June 2026."