Analysis & Signals on $SIVE x $JBL Earnings (tomorrow): Reminder: Sivers announced a collaboration with Jabil (Apr 26) to develop a 1.6T LRO pluggable transceiver for AI data centers. Jabil's AI numbers are a leading indicator of the end demand that sizes Sivers' TAM, with their 1.6T LRO program as a direct demand channel for Sivers' DFB lasers. Key signals from $JBL's earnings that reinforce $SIVE's bull thesis: 1. 1.6T LRO transceiver program + ramp timing into 2027 2. TAM expansion via raising FY2026 AI revenue 3. Commentary on optical component/laser supply tightness (links to InP scarcity tailwind) TLDR on each point: 1. 1.6T transceiver program 1.6T / SiPho / CPO commentary has the highest impact on Sivers directly. Jabil usually highlight ramp timings etc, so even something like "1.6T pipeline strong / photonics scaling" reinforces the program's commercial trajectory. Which in turn would be positive read-through for Sivers' tech. Ofc, Jabil are unlikely to name a component supplier on an earnings call, and has many optical irons in the fire like its own $INTC derived SiPho, CPO, NPO. And just as a caveat: Jabil thriving in optics does not require Sivers to win...Jabil could source lasers elsewhere or lean on internal/SiPho content. 2. TAM expansion AI durability / 2027 framing will frame Sivers' own timing. Sivers' photonics ramp is mainly a 2027+ story, where management say "multiple ramps on track for 2027". Jabil's Q2 call already flagged: - A second hyperscaler ramping in Mexico - A third in discussions - A margin-expansion/growth setup for FY2027 So continued confident 2027 framing directly supports Sivers' conversion window. 3. Commentary on optical component/laser supply tightness Jabil flagged memory (DDR4 and below) + PCB constraints at Q2. Any commentary on optical component or laser tightness would corroborate the InP-scarcity tailwind that is central to the Sivers "structural chokepoint" thesis. E.g. $NVDA has pushed laser lead-times past 2027 + InP is constrained which supports Sivers' InP laser scarcity tailwind. --- Just as a high level summary on the most impactful read-throughs for Sivers. Where Jabil's earnings tomorrow can prove that optical/AI TAM is growing via their photonics/1.6T efforts. However, it cannot prove that Sivers wins volume against vertically integrated rivals like $COHR / $LITE, or the dollar value / margin of Sivers' content. That is the point I've been highlighting for a while....management execution and deal flow. Ultimately, the Jabil program is a pluggable (LRO) play for the near-term, high-volume architecture for Sivers. With Sivers' CPO exposure running mainly through Ayar Labs, $GFS, $POET, and O-Net/Enablence.