Just a TL;DR on why $SIVE is doing the right things: > US listing in 2027. 99% confirmed, they just can't say it yet for legal reasons. > 7 pluggables customers, with $JBL ramps coming soon. > New SAM opening up for their SOAs in optical circuit switches. > Opportunity pipeline sitting at $1.2B, and it keeps growing, tied to every new PO they sign. > $GFS, Ayar, and $POET are also giving them CPO exposure into the two supply chains that matter most, NVIDIA and AMD. > Capacity is increasing, so once InP laser qualification finishes and ramps start, they're set up to actually execute. > LiDAR customer ramp by end of this year, that's $AEVA, who's now looking into photonics too. > $NOK, Celestial, Lightmatter, and Lightelligence are potential customers, not confirmed yet. > Partnerships with SemiNex and O-Net to develop different photonics modules.