Where does $SIVE sit in the AI supply chain? This is the part most people miss. Sivers doesn't sell directly to Nvidia or Amazon. They sit upstream of the companies that sit upstream of those hyperscalers. The chain looks like this: Sivers ships InP CW-DFB laser arrays → to companies like POET, Ayar Labs, O-Net, and Enablence, which package those lasers into External Light Source (ELS) modules → those ELS modules feed optical engines built by Celestial AI (just bought by Marvell), Ayar's TeraPHY chiplet, and Lightmatter's Passage → those optical engines plug into ASICs designed and packaged by Marvell, Broadcom, and Alchip → which become AWS Trainium, MSFT Maia, META MTAI, Google TPU, and Nvidia Rubin clusters Four layers up the chain from the GPU. That's why nobody saw them. And that's exactly why they matter. The laser is the input that nothing else in the stack works without. You can swap optical engine vendors. You can swap packaging vendors. You cannot swap the laser source without a 2–3 year requalification cycle that nobody has time for in a 2027–2028 ramp window. That is what supply chain analysts call a chokepoint. @aleabitoreddit calls it "the kingmaker for CPO." The structural position is real. The only debate is whether Sivers specifically captures the volume, or whether Lumentum and Coherent eat the share from above. More on that later. $NVDA $META $MSFT $AMZN $GOOG $AVGO $LITE $COHR $MRVL $POET