$LITE reports fiscal Q4 after the close today. As AI data-center networks push toward 1.6T and 3.2T, Lumentum's lead in photonics and lasers is the story — a richer mix of high-margin EML chips is expected to lift gross margin toward ~49%. The tell for a beat sits upstream. Indium phosphide (InP), the core substrate for high-end EML and silicon-photonics lasers, is seeing heavy pull-through: supplier AXTI's InP revenue ran ~3x QoQ and ~10x YoY last quarter, with another 38% sequential gain guided. The other focus is CPO. Management has guided ultra-high-power lasers to start contributing in the Dec 2026 quarter, with hundreds of millions in orders in H1 2027 — so its read on mass-production timing is what the call hinges on. → NFA. For informational purposes only.