@TrinkleWesley@jonesrrrrrr As far as I’m concerned you only need to pay for $SIVE because it’s from Swedish exchange. $2DG is from Germany and it’s free be default
I entered $ALAB, $NBIS, $TSM, and $LITE because of Mag7 funneling revenue numbers into them.
Lite uniquely because of its role in GOOGL TPU v7, AMZN Trainium v3/4, and NVDA Blackwell.
But there's a new one I found out about.
A small cap <$3B player that fits the thesis:
Name - $AAOI
A small cap photonics player, and one of the two photonics players I'm invested in:
1. Lumentum is uniquely positioned in every single supply chip deployment/ramp, as the Optical Circuit Switching technology is used in Blackwell, Trainium, and Ironwood as a "scale-across" type technology.
$LITE wins no matter what. Hyperscaler ASIC vs. GPU as it's in the center of it all.
2. Applied Optoelectronics is more of the "scale-out" connectivity, for custom ASIC clusters like Trainium, Maia through 400G and 800G optical cables and transceivers.
$AAOI wins no matter what as well given its role with AWS as a whale client for Trainium, and with MSFT Maia ASICs.
The industry is going through a "supercycle" driven by the migration to 800G speeds and AAOI is in the center of it.
On top of that, AAOI plays unique geopolitical angle,
America first.
Unlike many other companies that are fabless and export production elsewhere to Taiwan, Applied Optoelectronics makes their own lasers in Texas.
US hyperscalers (specifically Amazon and Microsoft) are aggressively reducing reliance on Chinese supply chains for critical infrastructure and that helps AAOI’s ability to manufacture lasers at home.
And we've seen another huge volume order from a "major hyperscaler" on its 800G data center transceivers.
But AAOI trades like a distressed company; however, the implied revenue of its Amazon warrant agreement creates an asymmetric risk/reward profile on its 800G ramp in Q4 2025 and FY2026. AAOI seems structurally undervalued, given its role in the AI buildout and existing hyperscaler contracts.
The markets are finally catching up to LITE, but it feels $AAOI is yet to begin, given its small market cap size but unique angle of a critical player to hyperscaler ASIC clusters and Made in America.
The market is currently re-rating heavily with photonics players and assigning a heavy premium, yet AAOI is only up 2.20% this year and seems like it's just about to begin.