Gaetano

$CIEN CPX is quite exciting It's cool because it makes the optical engine socketed and replaceable, instead of permanently integrating the optics into the switch package. You still get power and density benefits of putting optics right next to the ASIC, but operators can swap the optical engine if it fails or upgrade it later. It also creates the potential for a more open, multi-vendor CPO ecosystem rather than tying the optics to a single switch vendor. So the tldr pitch is essentially CPO-like performance with something closer to the serviceability and flexibility of a pluggable module. Lots of great exposure during ECOC, won the best optical module award

How do we feel about $GFS down here? Can their photonics push drive enough growth to make it exiciting/investible? https://t.co/ogMnRvCBnr

Some positive news for $NOK ... Rosenblatt initiated Nokia with a Buy and $15 PT this week. They highlighted Nokia’s growing share in scale-across, where design wins can be very sticky, alongside Optical Networks +20% YoY, AI & Cloud revenue +105%, and €2.8B of AI & Cloud orders. Their $15 SOTP assigns roughly 1/3 of Nokia’s value to AI infrastructure, with that mix potentially growing over time. But one opportunity I think still gets overlooked is ICE-D. We typically think about Nokia optics as moving data between data centers. ICE-D brings Nokia inside the data center. Nok makes PICs which are highly integrated InP chips combining lasers, modulators and photodetectors that is designed for 1.6T today and a path toward 3.2T. Nokia itself calls intra-DC optics and components a new addressable market, and is targeting architectures including LPO, NPO and CPO. The big unlock would be Nokia becoming a meaningful merchant optical component supplier, where its technology ends up inside modules sold by other manufacturers. (The linked article is irrelevant to this update. It's just an article that I really enjoyed writing on Nok)

Some positive news for $NOK ... Rosenblatt initiated Nokia with a Buy and $15 PT this week. They highlighted Nokia’s growing share in scale-across, where design wins can be very sticky, alongside Optical Networks +20% YoY, AI & Cloud revenue +105%, and €2.8B of AI & Cloud orders. Their $15 SOTP assigns roughly 1/3 of Nokia’s value to AI infrastructure, with that mix potentially growing over time. But one opportunity I think still gets overlooked is ICE-D. We typically think about Nokia optics as moving data between data centers. ICE-D brings Nokia inside the data center. Nok makes PICs which are highly integrated InP chips combining lasers, modulators and photodetectors that is designed for 1.6T today and a path toward 3.2T. Nokia itself calls intra-DC optics and components a new addressable market, and is targeting architectures including LPO, NPO and CPO. The big unlock would be Nokia becoming a meaningful merchant optical component supplier, where its technology ends up inside modules sold by other manufacturers. (The linked article is irrelevant to this update. It's just an article that I really enjoyed writing on Nok)

$MXL Showing solid relative strength lately My guess is today's move is supported by the $GFS $MRVL news yesterday $MRVL is locking down additional SiGe capacity because it sees growing demand for TIAs and drivers across pluggables, NPO and CPO. $MXL is ramping its own 200G/lane SiGe TIA into the same transition, alongside its 1.6T DSP.

The transition to NPO & CPO will be gradual $LITE $COHR $AAOI $SIVE $SMTC $NOK etc. There will be plenty of time for traditional pluggables and the contents inside them to continue to scale But we are seeing companies try to position themselves for the upcoming architectures by diversifying their portfolios and trying to sell more content into these up and coming systems

If you want a good optics article to start, read this $LITE $COHR $AAOI $SIVE $NOK etc. Understanding the shift from: Traditional Pluggable Transceviers to NPO & CPO Is really important if you want to invest in optical companies. I laid it out in a simple to understand but still moderately technical way in this article. https://t.co/ewB9S7uF8p This could serve as a good foundation to then build upon and see where value shifts as we move optics deeper into the rack Give it a read!

$CIEN Price Target Changes/Reaffirms Northland: $500 → $550 Barclays: $475 → $548 Morgan Stanley: $425 → $450 Yesterday's news was very meaningful for the long term thesis for Ciena To sum up some comments: 1 - Higher long-term earnings power. 2 - A financial framework ahead of existing Street estimates. 3 - Potential upside from opportunities that management has yet to fully bake into the long-term model. NFA/Long Ciena

I have found $FN quite attractive at these levels and higher since that post earnings drop I have personally been slowly DCA shares for the long term over the past couple weeks (multi Q mindset) It lacks momentum and is one of the weaker optical companies right now. So I do not have high hopes for a good swing trade. Maybe it can see ~$360 if we have another optical/semi selloff But if I am thinking from a downside protected standpoint for my long term investments, FN is definitely up there relative to many other optical companies at this price NFA

Sometimes the market gives us gifts $smtc After an awesome print & call, SMTC dipped in the 125 area Which is where it was right before the print But everything pointed in the other direction New ATH just hit Hopefully it breaks out, but regardless, very excited for the next few Q's