Optical & Interconnect
Optical components, transceivers, coherent networking, and data center interconnect. The physical layer of AI infrastructure. Split into Sub-basket A (pluggable ramp, NOW) and Sub-basket B (CPO structural shift, LATER) — these trade differently over 18-36 month horizons.
Sub-basket A correlates with NVDA/AVGO order flow and quarterly transceiver shipment data. Sub-basket B correlates with CPO qualification announcements and Nvidia Rubin platform timeline. CRDO is the explicit short: copper losing structural share to optical at scale. BREAKING: Google NPO order (Apr 2026) — 12M NPO modules for TPU v7/v8 cluster, $1.7-2.1B order. Chinese assemblers (Zhongji, Eoptolink) won module supply. US-listed beneficiaries: LITE (EML laser source), AXTI (InP substrate), AIXXF (MOCVD equipment), MTSI (components), TSEM (SiPho PICs). COHR lost this Google slot — monitor qualification progress.
Optical interconnect demand is in the early innings of a multi-year build cycle. Hyperscaler capex commitments extend through 2027. Google has placed a 12M unit NPO order for TPU v7/v8 (Q3 2026 to Q2 2027 delivery, ~12-15B CNY market size). This accelerates the Sub-basket B CPO/NPO thesis — previously forecasted 2027-2029, now pulling forward. Chinese suppliers (Zhongji 60%, Eoptolink 40%) won this initial order but US-listed suppliers (LITE, COHR, MTSI) benefit from laser component and equipment demand regardless of who assembles the final module.
Single constituent — intra-layer correlation not applicable.
| TICKER | COMPANY | LAST | CHG% | β SPY | β SOXX | SIGNALS | TAGS | |
|---|---|---|---|---|---|---|---|---|
| COHR | Coherent Corp Vertically integrated optical components and transceiver manufacturer. 800G and 1.6T transceiver ram... | ... | ... | — | — | OPTIONS | opticalai_infrastructurelong | |
| SMTC | Semtech Corporation CTLE and signal integrity chips for high-speed optical transceivers. Irrational Analysis #4 position... | ... | ... | — | — | OPTIONS | opticalai_infrastructure | |
| AAOI | Applied Optoelectronics Small-cap optical transceiver manufacturer. 100G/400G/800G transceivers for hyperscaler data centers... | ... | ... | — | — | optical | ||
| MTSI | MACOM Technology Analog semiconductor and photonic components for optical networks. Laser driver and TIA chips used i... | ... | ... | — | — | OPTIONS | opticallong | |
| TSEM | Tower Semiconductor SiPho PIC foundry — manufactures silicon photonics PICs used in 1.6T optical transceivers. Cross-lay... | ... | ... | — | — | OPTIONS | opticalanalog_moat | |
| LITE | Lumentum Holdings Leading laser and optical component manufacturer. NVDA $2B+ supply commitment signals deep integrati... | ... | ... | — | — | OPTIONS | opticalai_infrastructurelong+2 | |
| AXTI | AXT Inc Manufacturer of compound semiconductor substrates — indium phosphide (InP) boules used in laser fabr... | ... | ... | — | — | opticalinp_fabcpo | ||
| AIXXF | Aixtron SE Makes MOCVD reactors — the equipment used to grow InP and GaAs epitaxial layers that become laser ch... | ... | ... | — | — | opticalinp_fabcpo+1 | ||
| NOK | Nokia Corporation Via the Infinera acquisition, Nokia is the only company besides Lumentum with 6-inch InP wafer fab c... | ... | ... | — | — | OPTIONS | opticalinp_fabcpo+1 | |
| CIEN | Ciena Corporation WaveLogic coherent optical networking — the only 1.6T coherent DCI solution in production. Long thes... | ... | ... | — | — | OPTIONS | opticalai_infrastructurelong | |
| GLW | Corning Optical fiber manufacturer. Meta $6B fiber supply deal signals demand inflection. The physical mediu... | ... | ... | — | — | OPTIONS | opticalai_infrastructure | |
| ANET | Arista Networks Ethernet switching for AI data centers. EOS software moat makes Arista the default choice for hypers... | ... | ... | — | — | OPTIONS | ai_infrastructureopticallong | |
| CRDO | Credo Technology Active electrical cable (AEC) and copper interconnect chipmaker. The explicit short/avoid thesis: co... | ... | ... | — | — | OPTIONS | copper_displacementshort | |
| CSCO | Cisco Systems Enterprise networking incumbent. Included for correlation analysis — does Cisco move with AI optical... | ... | ... | — | — | OPTIONS | opticalwatch | |
| ZJGQ | Zhongji Innolight China's largest optical transceiver manufacturer. Primary listing Shenzhen Stock Exchange (300308.SZ... | ⓘ CN A-SHARE | No US Data | — | — | opticalai_infrastructure | ||
| EOPT | Eoptolink Technology Chinese optical transceiver manufacturer. Primary listing Shenzhen Stock Exchange (300502.SZ) — no U... | ⓘ CN A-SHARE | No US Data | — | — | opticalai_infrastructure |