Optical Illusions: Finding an Optical Oasis in Shitco Sahara

Key Points

• Comprehensive optics theme analysis covering: Optical Circuit Switch (OCS), Co-Packaged Optics (CPO), frequency stability/jitter, phase noise, coherence
• Investment vectors identified: (1) Long-haul (Ciena, Cisco); (2) Degen optics (Lumentum, Coherent, Credo); (3) Quality vendors (Fabrinet, Ayar Labs); (4) Photonic fabs (Global Foundries, Tower Semi); (5) Ultra-degen (Applied Optoelectronics, Innolight, Eoptolink)
• Optical switching has telco history; converting optical to electrical to digital is power-intensive and capex expensive
• SiTime highlighted as critically underrated optical timing solution for AI/datacenter applications
• Coverage of companies: FN, CIEN, SITM, LITE, TSEM, GFS, COHR, CSCO with Ayar Labs optical interconnect focus

Summary

Deep technical and investment analysis of optical networking ecosystem. Breaks down engineering themes (OCS, CPO, jitter, coherence), investment thesis vectors across vendor types (long-haul, degenerate optics, quality/photonic fabs), and identifies undervalued optical timing and photonic interconnect opportunities in AI datacenter buildout.

Source

• File: Optical Illusions_ $FN $CIEN $SITM $LITE $TSEM $GFS $COHR $CSCO Ayar Labs.pdf
• Location: Dropbox/2. Semi/Networking/
• Pages: 56

Related

• _MOC-networking | Optical-Networking | CPO | Ayar-Labs | SiTime