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The Light Pipes — Photonics & CPO · AI Chain

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Lumentum Holdings
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EML laser supply — the structural shortage

What they do

The biggest non-Chinese maker of the tiny lasers (called 'EMLs') that go inside fiber-optic cables . The market is structurally 25-30% undersupplied. Their 'OCS' (optical circuit switching) backlog is over $400M. NVIDIA invested $2B in March 2026 to lock them in for 32 months.