Sitemap - 2026 - PhotonCap

The Real Beneficiaries of Azure +40%, AWS +28%, GCP +63%: The Hardware Supply Chain Map Behind $580B in Cloud Capex

[Investment Map] 26 Companies in the LEO Satellite Cycle: From Deployment to Service

[Investment Map] 15 Companies in the Glass Substrate Cycle: From Material to Mass Production

The 100-Second Bottleneck Behind NVIDIA CPO: 7 Companies That Own the 4-Stage Test Stack

Coherent, Lumentum, Marvell, and Now Corning: NVIDIA’s 4 Photonics Bets and the Path of Light

The 8 Companies Behind Lumentum’s $808M Quarter: Why Beta Splits by Orders of Magnitude Across the InP Cycle

Veeco Q1 2026: Behind the MOCVD Thesis, Spector IBD Was the Real SiPh Lever

The Glass Beneath AI Chips: The +255% YTD Equipment Stock Behind the EIC-to-CPO Packaging Shift

FormFactor Q1 2026: SK hynix 29.5%, NVIDIA 10.2%, and the First CPO Test Revenue Signal

A Company With $88M in Annual Revenue Just Got a $6B Market Cap: What AXTI’s Q1 Changed, and What It Didn’t

The Truth Behind Marvell-Polariton: Is LWLG the First Candidate, or Just a Backup Bet?

7 Bonding Equipment Companies Behind HBM4 and CPO: AI’s Real Bottleneck Lives in Assembly

The Real Question Behind POET -47%: Why Did Marvell Erase the Optical Engine Slot the Day After Acquiring Polariton

The GPU era ran on TSMC. The inference era runs on multiple foundries: NVIDIA Rubin NVL8 and 14 stocks

The 6 Companies Behind Coherent and Lumentum: The Real Leading Edge of the AI Optical Cycle

Marvell Acquires Swiss Plasmonics Startup Polariton: A Decade-Old Promise Returns, and LWLG is Inside

The Last 1.5mm of AI Power: Three Numbers from Vicor’s Q1 2026 Earnings Call

P = I²R: The One-Line Equation Shaping AI Infrastructure and Vicor's ($VICR) VPD

$1.1M Revenue, $1.1B Market Cap: The “Assembly Stage” POET Is Actually Holding

Chinese Optical Modules Own 7 of the Top 10 Seats. So Why Are Chip Companies Still Making the Money?

The Real Quantum Race: NVIDIA, NQI, and China’s State Capital

Google Quantum AI says it can break Bitcoin in 9 minutes. Should we actually worry?

The Wafer That Used to Roll Around My Lab Is Now an AI Data Center Bottleneck: Soitec and the Investment Case for the Photonics-SOI Monopoly

Did Wolfpack Actually Analyze POET’s Technology?

A $750M Fabless Chip Company, and the Foundry That Makes the Chips

$5M Revenue, $300M Market Cap: What Does Aeluma Actually Sell?

Samsung's Silicon Photonics Bet: Too Late Against TSMC, GFS and Tower?

QD Laser Inc. (6613): Peak Market Cap ¥64.6B, Revenue ¥1.3B, 49 Employees. What It Takes for These Numbers to Make Sense

I Read 24 Papers. The Press Releases Were Lying. Why Samsung, NVIDIA, Broadcom, and Meta Were All at the Same Conference: A Non-Specialist’s Interpretation

The 1% Loss Wall (Part 1): Where Xanadu ($XNDU) Really Stands, Through the Lens of Three Nature Papers

1Y +122%: What Happens When a SiPh Engineer Only Buys What He's Touched (04/11/2026)

$AAOI, From $10 to $150: How a Cable TV Parts Company Became an AI Optics Stock

[OFC 2026] Part 5 of 5: Hollow-Core Fiber and Next-Gen Transmission: Beyond the Loss Record

Invite your friends to read PhotonCap

[OFC 2026] Part 4 of 5: 400G/Lane and 1.6T Coherent: Two Fronts, One Power Wall

Aehr Test Systems Q3 FY2026: The Burn-In Proxy for Silicon Photonics HVM

[OFC 2026] Part 3 of 5: Packaging: Glass Substrates to 3D Hybrid Bonding

[OFC 2026] Part 2 of 5: CPO and the AI Interconnect Challenge

[OFC 2026] Part 1 of 5: 300mm SiPh Foundry: Who Is Actually Ready?

NVIDIA's $2B Marvell Bet and Celestial AI's "25x Bandwidth" Claim: What's the Denominator?

The Three Pillars of SiPh Wafer Test: What AEHR, FORM, and KEYS Actually Do

POET Technologies Q4 2025: Reading Past the Headline Loss

Final Reminder: Locking in the PhotonCap launch price ($8/mo)

The Next Materials War in Silicon Photonics: Polymer EO Modulators, Who Wins?

[PC101] Lecture 4: The Last Millimeter: Who Builds It. CPO Packaging Value Chain and Next-Gen Applications (Part 2)

The Silicon Photonics Light Source War: Same Problem, Three Solutions (Small Cap)

Citrini/Hunterbrook HIMX Report Analysis: Yes, the COUPE Microlens Monopoly Is Real. But the Market Is Missing the Bigger Picture.

The Polymer That Tower Chose — LWLG × TSEM Opens a New Chapter in Silicon Photonics

Copper Wall, Age of Light — Dissecting Marvell's FY2026 & the 1.6T Optics Chain

[PC101] Lecture 4:The Last Millimeter: Fiber-to-Chip Coupling and the CPO Packaging Bottleneck (Part 1)

NVIDIA's $4 Billion Photonics Bet: Broadcom Wasn't Wrong — But the Market Completely Misread the Signal

Infleqtion and Quantum Sensing — The Quantum Reality That Arrived Before Computing

AXT Inc. (AXTI) Deep Dive: The Hidden Bottleneck in AI Optical Interconnects

[Tech Deep-Dive] The Two Pillars of AI Infrastructure Expansion: Corning’s ‘Scale-Out’ vs. MSFT’s ‘Physical Scale-Up’

Beyond Loss Records: Microsoft’s Hollow-Core Fiber as a Foundation for Scale-Up CPO

AOI: Unpacking the 50%+ Post-Earnings Surge

[Review] The Rise of HBF (High Bandwidth Flash): The Savior to Break AI's Memory Capacity Wall?

A small step for sustainable research: Launching Supporter Tiers

[PC101] Lecture 3: Traffic Control for Light: Waveguides and Passive Devices

SpaceX-xAI: The $1.25T Valuation Built on Silicon Photonics

SK Hynix H³: Breaking the HBM Capacity Wall with 'HBF Hybrid’

An Unexpected Encouragement from the Substack Community

Mapping the AI Landscape with Light: How OCS Transforms the Data Center Physical Layer

[PC101] Lecture 2: Standing on the Shoulders of Giants — CMOS Process Leverage and Economic Moat

HBF (High Bandwidth Flash) and Optics: The Missing Link in AI Infrastructure

AIDC on Ground, Starlink in Space: Perovskite’s Dual Frontier

[PC101] Lecture 1: Why 'Silicon Photonics' Now? (The Next Fabless Revolution)