We added POET at the start of 2Q26; shares are already up ~190%. At a $2.5B market cap it remains a public-market venture play — substantial 5–10× upside if the Lumilens orders convert, but zero margin of safety if production or execution slips.

Broadcom is the furthest ahead here... Broadcom’s CPO platform, built around its Tomahawk 5 “Bailly” switch ASIC and already in mass production

The company also announced a collaboration with Quantum Computing (QUBT) to develop 3.2T engines using thin-film lithium niobate (TFLN) modulators, a next-generation material platform prized for ultra-low power consumption and high bandwidth.

LITE is the dominant supplier of the high-performance laser chips that power optical connections, holding roughly 50–60% of global market share, and through its CloudLight acquisition also builds complete optical modules. It’s a broad, vertically integrated play on AI-driven optical demand.