LYTE, a newly launched photonics ETF, is worth owning as a more targeted photonics play than the EUV ETF. Its top holdings are Sivers Semiconductors, Applied Optoelectronics, Lumentum and Coherent. x.com 

The Corgi Lithography & Semiconductor Photonics ETF offers broad exposure to the photonics stack as AI infrastructure increasingly depends on moving data efficiently between chips, racks and data centers. The actively managed fund spans lithography, equipment, inspection, photonics and optical networking rather than one niche, with $464M in assets and a 0.35% expense ratio. Top holdings include TSMC at 11.3% and ASML at 9.7%, plus optical names such as Lumentum, Corning and Coherent. x.com 

The FOTO photonics ETF likely marks the top of the 2023-2026 AI bull run, since sector ETFs launched after big moves signal institutions selling the public what it wants, well past the time to buy. It saw monster distribution volume and a failed move higher in its second week, and LYTE, LAZR and LUMA launching at the same time adds to the top signal. x.com  x.com 

Credo's MicroVCSEL offers upside that does not appear priced in. Its copper and optics exposure, a SpaceX tailwind and fundamentals that look too good for its current valuation make it one of the tidiest AI infrastructure investments. x.com 

The Tema Photonics & Optical ETF is the best way to own photonics, better than EUV and FOTO, as the only truly actively managed, institutional-quality photonics ETF. Its top holdings are Lumentum, AXT and Aixtron, and Tema partnered with SemiAnalysis to deliver pure-play exposure to leading-edge photonics and optics, a critical path in the AI buildout. Wall Street analysts see a $60 price target, 50% upside over 12 months. x.com 

Applied Optoelectronics makes optical transceivers for data-center networks, which AI scaling needs. x.com 

Applied Optoelectronics' heavy share issuance funds a capacity build into demand that exceeds supply, making risk-reward very attractive. It raised about $1.7B through three ATMs this year to expand plants in Houston and China and in-house InP lasers. Management expects demand to exceed capacity through mid-2027 even as monthly 800G/1.6T capacity rises from about 200,000 to 650,000 by year-end and over 930,000 by end-2027, and 1.6T sells for about twice 800G. Execution and dilution are risks. … Show more

The LYTE ETF offers pure-play exposure to global photonics and optics leaders, with Coherent and Lumentum as its top holdings. Nvidia CEO Jensen Huang has said the world needs substantially more silicon photonics capacity than it has today, explaining Nvidia's $4B investment in Lumentum and Coherent. x.com  x.com 

Interconnect, not compute, is now the binding constraint on AI clusters. Copper, pluggable optics and CPO will coexist for years, so the strongest names span both paths or own the tightest bottleneck. Top five: Credo, the fastest-growing full stack; Applied Optoelectronics, the 800G/1.6T ramp; Marvell, broadest but richly priced; Lumentum, the laser chokepoint; Tower, the foundry bet. Coherent, Amphenol, Fabrinet, GlobalFoundries, TSMC and Broadcom also gain. Astera Labs is pricier and narrower. … Show more

Lumentum and Coherent sit at the center of a multiplicative optical bottleneck, where parts, capacity, yield and customer sign-off each limit output. Next-gen AI clusters need optical interconnect, and McKinsey sees 800G transceiver output 40-60% short of demand through 2027 as the market doubles to $26B in 2026. Nvidia invested $2B each in both to lock in laser supply, and the FCC is drafting curbs on Chinese transceiver imports; Chinese suppliers hold ~60% of optical-component revenue. x.com  … Show more