▶ See it in 3D Photonics region
The little modules that convert electrical signals into light at every switch port. China's InnoLight and Eoptolink build about 60% of NVIDIA's — but the critical brain inside each one is a US-made chip (Marvell). That dependency is the real point of leverage in the whole optics story.
The pluggable modules that light up every switch port. InnoLight + Eoptolink dominate volume, Coherent is vertically integrated, Fabrinet assembles for everyone — and every module needs a Marvell or Broadcom DSP inside.
The photon moves through Chinese hardware but the brains are US-designed — a Marvell/Broadcom DSP sits in every 800G+ module. That makes a US DSP export control more disruptive than any tariff. Fabrinet is the cleanest pluggable-demand barometer.
Assembly is abundant (Chinese makers fill 7 of the top-10 slots and ~60% of NVIDIA's 800G volume) — but every single module needs a US-designed DSP chip and a scarce laser inside. One export-control decision or one laser shortage stalls the whole segment.
World's largest transceiver maker: ~35% of global 800G share, Q1 2026 revenue +207% YoY on the 1.6T ramp; ~60% of NVIDIA's 800G volume with Eoptolink. Depends on US DSPs + JP/US lasers; Thailand plants dodge tariffs.
#2 transceiver maker globally (overtook Coherent in 2025; revenue +189%). Cost-performance leader; Thailand Phase II live for US-bound 1.6T. Same DSP-and-laser dependency as InnoLight.
~25% transceiver share + vertically integrated InP lasers, with all EML capacity locked under long-term agreements through 2027. NVIDIA invested $2B (Mar 2026) explicitly to expand indium-phosphide capacity and pre-allocate it.
Contract assembler for Coherent, Lumentum, Ciena. The cleanest pluggable-demand barometer — and Thailand is now where InnoLight and Eoptolink build US-bound 1.6T volume too.
~70% optical-DSP share + custom AI silicon + Celestial AI photonic memory fabric ($3.25B). Most complete optical stack in public equities.
Coherent long-haul transport (WaveLogic) — the pipes between data centers. Indirect AI beneficiary via data-center interconnect, not intra-cluster optics.