NOK诺基亚 ADR
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- English · 原文@Jornka329996 > posts an idea about a 2027 silicon photonics foundry evaluted by $NOK and $NVDA last week > sells on macro drop few days after > complain中文 · 翻译@Jornka329996 > 上周发了个关于2027年硅光子晶圆厂的想法，还得到了 $NOK 和 $NVDA 的评估 > 过了几天因为宏观下跌就卖掉了 > 然后开始抱怨
- English · 原文@Jornka329996 Are you high, I posted about $XFAB this week. Their silicon photonics platform with $NVDA and $NOK scales h2 2027 / 2028. I think it’s a heavily derisked precommercial long that looks like the next $TSEM. With upside from SiC/GaN. Just needs time.中文 · 翻译@Jornka329996 你是不是上头了，我这周发过 $XFAB 的内容啊。 他们跟 $NVDA 和 $NOK 合作的硅光子平台，量产要到 2027/2028 下半年。 我觉得这是一个风险大幅释放的上市前长线标的，看起来就像下一个 $TSEM。还有 SiC/GaN 带来的上涨空间。 就是需要时间。
- English · 原文The difference between NASDAQ and EU listing: $POET: $2.4B MC -> Packages Sivers lasers -> One $50m pre-production contract for warrants > $XFAB: $1.7B MC ->SiC/GaN/MEMS/Silicon Photonics Foundry backed with EU CHIPS ACT, US CHIPS ACT PMT -> Below replacement P/B value -> $NVDA, $NOK direct eval of their pre-commercial SiPH foundry, volume ramping 2027/2028 -> $XFAB leading high-volume scaling of Europe's photonic supply chains as the foundry, with IMEC/CEA-Leti, Ligentec, Smart photonics, PHIX Photonics, Luceda Photonics, and Europe's photonic players under it. -> Leading customers like $NVTS, $POWI, Lite-On -> US from Dpt. of Commerce: "the only high-volume SiC foundry in the U.S."中文 · 翻译纳斯达克与欧盟上市的核心区别： $POET：24 亿美元市值 → 封装 Sivers 激光器 → 有一份 5000 万美元的预生产合同（含权证） > $XFAB：17 亿美元市值 → 碳化硅/氮化镓/MEMS/硅光子代工厂，受欧盟芯片法案、美国芯片法案 PMT 支持 → 市净率低于重置成本 → $NVDA、$NOK 直接评估其量产前的硅光子代工厂，2027/2028 年产能爬坡 → $XFAB 作为欧洲光子供应链规模化量产的主导代工厂，旗下有 IMEC/CEA-Leti、Ligentec、Smart Photonics、PHIX Photonics、Luceda Photonics 以及欧洲各大光子厂商 → 主要客户包括 $NVTS、$POWI、Lite-On → 美国商务部认定："美国唯一一家量产级碳化硅代工厂"
- English · 原文So $SOI and $NOK are already more established. I looked into it deeper, and the proposals were focused around 30-500M funding and revenue incentives, to bridge the pre-volume production players to HVM. $SIVE / $XFAB map to policy incentives better, but wouldn't be surprised if larger players were there.中文 · 翻译所以 $SOI 和 $NOK 已经比较成熟了。 我深入看了一下，提案主要围绕 3000 万到 5 亿美元的融资和营收激励，目的是帮助那些还没进入量产的企业过渡到大规模量产阶段。 $SIVE / $XFAB 和这些政策激励更贴合，不过要是大玩家也在里面，我也不会意外。
- English · 原文Tbh $XFAB lowkey reminds me of early $TSEM. Just sub <$2B MC. You basically never find a company with $NVDA and $NOK actively validating your pre-commercial silicon photonics foundry… (photonixFAB) While getting CHIPS act/Gov grants to subsidize capex. While leading the Europe’s effort to build a photonics supply chain. Feels like that alone would justify valuations… but you get the power semi SiC/GaN operations for free too and all its assets. CHIPS act 2 is coming out tomorrow, and $XFAB is listed in the photonics blueprints. Did I miss something? Or did markets miss something?中文 · 翻译说实话，$XFAB 的低调劲儿真挺像早期的 $TSEM。 市值连 20 亿都不到。 你基本找不到第二家像这样的公司——$NVDA 和 $NOK 都在积极帮你站台，验证你那还没商用的硅光子晶圆厂（photonixFAB）…… 同时还拿了《芯片法案》/政府补贴来补贴资本支出。 同时还在牵头搞欧洲的光子供应链建设。 感觉光凭这一点就足以撑起估值了……但你还能白捡它的功率半导体 SiC/GaN 业务，以及所有资产。 明天《芯片法案》2.0 就要出来了，而 $XFAB 被列在了光子学蓝图上。 是我漏掉了什么吗？ 还是市场漏掉了什么？
- English · 原文Appreciate the more neutral coverage by Reuters and Bloomberg on $XFAB today. Although it would be nicer to focus more on the structural thesis presented… Around 800 vdc power semis $NVDA exposure + with ongoing $NVDA / $NOK evaluations for photonics. And around CHIPS Act semiconductor sovereignty as the near term catalyst. Rather than around volatility from novel information synthesis. I spend a lot of time looking at regulatory filings to find compelling things market missed you know…中文 · 翻译感谢路透社和彭博社今天对 $XFAB 做了更中立的报道。 虽然如果能更聚焦于所说的结构性逻辑会更好…… 大约 800 伏直流电功率半导体 $NVDA 敞口 + 同时 $NVDA / $NOK 在光电子领域的评估还在进行中。 还有《芯片法案》下的半导体自主权是近期催化剂。 而不是围绕新信息整合带来的波动。 我花很多时间翻监管文件，就是为了找出市场忽略的那些有意思的东西，你懂的……
- English · 原文Bro media… how is $XFAB a meme stock? Can you not repeat the same mistake with $RPI this time? They’re literally getting CHIPS ACT funding from the EU because of how critical they are. And have $NVDA / $NOK evaluating their SiPH side of things, while they traded at a low ~1.28 P/B. This just reminded me of $SOI low p/b but high growth verticals out of legacy segment drag. $XFAB was literally mentioned for CHIPS ACT 2 next week in the blueprints… Which focuses around photonics. The main revenue ramp was around power semis with $NVDA pushing 800 vdc. So $NVTS, $POWI, $WOLF and everyone have been taking off recently. Markets just missed $XFAB, because they’re a lesser known foundry in power semis…But US Dpt. Of commerce pointed them out as the only high volume SiC foundry in the US 2Y ago. I just happened to point out the connections. Just because you don’t understand something, don’t just go call it a “meme stock” with price detached from fundamentals.中文 · 翻译Bro media… $XFAB 怎么就成 meme 股了？ 这次可别再在 $RPI 上犯同样的错误好吗？ 它们可是因为太关键，直接从欧盟拿到了 CHIPS ACT 资金。 而且 $NVDA / $NOK 正在评估它们的 SiPH 业务，同时它们交易价才低到大约 1.28 倍市净率。 这让我想起了 $SOI，市净率低但高增长垂直领域正脱离传统业务板块的拖累。 $XFAB 可是被明确写在下周 CHIPS ACT 2 的蓝皮书里……而那蓝皮书主要聚焦光子学。 主收入增长引擎在于功率半导体，因为 $NVDA 在推 800 伏直流电。 所以 $NVTS、$POWI、$WOLF 和大家都最近起飞了。 市场只是错过了 $XFAB，因为它们在功率半导体里是个不太知名的代工厂……但美国商务部 2 年前就指出，它们是美国唯一高产能的 SiC 代工厂。 我恰好指出了这些关联。 别因为你搞不懂，就给人家扣个 "meme 股" 的帽子，说价格脱离基本面。
- English · 原文@MalteAnkan20 $XFAB is more tethered to power semis growth. With silicon photonics upside optionality depending on how $NVDA / $NOK evaluations go中文 · 翻译@MalteAnkan20 $XFAB 跟功率半导体的增长绑定得更紧。 硅光子这块的上行期权，取决于 $NVDA / $NOK 的评估进展。
- English · 原文When I do my supply chain mapping... $SIVE is just so critically important to so many frontier industries. I'm not sure people are fully aware yet. $SIVE -> $AAPL, $NOK, $RTX (us defense contractrs), $YSS (golden dome). Not including Ericcson + others. Then you have $SIVE -> $AEVA -> Boston Dynamics / $NVDA self-driving architectural standards. Then you have $SIVE -> Celestial / $POET / Lightmatter / Lightelligence / Ayar / $JBL, and many others for CPO/1.6T. Those go to GUC/ALCHIP/Marvell -> hyperscalers. Then there's a ton more... Like their US Gov CHIPS Act work that are secretive. Normally with stuff like $POET, it's like "hey" you have 1 customer with a $50m purchase order, we know where that's going. Not some Swedish company with a smaller valuation, going into everywhere from Space, Robotics, AI, consumer segments...中文 · 翻译在做供应链梳理的时候…$SIVE 在很多前沿产业里都处于绝对关键的位置。 我感觉大家还没完全意识到这一点。 $SIVE → $AAPL、$NOK、$RTX（美国国防承包商）、$YSS（金穹）。还不包括爱立信和其他。 然后还有 $SIVE → $AEVA → Boston Dynamics / $NVDA 自动驾驶架构标准。 接着是 $SIVE → Celestial / $POET / Lightmatter / Lightelligence / Ayar / $JBL，还有很多其他做 CPO/1.6T 的公司。 这些又通到 GUC/ALCHIP/Marvell → 超大规模云厂商。 还有更多…比如他们跟美国政府《芯片法案》相关的保密项目。 通常像 $POET 这种，你会说"嘿"，它有一个客户下了 $5000 万的采购订单，我们知道钱会流向哪里。 但一家瑞典公司，估值更小，却遍布太空、机器人、AI、消费电子等各个领域。
- English · 原文I said this before but I have high conviction in $SIVE. I'm confident their UC Berkeley + $LITE executive team knows what IP to acquire. Since they've worked with Ayar and others from the start. Also helps that 22% of their company are PHDs so entire team is cracked. CHIPS ACT, all these likely partnerships from $NOK to $AAPL also gives a ton of credibility to the IP moat they've built. They just lacked the funding before the recent market interest in Sivers. But I'm very interested to see what they can do from here.中文 · 翻译我之前说过，但我对 $SIVE 有很高的信心。 我有信心，他们那支来自 UC Berkeley 和 $LITE 的 executive 团队知道该收购哪些 IP。毕竟他们从一开始就和 Ayar 他们合作过。 再加上他们公司有 22% 的员工都是博士，所以整个团队非常厉害。 CHIPS 法案，再加上所有这些潜在的合作伙伴，从 $NOK 到 $AAPL，也给他们构建的 IP 护城河带来了极大的可信度。 在最近市场对 Sivers 产生兴趣之前，他们只是缺乏资金。但我非常期待看到他们接下来能有什么作为。