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- English · 原文@RJCcapital Bruh $SIVE is $GFS reference laser, $JBL 1.6T pluggable laser, Ayar CPO scale up laser, $POET scale out laser, O-Net ELS laser. And many other undisclosed partnerships. Watch and learn.中文 · 翻译@RJCcapital 老哥，$SIVE 是 $GFS 的参考激光器，$JBL 的 1.6T 可插拔激光器，Ayar 的 CPO 规模化激光器，$POET 的扩展激光器，还有 O-Net 的 ELS 激光器。 还有很多没公开的合作。 看着学吧。
- English · 原文@Web3Eden01 Short sellers (eg. Night Market) were claiming Lumilens had no customers on their $POET short report. So Lumilens going out and saying they have a top-3 hyperscaler customer is probably pretty material.中文 · 翻译@Web3Eden01 做空机构（比如 Night Market）在他们的 $POET 做空报告里声称 Lumilens 没有客户。 现在 Lumilens 直接跳出来说他们有一家顶级三大超大规模客户，这消息应该挺重磅的。
- English · 原文Fun new information discovery from Poet OSINT community: Seems likely that $POET / $SIVE are going to power a Top-3 hyperscaler (either Amazon, Microsoft, Google). Given a Linkedin update from Ankur Singla (CEO of Lumilens). Who stated their customer is one of the top 3 hyperscalers with their post focusing on CPO/NPO. With that clue, seems more likely the Sivers CW DFB light source path over other EML suppliers given it's CPO Scale Out/NPO. If you don't remember, Sivers is the laser supplier to Poet. And Poet has purchase agreements with Lumilens. Always fun to find major potential breadcrumbs in the wild before they're officially confirmed. (Disclosure, long Sive)中文 · 翻译Poet OSINT 社群挖到的新有趣线索： 看起来 $POET / $SIVE 很可能要拿下全球前三的云巨头之一（亚马逊、微软、谷歌中的一家）。 线索来自 Lumilens 的 CEO Ankur Singla 在 LinkedIn 上的一则更新。 他说他们的客户就是前三的云巨头之一，而且那条帖子的重点是 CPO/NPO。 顺着这条线索，考虑到 PoET 用的是 CPO Scale Out/NPO，Sivers 的连续波 DFB 光源方案比其它 EML 供应商的可能性更大。 如果你忘了提一下：Sivers 是 Poet 的激光光源供应商。而 Poet 和 Lumilens 之间有采购协议。 在官方确认之前，能从公开信息里挖到这种潜在的大线索，总是很有意思。（披露：做多 Sivers）
- English · 原文Mapping like - JP Morgan fireside conference for Jabil timelines + Quotes around 1.6T LRO - Sivers 2025 annual around $POET various press releases with $GFS and others. - Old investor customers decks mapped with different investment rounds of cpo startups at the time All merged together into a thesis.中文 · 翻译大致像这样： - 摩根大通关于 Jabil 时间线的炉边会议 + 涉及约 1.6T LRO 的引述 - Sivers 2025 年度相关，$POET 与 $GFS 等多家公司的各种新闻稿 - 结合当时不同轮次 CPO 初创公司融资情况的旧版投资者推介材料 所有这些汇总起来，形成了一套投资逻辑。
- English · 原文That’s a misconception: $SIVE is the laser supplier for next gen architectures, not just CPO scale up. Pluggable, scale out CPO, scale up CPO, NPO, etc. - Sivers and $JBL went god-mode and developed 1.6T optical transceivers with CW lasers. Effectively designing around the EML bottlenecks, and even made things more power efficient. From quotes from Jabil management they created a “relatively dramatic moat”. So for the next gen of 1.6T pluggable transceivers, Sivers seems immediately used. Markets missed this nuance too: after Jabil’s announcement, other pluggable players reached out, and SIVE is working with them now (prob codevelopment, qualification stage). There’s not too many players that build optical transceivers that aren’t vertically integrated like Lumentum (think: Innolight/eoptolink, and maybe others). So these are active developments, just not public material yet and could be a new press release anytime. - for CPO scale out which happens H2 2026 onward like $POET, $SIVE is a laser supplier for those players. - scale up CPO is h2 2027, from Ayar and Nvidia’a NVLink CPO ecosystem and that’s the main volume ramp across optical players. But this is where $SIVE looks like they mog every other player from supply chain mapping. Since they’ve likely been working + designed in with $MRVL Celestial, Lightmatter, Lightelligence and the others since they were small way back when. On top of things like this: For foundries like $GFS, $SIVE is the reference laser. Not even including massive companies like O-Net building ELS with $SIVE, likely for the Asian hyperscalers supply chains. This is why $SIVE is by far my favorite laser chokepoint long. Feels like they’re everywhere in new optical architectures starting beginning of 2027.中文 · 翻译这是一种误解： $SIVE 是下一代架构的激光供应商，不仅仅是 CPO 规模化的配套。 可插拔、规模化 CPO（Scale out CPO）、Scale up CPO、NPO 等等。 - Sivers 和 $JBL 联手开挂，用 CW 激光器开发出了 1.6T 光收发器。 有效绕开了 EML 瓶颈，甚至还提升了能效。 从 Jabil 管理层的说法来看，他们打造了一个"相对显著的护城河"。 所以在下一代 1.6T 可插拔收发器上，Sivers 看起来立刻就会被用上。 市场也忽略了这一细节：Jabil 发布公告后，其他可插拔厂商也找上门了，SIVE 现在正在跟他们合作（很可能是联合开发、认证阶段）。 没有太多做光收发器的厂商是像 Lumentum 那样垂直整合的（想想：Innolight/eoptolink 之类的）。 所以这些都是在推进中的开发项目，只是还没公开披露，随时可能出新的新闻稿。 - 对于 2026 年下半年开始的规模化 CPO，比如 $POET 这类玩家，$SIVE 是它们的激光供应商。 - Scale up CPO 则是在 2027 年下半年，来自 Ayar 和英伟达的 NVLink CPO 生态系统，那才是光器件玩家们的主要放量阶段。 但这时候，从供应链图谱来看，$SIVE 看起来碾压了其他所有对手。 因为他们很可能从很久以前就开始跟 $MRVL Celestial、Lightmatter、Lightelligence 等公司一起研发设计，那时这些公司还很小。 而且还有像这样的： 对于 $GFS 这类代工厂来说，$SIVE 是参考激光器。 这还没算上 O-Net 这样的大公司正在用 $SIVE 构建 ELS，很可能是面向亚洲超大规模数据中心供应链的。 这就是为什么 $SIVE 是我目前最看好的激光器隘口长线标的。 感觉从 2027 年初开始，新的光架构里到处都有他们的影子。
- English · 原文Yes, choosing the right theme is extremely important. Even if $POET doesn't really do anything, it still gets brought up thematically due to $LITE, $COHR, and others. Even if $RDDT outperforms extremely hard, it still gets brought down from $META, $MSFT, $CRM, and other software basket names.中文 · 翻译没错，选对主题极其重要。 就算 $POET 本身没什么动作，它也会因为 $LITE、$COHR 和其他股票而被带到主题上来。 就算 $RDDT 表现极其强势，它还是会因为 $META、$MSFT、$CRM 以及其他软件篮子里的票而被拖下来。
- English · 原文$SIVE is the next SIVE. Don’t think you’ll find another company. That’s qualified and likely primary/sole source with: - $JBL and other pluggable hyperscaler suppliers - Ayar and the $NVDA NVLink CPO ecosystems While being the foundational reference laser for $GFS and pluggable/CPO/NPO deployments. That hyperscalers like $AMD and others use, at current valuations. Even $POET buys $SIVE lasers and Poet is about the same valuation just off having one $50m purchase agreement. Amount of hyperscaler suppliers for 2027 into 2028 is just ridiculous. From the general meeting today in a few hours, we’ll hopefully see NASDAQ listing timelines confirmed. So they can have room for M&A to TAM expansion and to make each laser they sell more valuable. Following what $LITE did to grow into a $75B company.中文 · 翻译$SIVE 就是下一个 $SIVE。 别指望能找到第二家这样的公司。 具备资质、并且很可能是主要/独家供应商，对接的是： - $JBL 以及其他可插拔超大规模客户供应商 - Ayar 和 $NVDA NVLink CPO 生态系统 同时还是 $GFS 以及可插拔/CPO/NPO 部署方案的基础参考激光器。 而且像 $AMD 和其他超大规模客户都在用，以当前的估值来看。 就连 $POET 也要买 $SIVE 的激光器，而 Poet 的估值跟 $SIVE 差不多，只不过靠的是那个 $5000 万的采购协议。 2027 到 2028 年的超大规模供应商数量简直离谱。 希望今天几个小时后的大会上，我们能听到纳斯达克上市时间表得到确认。 这样他们才有空间做并购来扩大 TAM（总可寻址市场），并让每一颗售出的激光器都更有价值。 就像当年 $LITE 那样，一步步成长为一家市值 750 亿美元的公司。
- English · 原文@chenchuwei85698 $POET is sitting on too much after another $400m private placement. So they're near ~$1B pure cash. Not a fan of poet, but even if their tech doesn't get qualified into hyperscalers, they can always acquire other companies to scale.中文 · 翻译@chenchuwei85698 $POET 在又一轮 4 亿私募配售后，手里现金太多了。所以他们现在差不多有近 10 亿美元纯现金。 我不是很看好 POET，但就算他们的技术进不了超大规模数据中心，也随时可以收购其他公司来扩大规模。
- English · 原文Many work against the interest of retail investors. Especially as JP Morgan / US institutions are trying to buy up the float. You have a company funded with CHIPS Act, in major hyperscaler supply chains from $NVDA to others, powering Ayar for CPO, $JBL for pluggables. And now the reference laser for $GFS. With closest ramp with $AEVA / $POET likely coming next. And following that likely US NASDAQ Listing. Sivers is one of the most compelling photonics companies, and pretty sure all the deals established that already.中文 · 翻译很多动作都对散户投资者不利。 尤其是当摩根大通 / 美国机构正试图买断流通股的时候。 你有一家靠《芯片法案》资金支持的公司，身处从 $NVDA 到其他巨头的主要超大规模数据中心供应链中，为 Ayar 提供 CPO 方案，为 $JBL 提供可插拔模块。现在又成了 $GFS 的参考激光器供应商。 接下来最接近放量的很可能是 $AEVA / $POET。再之后，大概率就会在美国纳斯达克上市。 Sivers 是光子学领域最引人注目的公司之一，我相当确定已有的所有交易都已经证明了这一点。
- 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GUESS WHAT ANON? After today’s new news with Ayar joining Nvidia NVLink fusion. $SIVE is now the laser source for likely: The entire Nvidia’s NVLink CPO listed supply chain ecosystem partners. From Marvell Celestial, Lightmatter, and now Ayar today (the three listed in NVLink CPO). This is why I call $SIVE a structural photonics laser chokepoint over CPO and now Nvidia ecosystem supply chains. -> Celestial was likely a direct customer to Sivers, not through Poet. (2023 investor presentation mapping), then bought by Marvell. -> Lightmatter was also listed there as a customer in 2023 investor presentation deck mapping. And… Guess what else? Then they all happen to use GlobalFoundries. Which Sivers is now the GFS silicon photonics foundry-level reference laser (also new news yesterday). Supply chain mapping all starting to make sense now anon? Sivers is also likely now the primary laser source for Ayar after they removed Macom/Lumentum their laser supply chain section (now just gfs/sivers), as a cherry on top. Algorithms completely miss this type of image based mapping. After this announcement, I personally think current valuations are very undervalued: Given Sivers now holds one of the most important structural laser chokepoint over Nvidia CPO NVLink ecosystem supply chains.中文 · 翻译猜怎么着，匿名君？ 今天出了新消息，Ayar 加入了 Nvidia 的 NVLink 融合。 $SIVE 现在很可能是以下领域的激光源： 整个 Nvidia NVLink CPO 列表里的供应链生态系统合作伙伴。 从 Marvell Celestial、Lightmatter，到今天公布的 Ayar（NVLink CPO 里列出的这三家）。 这就是为什么我把 $SIVE 称为 CPO 乃至现在 Nvidia 生态系统供应链上一个结构性的光子学激光瓶颈。 → Celestial 很可能曾是 Sivers 的直接客户，而不是通过 Poet（2023 年投资者演示文档里的映射），后来被 Marvell 收购了。 → Lightmatter 在 2023 年的投资者演示文档映射里也被列为客户。 而且……猜猜还有啥？ 然后它们碰巧都用了 GlobalFoundries。 而 Sivers 现在是 GFS 硅光子学晶圆厂级别的参考激光源（也是昨天的新消息）。 供应链映射开始说得通了，匿名君？ Sivers 现在很可能也是 Ayar 的主要激光源了，因为 Ayar 把 Macom/Lumentum 从它们的激光供应链部分移除了（现在只剩 gfs/sivers），这简直是锦上添花。 算法完全捕捉不到这种基于图像的映射。 在这则公告之后，我个人认为当前的估值被严重低估了： 鉴于 Sivers 现在手握 Nvidia CPO NVLink 生态系统供应链里最重要的结构性激光瓶颈之一。
- English · 原文-> IP acquisition -> Just waiting for CPO to take off $SIVE is a laser chokepoint for photonics and are publicly validated by: - $GFS (1 of 2 public laser suppliers with $LITE for CPO per presentation) - $JBL (“Relatively dramatic moat” for pluggables built with Sivers) - CHIPS ACT for the overall company For highest visibility: -> Ayar is the largest CPO player that primary sources $SIVE and are expected to ramp in 2027. -> $POET is another near term CPO volume player that’s heavily visible with Sivers. For OSINT mapping: $MRVL Celestial (direct, not through Poet), Lightmatter, Lightelligence, were all high confidence customers of Sivers. $SIVE is also developing/qualifying with multiple more optical transceiver players following Jabil. It feels like they’re going to end up everywhere. I’m not sure people realize how special that many qualifications is coming from a <$2B MC laser company is… right before 2027 volume ramp. Especially while all the other laser companies trade at $15B-$70B valuations. Just need pluggables to bridge revenue gap into H2 2027 (CPO Scale up) Then making every laser they sell more valuable following the $LITE playbook, to capture more TAM of both markets. - In the overarching optical $141B TAM (10x) in the next 1 1/2 years. (Goldman Sachs) - and CPO TAM going from 0 to $81B in the next 1 1/2 years. So, easily multiply revenue opportunity overnight doing IP acquisition downstream. It’s more of just a waiting game, I think $SIVE is very undervalued relative to forward revenue potential. If it were a private Silicon Valley startup it would probably be worth $4-6B today. Just needs to get listed on NASDAQ for premiums to bridge that gap.中文 · 翻译-> 拿下IP -> 就等CPO起飞 $SIVE 是光子学领域的激光要塞，并且已获得如下公开验证： - $GFS（据演示材料，是两家公开激光供应商之一，与 $LITE 一起供应 CPO） - $JBL（用Sivers构建的可插拔模块拥有“相对显著的护城河”） - 整个公司获得的CHIPS法案资金 最高可见度方面： -> Ayar 是最大的CPO玩家，主要货源来自 $SIVE，预计2027年放量。 -> $POET 是另一个近期的CPO量产玩家，与Sivers有非常高的可见度。 开源情报梳理： $MRVL Celestial（直接，非通过Poet）、Lightmatter、Lightelligence，都是Sivers的高置信度客户。 $SIVE 还在与更多光收发器厂商进行开发和认证，紧随Jabil之后。 感觉它们会出现在每个角落。 我不确定大家是否意识到，一家市值不到20亿美元的激光公司，在2027年放量前夕获得这么多认证，有多不寻常…… 尤其当其他激光公司都在150亿到700亿美元的估值区间交易。 只需要可插拔模块来填补营收缺口，撑到2027年下半年（CPO规模化）。 然后照着 $LITE 的剧本，让每一颗卖出的激光器都更值钱，从而在两个市场中捕获更多TAM。 - 在整体光学领域，未来一年半内TAM为1410亿美元（高盛数据，10倍空间）。 - 而CPO的TAM将在未来一年半内从0增长到810亿美元。 所以，通过向下游收购IP，一夜之间就能轻松把营收机会翻倍。 更多只是等待的游戏，我认为 $SIVE 相对于未来的营收潜力，现在非常被低估。 如果它是一家硅谷的私营初创公司，今天可能值40到60亿美元。 只需要在纳斯达克上市，用溢价来弥合这个差距。
- English · 原文$MRVL earnings were a bullish indicator on the broader CPO theme (and $SIVE as the likely laser supplier). - “Scale-up interconnect represents one of the newest and most strategically important opportunities emerging in AI infrastructure.” CPO thematically go brrr - Confirmation Celestial was selected by T1 hyperscaler for scale up. I’ve found Celestial $AMZN warrants in the past)… so probably Amazon. - Scale-up optics revenue next year should be more than 2x prior ~$150M outlook with Celestial Forward revenue ramp expectations go brrr. - Celestial team plus $MRVL optics team was a “home run”. Marvell sees celestial as growth vector, upstream celestial suppliers go brr - $MRVL is now focused on bringing Celestial to high volume manufacturing. Volume ramp indicator If you don’t recall, there was OSINT mapping $SIVE directly to Celestial, not through $POET. So Celestial forward growth is a volume ramp indicator for Sivers lasers.中文 · 翻译$MRVL 的财报对整个 CPO 主题（以及 $SIVE 作为可能的激光器供应商）来说是一个看涨信号。 - "Scale-up interconnect 代表了 AI 基础设施领域最新、最具战略意义的机遇之一。" CPO 主题直接起飞 🚀 - 确认 Celestial 被一级超大规模云服务商选中用于规模化部署。 我之前发现过 Celestial 的 $AMZN 权证……所以很可能是亚马逊。 - 明年的 Scale-up 光学收入应该比之前约 $1.5 亿的预期翻倍不止，这要归功于 Celestial。 远期营收增长预期直接起飞。 - Celestial 团队加上 $MRVL 光学团队简直就是"全垒打"。 Marvell 把 Celestial 视为增长引擎，上游的 Celestial 供应商们跟着起飞。 - $MRVL 现在专注于将 Celestial 推向大规模量产。 这是放量爬坡的信号。 如果你不记得了，之前有过 OSINT 情报直接指向 $SIVE 与 Celestial 有关联，而不是通过 $POET。 所以 Celestial 的远期增长对 Sivers 的激光器来说就是一个放量爬坡的信号。
- English · 原文@Mengmengeth Well $JBL is new TAM expansion into pluggable optical transceivers. CPO with Ayar, $POET, Lightelligence, Celestial, and those players are entirely new. So having both helps $SIVE bridge the valuation gap faster.中文 · 翻译@Mengmengeth 嗯，$JBL 是新进入可插拔光收发器市场，拓展了 TAM。 CPO 方面，跟 Ayar、$POET、Lightelligence、Celestial 还有那些玩家都是全新的。 所以同时拥有这两块，能帮 $SIVE 更快缩小估值差距。
- English · 原文$JBL literally announced in their fireside chat… Mass production of their 1.6T LRO with excessive demand in 3-10 months. $SIVE is likely sole source laser supplier for this specific optical transceiver. Ayar raised $500M for volume ramp recently, and $SIVE is the primary / sole source laser supplier. 2025 annual report, $SIVE signaled start of volume ramp with both (likely) $AEVA and $POET. This is how you do supply chain mapping on qualification cycles. Anything they make, Sivers makes revenue off lasers. If you ask AI they will keep confidently citing 2024 revenue numbers without knowing volume hints. Which is why I keep seeing these false claims like this over and over, despite Sivers being on the precipice of mass production for 2027.中文 · 翻译$JBL 在他们的炉边谈话中直接宣布了…… 1.6T LRO 将在 3-10 个月内进入大规模量产，需求极其旺盛。 $SIVE 极有可能是这款特定光收发器唯一的激光器供应商。 Ayar 最近刚筹集了 5 亿美元用于产能爬坡，而 $SIVE 是其主要 / 唯一的激光器供应商。 2025 年年报中，$SIVE 暗示已开始与（很可能）$AEVA 和 $POET 一起进入产能爬坡阶段。 这才是正确的供应链追踪方式，盯着认证周期判断。 他们做的东西，只要出货，Sivers 就能从激光器上赚到钱。 你要是去问 AI，它们会自信满满地引用 2024 年的营收数据，根本不知道那些产能放量的信号。 所以我才反复看到这种错误说法，尽管 Sivers 已经站在 2027 年大规模量产的门槛上了。
- English · 原文Nah, I think $SIVE is still extremely undervalued relatively speaking. Ayar, Lightmatter, Lightelligence, celestial, and others all probably command $5-$15B+ valuations. Not even including small guys like $POET or pluggables like $JBL. Sivers lasers likely power them all, and they’re primary/sole source for a lot.中文 · 翻译不，我觉得 $SIVE 相对而言还是被严重低估了。 Ayar、Lightmatter、Lightelligence、Celestial 还有其他几家，估值大概都在 50 亿到 150 亿美元以上。 这还没算上 $POET 这样的小公司，或者 $JBL 这类可插拔模块。 Sivers 的激光器很可能给它们全都供货，而且在很多产品里是主要甚至唯一的供应商。
- 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For $SIVE to become the next $80B+ $LITE. Sivers is the current laser kingmaker of the optical transition to CPO and 1.6T. They basically supply lasers to the leading players in the CPO space. From likely $MRVL Celestial, Lightmatter, Lightelligence, $POET, and others for CPO. before they got big. And now with large players like $JBL for 1.6T LRO + more test/qualifications underway for pluggables. They've finally solved the Catch22 problem, and have the attention of the market to pull off foundational CPO related IP acquisitions downstream on NASDAQ listing (or now with equity). And expand revenue as much as possible from the laser source into: -> Optical Engine/ELS value. -> Optical Transceiver IP Just like $LITE did to drive their valuations from $2B -> $80B in 2 years. But instead of EML + pluggables, Sivers is doing this for the CPO supercycle, the fastest TAM expansion in history for photonics. I'm following the story for them to pull this off this David vs. Goliath shift catching up to $LITE. More than I care about little MC % returns that's happening currently.中文 · 翻译要让 $SIVE 成为下一个 800 亿+ 美元的 $LITE。 Sivers 是目前从传统光学转向 CPO 和 1.6T 的激光器之王。 他们基本上把激光器供应给 CPO 领域的头部玩家。 很可能是 $MRVL Celestial、Lightmatter、Lightelligence、$POET 以及其他做 CPO 的公司——在它们做大之前。 现在和 $JBL 这样的大玩家一起做 1.6T LRO，还有更多的测试和认证正在进行，针对可插拔模块。 他们终于解决了那个鸡生蛋蛋生鸡的问题，市场也开始关注他们，准备在纳斯达克上市后（或者现在用股权）收购底层的 CPO 相关 IP。 并且尽可能扩大收入来源，从激光器延伸至： → 光学引擎/ELS 的价值。 → 光收发器 IP。 就像 $LITE 当年那样——在两年内把估值从 20 亿推到 800 亿美元。 但不同的是，$LITE 靠的是 EML 和可插拔模块，而 Sivers 瞄准的是 CPO 超级周期，也就是光子学史上 TAM 扩张最快的领域。 我在关注这个故事，看他们如何实现这场大卫 vs 歌利亚式的逆袭，追上 $LITE。 这比我在意现在这点小市值的百分比变动重要多了。