$COHR

the optical networking tell is in the margin numbers $LITE non-gaap gross margin hit 47.9% last quarter, up from 35.2% a year ago. $COHR still grinding toward 40% (just reported latest gross margins at 37% tonight) Lumentum's margin expansion reflects improving yields and mix on high-value components: 200G EMLs at 2x the ASP of 100G. Coherent's margin lag prob reflects that they're still partially buying EMLs externally while their own 6-inch program ramps. that external sourcing compresses their margins on the exact product line that should be their highest-margin business.