$AAOI

The most important line from photonics earnings last week was $LITE , $AAOI, and COHR all pointed to the same emerging constraint: Indium phosphide lasers. InP is the semiconductor platform behind many of the lasers that make high-speed datacenter optics work. Silicon photonics can guide and modulate light, but silicon is still a poor light emitter. In many 800G and 1.6T modules, the light comes from InP. Impt because the next AI clusters are becoming optical machines. LITE said its supply-demand gap is now "greater than 30%", with laser chip capacity effectively sold out into 2027. AAOI called InP capacity “critical right now” and said production capacity, not demand, is constraining growth. COHR said datacenter revenue was explicitly constrained by InP laser supply. This is the bo