The analyst dismisses recent market sell-offs as retail capitulation, asserting that Meta's compute article was clarified internally and Nvidia's reported delays were denied. Key photonics suppliers like Lumentum remain sold out for two years, while Sivers Photonics is preparing for volume ramp with GlobalFoundries and hyperscaler suppliers. AXT Inc. maintains its 40% ownership of the Indium Phosphide substrate supply chain, indicating no fundamental change in the sector's supply dynamics.
Despite recent market volatility, the underlying demand for photonics and AI compute infrastructure remains robust, with key suppliers maintaining sold-out capacity and unchanged roadmaps.