Bros, $Tesla(TSLA.US) is still falling so much today, while $Nio(NIO.US) has stabilized at 55. Seems like it's over, are we going to be bagholding?

🔥🎯 Japanese capital is starting to enter the market, but what's truly undervalued might not be 'sentiment,' but $SIVE's position in the CPO supply chain.

The market just noticed a detail: after completing their research, the Japanese community has begun building positions in $SIVE.

This type of capital movement is often not short-term behavior, but rather a confirmation of a position in the supply chain.

What's even more noteworthy is that this implies a quiet change in the global CPO (Co-Packaged Optics) laser supply landscape.

First, look at a few key structural changes:

1) $NVIDIA(NVDA.US)
By 'buying out allocation quotas' from $Lumentum(LITE.US) / $Coherent Corp.(COHR.US), it is essentially locking in laser resources for the next few years in advance.

This means: lasers have gone from being a 'component' to a 'bottleneck resource.'

2) $AMD(AMD.US)
Its CPO path chose the $GlobalFoundries(GFS.US) + $SIVE combination.

In the remaining laser supply, $Lumentum(LITE.US) could theoretically still participate, but the prerequisite is—there is still unallocated capacity.

The reality is, $Lumentum(LITE.US) has clearly stated its capacity is locked until at least 2028.

This directly changes the supply landscape.

3) $Marvell Tech(MRVL.US)
Regardless of how the technology path evolves, its CPO solution cannot do without lasers.

This forces it to find 'available and compliant' suppliers within the existing supply chain.

Against this backdrop, $SIVE's position is becoming very special:

It is almost one of the last remaining pure laser suppliers in the market with 'independent supply capability.'

And it already meets Celestial specifications—this is extremely critical, meaning it can directly enter the next-generation architecture system, rather than being a marginal supplement.

Some public information is gradually confirming this:

Ayar Labs has removed $Macom Tech(MTSI.US) and $Lumentum(LITE.US) from its official website, placing $SIVE in a more central position. This change in supplier ranking usually signifies the end of the validation phase and entry into a priority cooperation phase.

Simultaneously, Ayar's connections with foundries and design ecosystems like Alchip / GUC further expand $SIVE's reach within the ecosystem.

Looking at $GlobalFoundries(GFS.US)'s public materials, after $AMD(AMD.US) confirmed its CPO collaboration path, the only laser players publicly mentioned in the market are $SIVE and $Lumentum(LITE.US).

Considering $Lumentum(LITE.US)'s capacity lock-up, the actual available space is rapidly tilting towards $SIVE.

Another easily overlooked point is that $SIVE likely signed a laser capacity expansion agreement with Win (Win Semiconductors) last year, meaning it started preparing capacity 'before the demand explosion.'

Putting all this information together reveals a trend:

$NVIDIA(NVDA.US) has not fully locked in all laser resources
→ Hyperscale customers still have overflow demand
→ $Lumentum(LITE.US) cannot handle the new demand
→ The remaining demand naturally flows to suppliers with available capacity

And this 'remaining absorber,' for now, appears to be $SIVE.

Returning to why this might be an overlooked long-term opportunity:

First, product generation misalignment
$SIVE did not participate in the 800G or earlier product cycles, so it has no historical baggage and no capacity locked by old demand.

Its entry point is precisely at the start of the CPO generation.

Second, valuation system misalignment
Pricing based on the European market's revenue over the past 12 months has long suppressed its valuation, not reflecting future cycle changes.

Third, demand structure change
When market sentiment fluctuates around $NVIDIA(NVDA.US), what's truly ignored is that the overflow demand it brings will transmit throughout the entire supply chain.

And $SIVE is right in this 'passively benefiting' position.

Looking at a longer cycle:

In 2027, CPO will enter its second phase (1.6T), including $Jabil(JBL.US)'s LRO solution, which will further drive laser demand.

$SIVE is already at the entrance of this upgrade cycle.

Later, from the second half of 2027 to 2028, silicon photonics may begin to expand into consumer electronics—potential applications include $Apple(AAPL.US)'s devices.

Simultaneously, FMCW 4D AI companies like $Aeva Tech(AEVA.US) could also open up new demand scenarios.

This means lasers are not just a data center story, but a broader technology foundation.

Many people overlook one fact:

Hyperscale companies do not 'randomly choose' a Swedish company with a market cap of around $1 billion as a key supplier.

Once entering the supply chain, it usually means:

Technical validation is complete
Capacity path is confirmed
Cooperation cycle is multi-year

And the direct collaboration between $Jabil(JBL.US) and $SIVE itself is a signal.

Not sentiment, but structure.

What the market sees now might only be a small part of the surface.

As more people begin to deconstruct supply chain relationships, study company presentation materials, and track ecosystem collaborations, this logic chain will gradually be understood by the market.

The question is:

When this is fully understood, will the price still be at its current level?

Do you lean more towards this being an undervalued supply chain opportunity, or just a phase of narrative amplification?