Photonics is picking up some solid momentum today, moving alongside oil and Treasury yields.
The setup does feel a bit like March again, but the bigger story here is the AI infrastructure buildout.
$Alphabet(GOOG)$ raised its capex outlook recently and pointed out that around 40% of its $44B spending is going toward data centers and networking equipment. That explains why areas like optical networking and photonics keep getting attention. AI demand isn't just about chips anymore, the whole infrastructure stack needs upgrades.
It looks like the market is starting to price in the next phase of the AI cycle.
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