Based on our primary research, AI-driven optical demand remains exceptionally strong, with supplier order visibility extending into ’27-’28 and shortages of 200G EMLs, 1.6T DSPs, pump lasers and ITLAs continuing to cap supply. LITE remains the clearest NT beneficiary through its leadership in scarce optical components and faster OCS/CPO monetization. COHR should benefit from rapid InP capacity expansion and accelerating 800G/1.6T shipments, while MRVL retains its 1.6T DSP leadership and should see stronger AEC growth. AVGO is also ramping 1.6T DSPs amid tight industry supply. We remain positive on all four names, particularly LITE.