Optical semi (COHR,LITE,AVGO,TSEM): tight EML & CW laser supply through ’28 on rising InP intensity, scale-up CPO ramp & DCI demand Apr 2026

Based on our primary research, we continue to see robust demand for optical transceivers & components. We don’t foresee overall EML & CW laser oversupply in ’28. Overall, our analysis support a more positive medium-term outlook for LITE, COHR, AVGO, and TSEM than investors may currently appreciate