The Index
400 dossiers
A research screener for every company we cover. Search a name or ticker, then sort and triage dossiers by coverage freshness, our conviction and trading relevance.
No call23 names· avg TR 3 | ||||||||
| The picks-and-shovels king of the AI buildout — #1 in optical transceivers with >50% of Nvidia's wallet and the lowest forward P/E of any peer — but it is a margin-taker squeezed between US chip suppliers it cannot displace (Broadcom/Marvell DSP, Lumentum/Coherent EML) and Nvidia's own CPO/in-house ambitions, and the price already discounts flawless 1.6T execution. | — | 1 | ||||||
| A credible Oxford/Münster silicon-photonics team that pivoted from a losing optical-compute bet to the right one — all-optical circuit switching — and shipped a real 32-port product, but it is a ~£137M-valued, sub-$50M-raised minnow standing in a lane Nvidia, Lumentum and a $4.4B Lightmatter are all paving; WATCHING, not investable, until a named hyperscaler design win proves the silicon-photonic-OCS approach beats incumbent MEMS in production. | — | 8 | ||||||
Q Quantum Computing Inccatalyst in 44d | A $2.5B market cap on $682K of FY25 revenue — QUBT is a $1.5B treasury wrapped in a photonics R&D lab, sold as a quantum-computing story; the balance sheet is real, the revenue is not, and a securities-fraud class action over the exact gap between the two is unresolved. | — | ||||||
| The best-engineered way to lose to PsiQuantum — a genuine deterministic-single-photon moat and real machine sales, capitalized at ~1% of its photonic rivals; a sovereign-Europe call option, not a standalone winner. | — | 8 | ||||||
| The most credible analog-photonic-compute bet in Europe — a vertically-integrated TFLN coprocessor with a real fab, a first paying cloud customer (IONOS) and an ARM-founder-grade board — but at $80M raised it is a seed-stage David swinging at a $4B-valued field (Lightmatter) and a just-acquired peer (Celestial AI → Marvell, $5.5B); WATCHING for IPO-proximity, not yet tradeable. | — | 8 | ||||||
| The best-capitalised, hardest-physics bet in quantum — $4B+ in private + sovereign money betting that silicon-photonic fusion-based computing leapfrogs straight to a million error-corrected qubits by ~2027, with the one fact that matters still unproven (a utility-scale machine running) and a freshly installed operator-CEO signalling the company is now an execution problem, not a science one. | — | 8 | ||||||
| A genuinely differentiated all-optical scale-up fabric with a real CEO and a real AMD/ARIA anchor — but a $93.5M micro-cap fighting $1.2B–$4.4B peers and a hyperscaler-backed open-standard tide; the bet is a strategic acqui-buy (à la Marvell/Celestial), not a standalone IPO. | — | 8 | ||||||
| A genuine top-tier Chinese optics merchant (top-3 passive, #9 global components, real InP/SiPh chip + 1.6T/CPO roadmap) trapped behind a 6-year private wrapper — the only tradeable expression today is the STAR-Market IPO it has been "about to file" since 2023; not investable until the S-1 (招股书) lands, and the coverage ticker 0877.HK is the WRONG company. | — | 8 | ||||||
| A re-rated telecom-equipment turnaround wearing an AI-infrastructure mask — the optical/AI-RAN engine is real and accelerating, but the stock already prices the re-rating (P/E ~90, +109% in 12m) while ~92% of revenue is still slow-growth telecom/IP/patents. Right business, wrong entry. | — | 0 | ||||||
| The arms-dealer of the AI optics build-out — Lumentum owns ~50-60% of the 200G/lane EML laser chip that every 1.6T transceiver needs, NVIDIA just bought $2B of preferred to lock its capacity, and revenue is compounding ~90% YoY off a real telecom trough; but at ~52x forward earnings with two customers = ~40% of revenue and a $3.8B convertible stack now in-the-money, the price already discounts flawless execution. | — | 1 | ||||||
L Lightwave Logiccatalyst in 44d | A 35-year science project that just turned the corner from lab to foundry PDK — credible polymer-photonics platform now inside Tower & GlobalFoundries flows, but $237K of revenue against a $1.5B cap means you are buying a 2027-28 design-win option, financed by perpetual dilution, with a 17.7% short base betting it stays a promise. | — | ||||||
| The purest public-markets-bound bet on AI's copper wall — but it is racing NVIDIA, Broadcom and TSMC to commercial CPO from outside the package, and "2027 volume shipments" means the $4.4B mark is paid entirely on a roadmap. | — | 1 | ||||||
| World's first listed pure-play photonic-computing stock — and a ~640x-sales SOE-backed China name with $15M revenue, a $185M annual loss and Huawei owning 98% of its market; the technology is real, the equity is a momentum trade priced for a future that is 5 years out. | — | 1 | ||||||
| A near-death epiwafer monopolist just got bought out of bankruptcy by its own customer — own the InP photonics call, not the company; the AI-optical TAM is real but the float is a recovery option on a chronically capex-starved, margin-thin foundry whose two largest customers now sit on its board. | — | 1 | ||||||
| The best modulator in AI optics — but a modulator-only company in a market where the indium-phosphide laser, not the modulator, is the scarce asset; the $80M Series C buys it a foundry-scale shot at owning the TFLN layer before silicon-photonics incumbents fold thin-film into their vertically integrated stacks. | — | 1 | ||||||
| The unglamorous AI-optics toll-collector — a 12%-gross-margin Thai contract manufacturer the market is now paying a 45× fabless multiple for; the business is genuinely inflecting (DCI +90%, 1.6T capacity doubling) but the price has front-run two years of execution AND ignores that co-packaged optics is a 2027+ structural axe over the whole pluggable-transceiver thesis. | — | 0 | ||||||
| The cheapest, highest-margin way to own the 800G/1.6T AI-interconnect ramp — but it is a no-CIK Chinese A-share whose 47% margins, 96% offshore revenue and ~52x P/E all rest on a Broadcom-DSP / Lumentum-EML leash it doesn't own and a hyperscaler order book it can't diversify. | — | 1 | ||||||
| A 20-year serial cash-burner with a real PLC fab and a going-concern stamp, re-skinned as a CPO/AI-optics pure-play — the FR8 order is genuine but the balance sheet, not the technology, decides this stock. | — | 1 | ||||||
| A real moat in AEC reliability and an n-1 cost edge, riding a verticalizing AI-interconnect ramp — but ~84% of revenue sits in three hyperscalers and ~41x forward earnings already prices in the optical pivot working. Bullish business, expensive stock; conviction gated on customer diversification proving out. | — | 1 | ||||||
C Coherent Corpcatalyst in 43d | An II-VI/Coherent merger debt-mule reborn as the picks-and-shovels supplier of the AI-optics supercycle — backed out to 2028, Nvidia-anchored, and de-risking the balance sheet — but priced at ~49x forward EPS that already embeds flawless CPO execution it has not yet proven. | — | 1 | |||||
| Path-to-tradeable already resolved — Marvell bought Celestial for $3.25B upfront (+$2.25B earnout) and closed Feb 2, 2026; the only way to own this thesis is MRVL, and the bet is whether photonic scale-up I/O hits a $1B run-rate by FY29 or stalls at a science-fair demo. | — | 1 | ||||||
| A real, scarce, China-gated InP asset that AI-optics demand made strategic — but the stock already priced an ~80x melt-up to a ~$5.9B cap on an $88M-revenue, loss-making, single-country-manufacturing base; the asset is genuine, the multiple is a dare. | — | 1 | ||||||
| A genuine top-4 global optical-component IDM riding the AI interconnect wave — but it is the low-margin generalist (~8% net) trading at a specialist multiple after a 5x run, with consensus targets implying ~55% downside. Real franchise, priced for a margin structure it has never earned. | — | 1 | ||||||