原文：
Serenity 白毛女-中文翻译（公开）
Serenity 白毛女-中文翻译（公开）
原文：
Feels like my $IQE thesis Feb this year got validated alongside $AXTI and others. (I still long on both)
So I stopped covering them as much. But TLDR on updates:
Early this year, IQE was a distressed but critical chokepoint in the optical supply chain with links to $LITE and others when I published my thesis on it.
Since then:
- $MTSI signed long term epiwafer supply agreements, took a stake in the company, now IQE is bank debt free (Macom has convertibles, but that's positive)
- $TSEM signed agreements for InP epiwafers.
- Management explicitly said its IQE agreement was signed to secure the "strategic III-V epiwafer supply required for that roadmap"
- IQE signed another ~$14M mysterious AI DC contract.
The only part that's still playing out with my earlier thesis is IQE converting their latent/underutilized capacity toward AI DC segment, to match peers like Landmark in the space (which takes time, like slightly over a year if I remember correctly).
There's some national security implications that I'll avoid talking about that makes them more important.
But basically:
FY2025 revenue: £97.3m
FY2026 guidance: over £126.5m
They're rapidly growing again in the optical sector, out of bank debt/distressed liquidation state, and remains a critical chokepoint in Western optical supply chains.
Now... with new agreements with your leading photonics companies for revenue growth, and players like Macom serving as a soft backstop.
After a thesis gets validated, typically I just sit back and enjoy growth of a business.
翻译：
感觉我的$IQE 论点在今年2月得到了验证，和$AXTI 等其他公司一起。（我仍然看好这两只股票）
所以我停止了对他们的密切关注。但是简要更新：
今年早些时候，IQE 是一个处于困境但在光学供应链中至关重要的瓶颈，和$LITE 等公司有关，当时我发表了关于它的论点。
从那时起：
- $MTSI 签署了长期外延片供应协议，获得了公司股份，现在 IQE 已经没有银行债务（Macom 有可转换债券，但这是积极的）
- $TSEM 签署了InP 外延片协议。
- 管理层明确表示，他们与 IQE 签署的协议是为了确保“战略III-V 外延片供应，以满足他们的路线图”
- IQE 签署了另一份约1400万美元的神秘AI 数据中心合同。
我之前的论点中唯一仍在发展的部分是
Feels like my $IQE thesis Feb this year got validated alongside $AXTI and others. (I still long on both)
So I stopped covering them as much. But TLDR on updates:
Early this year, IQE was a distressed but critical chokepoint in the optical supply chain with links to $LITE and others when I published my thesis on it.
Since then:
- $MTSI signed long term epiwafer supply agreements, took a stake in the company, now IQE is bank debt free (Macom has convertibles, but that's positive)
- $TSEM signed agreements for InP epiwafers.
- Management explicitly said its IQE agreement was signed to secure the "strategic III-V epiwafer supply required for that roadmap"
- IQE signed another ~$14M mysterious AI DC contract.
The only part that's still playing out with my earlier thesis is IQE converting their latent/underutilized capacity toward AI DC segment, to match peers like Landmark in the space (which takes time, like slightly over a year if I remember correctly).
There's some national security implications that I'll avoid talking about that makes them more important.
But basically:
FY2025 revenue: £97.3m
FY2026 guidance: over £126.5m
They're rapidly growing again in the optical sector, out of bank debt/distressed liquidation state, and remains a critical chokepoint in Western optical supply chains.
Now... with new agreements with your leading photonics companies for revenue growth, and players like Macom serving as a soft backstop.
After a thesis gets validated, typically I just sit back and enjoy growth of a business.
翻译：
感觉我的$IQE 论点在今年2月得到了验证，和$AXTI 等其他公司一起。（我仍然看好这两只股票）
所以我停止了对他们的密切关注。但是简要更新：
今年早些时候，IQE 是一个处于困境但在光学供应链中至关重要的瓶颈，和$LITE 等公司有关，当时我发表了关于它的论点。
从那时起：
- $MTSI 签署了长期外延片供应协议，获得了公司股份，现在 IQE 已经没有银行债务（Macom 有可转换债券，但这是积极的）
- $TSEM 签署了InP 外延片协议。
- 管理层明确表示，他们与 IQE 签署的协议是为了确保“战略III-V 外延片供应，以满足他们的路线图”
- IQE 签署了另一份约1400万美元的神秘AI 数据中心合同。
我之前的论点中唯一仍在发展的部分是
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