原文：

原文：
Just my final recap on thoughts + fundamentals of $SIVE from ER:

Pluggables (1.6T Ramp) for 2027:

- $JBL (1.6T LRO, confirmed) Orders H1 2027, Ramp H2 2027
-> -> Likely multiple hyperscaler customers

- 3 pluggable makers (evaluation)
- 3 pluggable makers (supply assessment)

Reference Design for likely H2 2027–28+:

- $GFS (Globalfoundries) SCALE (confirmed))
-> -> Likely $AMD and other hyperscalers as CPO customers

External Light Sources / Optical Engines for 2027:

- $POET (confirmed)
-> -> Lumilens / hyperscaler end users

- O-Net (confirmed)
-> -> Massive ODM/OEM for Hyperscalers + Asia

- Likely $AEVA (mapping)
-> -> supplying to OE -> hyperscalers / lidar

- SemiNex (confirmed)

Optical I/O for 2028:

- Ayar Labs (confirmed)
-> -> Likely $AMD, ALchip, and hyperscaler ASIC program end users + $NVDA NVLink

- $MRVL Celestial (potential customer from 2023-2024 disclosures)
- Lightmatter (potential customer from 2023-2024 disclosures)
- Lightelligence (potential customer from 2023-2024 disclosures)

Then potentially $AAPL for 2028 for next-generation wearable updates and other programs from TFLN with Lightium.

In terms of capacity allocations:
- Win Semi
- 1 other foundry (with tremendous allocations)

during an InP CW DFB laser shortage.

These are all on-going developments/qualifications since Sivers is targeting next-generation SiPH + CW with 1.6T and CPO for 2027-2028.

Especially as Goldman Sachs models the CPO opportunity going from effectively near-zero today to ~$91B TAM by 2028.

However my criticisms were:

=> Main focus was not on communicating economic scale of 2027-2028 optical ramps to Western audiences.
=> Legal vagueposts around NASDAQ listing should be dropped, and clear direction should be set + executed faster on.
=>Too much focus was put on defending smaller current revenue/TTM revenue/pipeline conversion (allspace, Tachyon.)