我的关注

原文：
Nah, $SIVE is the most unusual $1B photonics company I've ever seen.

Just for AI DCs alone:

- Reference laser for $GFS SCALE (CPO/NPO/pluggable)
- 7 pluggable engagements disclosed, with $JBL as primary ramp (with H1 2027 timeline)
- ELS path with O-Net
- ELS path with $POET
- Lasers to Ayar for CPO I/O (now in $NVDA nvlink ecosystem)
- Lasers for $AEVA (which now has NPO agreements with optical engine providers for hyperscalers)
- Celestial/Lightmatter/Lightelligence (likely customers in 2023/2024)
- InP lasers on TFLN with Lightium

Then it has 2 substantial allocations for CW DFB laser capacity during an industry shortage.

As well as one of the few CPO-grade laser suppliers out in the industry.

Let me know what other player around this range has so many ongoing qualifications, a large TAM, and in photonics.

$SIVE is the #1 for me in terms of MC relative to qualifications paths across the industry.

翻译：
不，$SIVE 是我见过的最不寻常的 10亿美元光子公司。

仅在 AI 数据中心方面：

- 为 $GFS SCALE 提供参考激光（CPO/NPO/可插拔）
- 已披露 7 项可插拔合作，$JBL 为主要推进（H1 2027 时间表）
- 与 O-Net 的 ELS 路径
- 与 $POET 的 ELS 路径
- 向 Ayar 提供用于 CPO I/O 的激光（现已进入 $NVDA nvlink 生态）
- 为 $AEVA 提供激光（其已与光学引擎供应商签订 NPO 协议，服务超大规模用户）
- Celestial / Lightmatter / Lightelligence（预计在 2023/2024 年成为客户）
- 与 Lightium 合作的 TFLN 上的 InP 激光

此外，它在行业短缺期间拥有 2 项大规模的 CW DFB 激光产能分配。

也是业界为数不多的 CPO 级激光供应商之一。

告诉我还有哪个同档次的公司拥有如此多的在研资格、庞大的 TAM，并且专注光子领域。

$SIVE 在我看来是行业内相对于资格路径的 MC 排名第一的公司。

原文：
$SIVE ER transcript just dropped, TLDR:

- 6 NEW pluggable players working with Sivers now.

Probably the biggest news of the entire ER next to new foundry allocations.

"3 are in alpha sample evaluation stage" and another 3 in technical engagement / supply assessment stage."

And now it makes more sense why their $1.2B revenue pipeline ballooned (since this was a bigger leap than Jabil).

- Initial production orders with $JBL expected in the first half of 2027, with the production ramp planned second half of 2027

LFG, Jabil is a massive hyperscaler supplier and finally got clear timelines on revenue from volume ramp.

- "new foundry partner who has brought on tremendous capacity that is available now"

This is what I wanted to hear. Apparently they've been in the works for this for awhile since it's "available now", and THIS IS VERY MATERIAL.

CW lasers are in a massive shortage and $SIVE brought on new supply outside of Win Semi (also de-risks).

As you hear with other qualified CW players (anything they make gets sold), so as Sivers partners finishes their qualifications, I'm expecting the same.

- "long-term capacity model where one-third of manufacturing capacity will be internal, while two-thirds will come from our foundry partners"

Lukewarm on this, it makes sense they need to be vertically integrated like $AAOI / $LITE eventually but implies more capex (better after NASDAQ listing).

As you see with ESMT + DDR2 bottlenecks, the operating income they get from just securing wafers during shortages and doing fabless models is incredible.

And it would make more sense to fund this with cashflow down the road.

- NASDAQ listing ongoing. CFO gave a very lawyer like answer, but on track as usual.

- "We do not see production capacity as a bottleneck at this point in time"

This is very meaningful since with their new foundry partners, implies $SIVE is

coming online with a very material CW laser supply to a bottlenecked market.

TLDR:
- NEW substantial FOUNDRY ALLOCATION! (very, very material during CW laser shortage)
- 6 new pluggable players outside of $JBL
- Clear revenue ramp timelines from Jabil

Heavy focus on pluggables -> NPO -> CPO seems like the progression. Only lukewarm piece was building up internal capacity but it's long term positive.

Anyway, very happy after reading the transcript aside from potential capex prioritizing laser capacity (which is fine too during an industry shortage) over IP acquisition.

The 6 new pluggable players + substantial wafer allocation "available now" is a pretty insane disclosure.

翻译：
$SIVE ER 记录刚刚发布，简要概述：

- 现在有 6 家新的可插拔合作伙伴与 Sivers 合作。

这可能是整个 ER 中仅次于新代工分配的最大新闻。

“其中 3 家处于 alpha 样本评估阶段”，另外 3 家处于技术对接/供应评估阶段。

这也解释了为何他们的 12 亿美元收入管道会膨胀（这比 Jabil 的增长更大）。

- 预计在 2027 年上半年收到来自 $JBL 的首批生产订单，生产提升计划在 2027 年下半年进行。

LFG，Jabil 是大型超大规模供应商，终于获得了量产提升的明确收入时间表。

- “新的代工合作伙伴已经带来了巨大的产能，现已可用”

这正是我想听到的。显然他们已经筹备了一段时间，因为现在已经可用，这非常重要。

连续波激光器正处于严重短缺，$SIVE 引入了除 Win Semi 之外的新供应（也降低了风险）。

正如其他合格的连续波激光器厂商所表现的（他们生产的任何产品都会被抢购），随着 Sivers 合作伙伴完成资格认证，我预计情况会相同。

- “长期产能模型为：三分之一的制造产能内部化，另外三分之二来自我们的代工合作伙伴”

对此持温和态度，这说明他们最终需要像 $AAOI / $LITE 那样实现垂直整合，但也意味着更多资本支出（在纳斯达克上市后会更好）。

正如在 ESMT + DDR2 瓶颈中看到的，仅在短缺期间确保晶圆并采用无晶圆厂模式就能获得惊人的营业收入。

这更适合以后用现金流来融资。

- 纳斯达克上市正在进行中。财务总监给出了非常律师式的回答，但进展如常。

- “我们目前不将生产产能视为瓶颈”

这意义重大，因为有了新的代工合作伙伴，意味着 $SIVE 将以非常重要的连续波激光器供应进入一个供不应求的市场。

简要概述：
- 新的重大代工分配！（在连续波激光器短缺期间极其重要）
- 6 家新的可插拔合作伙伴，除 $JBL 外
- 来自 Jabil 的明确收入提升时间表

重点放在可插拔 → NPO → CPO 的进程上。唯一稍显温和的是内部产能的建设，但这是长期的正面因素。

总的来说，阅读完记录后非常满意，除了可能将资本支出优先于激光产能（在行业短缺期间这也无妨）而非 IP 收购之外。

6 家新的可插拔合作伙伴加上“现已可用”的大量晶圆分配，实在是惊人的披露。