Serenity（白毛股神）@aleabitoreddit发帖2026-05-20

没人定价的光互连瓶颈

认为 AI 真正的扩张瓶颈是光互连/CPO，而上游受制于 InP 衬底供给，因此看好“衬底卡点”而非英伟达本身。

“Everyone buys NVDA. I buy the chokepoint NVDA can't ship without. CPO scaling is gated by InP substrate supply. $AXTI sits on 60%+ domestic share of that node.”