Buongiorno.
Summer is arriving in Florence — the sun has been relentless, and between the heat and the caffeine from my morning pour-over, sleep isn’t coming easy tonight. So I’m back at the desk, reviewing coordinates.
Back in March, I identified optical communications as one of this year’s defining themes and published a deep-dive research piece. The market caught on quickly. Prices ran — some names blew past their peak targets — and I found myself harvesting faster than expected. My last published update was the March 27th letter, “A Stricter Look at Optical Communications Companies.”
After that, optical went quiet. Meanwhile, memory took the spotlight — and for a clear reason: earnings were coming in far ahead of expectations, and analyst price target upgrades started piling up. We flagged that move a month early.
But here’s the thing. Within the AI sector, there’s another theme where earnings are tracking significantly above expectations. It’s optical communications.
I’d stopped publishing updates after that last letter. With quarterly results now in from most of the names I track, I revisited the coordinates. What I found was worth sharing.
