I have been a Lumentum bull since $250 in November. Let me tell you a story.

Once upon a time (2 weeks ago), I wondered… when will scale-up CPO be adopted? What rack architecture will Nvidia use and will it be optical? How big is the market?

Then, GTC and OFC happened at the same time. We got our answers. All of them.

When I opened Lumentum’s OFC presentation, my jaw dropped.

After a full weekend of work, I present to you my analysis. Of why I moved Lumentum back to Top Pick. And my full bottoms-up build of Lumentum’s CPO revenue. Please check it out!

Thank you for your attention to this matter.