A while back (3/19) I covered three small-cap silicon photonics light source names: Sivers Semi (SIVE), Aeluma (ALMU), QD Laser (6613.T).

All three look strong on R&D. But once you dig in, the reality differs.

I was most positive on Sivers.

Stock performance since publish:

SIVE: +179.37%

ALMU: +48.88%

QD Laser: +5.17%

(per TradingView)

Sharing the paywall conclusion section above. Worth a look if you want the full breakdown.