In March, I reviewed three small-cap light source companies: Sivers Semiconductors ($SIVE) in Sweden, QD Laser (6613) in Japan, and Aeluma ($ALMU) in the US.

With CPO and optical interconnect moving into focus, Lumentum's light sources are now in tight supply. That has driven a sharp rally in AAOI, which the market treats as a tier-2/3 alternative. All three names I covered have also risen substantially since publication.

I analyzed each by architecture. Of the three, I assessed SIVE as having the highest upside, and it is where I allocated the most capital.