Nasdaq 100 was down today.

$LPTH was up +8.4%, pushing back near 52-week highs.

This is still a loss-making IR optics company with only ~$50M of FY26 nine-month revenue.

Market cap: ~$1B.

The market is not just buying a lens company.

It is buying scarce U.S.-based optical capacity in a defense supply chain that needs to move away from Chinese germanium.

The real question:

Is this an onshoring premium?

Or an already-overpriced story stock?

$LPTH Deep Dive.