Co-Packaged Optics: The $91 Billion Question (Pt.1)

Part 2 examines Aixtron's capacity constraints, competitive moat, and the fragmented optical architecture landscape — confirming that every path to greater interconnect density runs through its reactors, but that the stock's current pricing leaves limited room for execution misses.

Heritage determines the clear near-term winners in Space DC optical networking (2026–2029), while inter-orbit links represent the only category of truly incremental photonic demand.

The quiet German monopoly behind the compound semiconductor chips that AI data centers cannot be built without.