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NVL576

Aixtron: The Growth Step (Pt.3)

Aixtron: The Growth Step (Pt.3)

Part 3 examines why epitaxial qualification — not hardware — is Aixtron's true moat, how InP substrate constraints gate capacity expansion, and why Veeco's competitive gains appear bounded enough that Aixtron can lose share while still growing into a much larger market.

20 min read 11 Jun 2026

Photonics: The $91 Billion Question (Pt.1)

22 min read 07 Jun 2026

Photonics: The $91 Billion Question (Pt.1)

CPO's $91 Billion Assumption, NPO's Quiet Momentum, and the OCS Wildcard — Mapping the Bottlenecks That Will Separate Winners from Consensus Darlings

Aixtron: The Growth Step (Pt.2)

18 min read 03 Jun 2026

Aixtron: The Growth Step (Pt.2)

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.