Serenity, the stock-picker whose reconstructed views this site tracks, spent the day hammering his central conviction: that the obscure suppliers feeding the AI optical buildout are where the real money sits, not the crowded mega-caps.

The CW laser chokepoint thesis, restated. His framework treats Nvidia's (NVDA) roadmap as a demand signal and hunts the smallest upstream bottleneck. Today he leaned hard on continuous-wave (CW) lasers — the light source for silicon photonics and co-packaged optics (CPO), which put the optical engine next to the switch or GPU die. He drew a direct parallel to the prior cycle, when Nvidia-driven shortages of EML lasers (the modulated type used in 800G/1.6T links) helped re-rate Lumentum (LITE) from a few billion to north of $65B. With Nvidia signing long-term supply agreements and AMD and other cloud providers now chasing the remaining CW capacity, he argues the same squeeze is repeating. He cited large optical and CPO total-addressable-market forecasts as evidence the theme survives a month of volatility. His preferred expressions remain the substrate, foundry and laser layers: Soitec (SOI), the near-monopoly silicon-on-insulator supplier; Tower Semiconductor (TSEM), which he calls the "TSM of photonics" for its booked CPO foundry capacity; and his top pick, Sweden's Sivers Semiconductors (SIVE), a tiny indium-phosphide CW laser maker he frames as the next Lumentum. He also flagged AAOI as a CW-adjacent name.

An M&A idea. Serenity floated South Korea's OE Solutions (138080.KQ) as a logical acquisition target, noting its roughly $215M market cap looks cheap for scarce EML/CW laser intellectual property. He suggested a downstream player wanting to vertically integrate could find value there given the heavy R&D and capex needed to scale fabs, and disclosed he owns it.

CXL, in hindsight. He noted that the best entry into CXL memory-pooling names was months ago, pointing to sharp runs in Astera Labs (ALAB), a US connectivity play he has cooled on as the industry tilts toward optical, and Marvell (MRVL), the custom-ASIC and optical name he holds mainly as the supply-chain hub linking to SIVE.

The IREN foil. Serenity again contrasted his neocloud long, Nebius (NBIS) — a 10% position he favors for its Nvidia funding and convertible financing — against Iris Energy (IREN), which he is firmly bearish on. His core complaint is IREN's roughly $6B at-the-market equity offering, about half the company's market cap, which he argues structurally caps shareholder upside even if the business succeeds.

Defending the Korea trade. Finally, he took aim at a Bank of America call that had labeled the Korean market and the iShares MSCI South Korea ETF (EWY) a bubble, and that flagged multiple 2026 rate hikes. EWY is his concentrated proxy on Samsung and SK Hynix and a leveraged bet on the memory supercycle, held via long-dated calls. He argued the index roughly doubled to new highs after the earlier bearish call and that rate-hike odds in derivatives markets are near zero, framing the bank's warnings as harmful to retail investors.

*Derived commentary, not advice.*