$3081
LandMark Optoelectronics5/10Does he own it?
He never states a position in LandMark specifically. It serves as the pure-play InP valuation benchmark for his IQE long, which is the stock he actually discloses owning. One list of liked CPO names carries a vague "own most, not all" caveat, but his explicit position disclosures consistently name IQE, not LandMark.
His thesis
LandMark is the closest pure-play proxy for AI InP demand in 800G/1.6T optical interconnects, commanding a multi-billion premium valuation despite physically limited MOCVD reactor capacity at a single Taiwan campus. He uses it mainly as the benchmark to argue IQE's far larger photonics asset base is mispriced. He sees LandMark as a beneficiary of the optical transceiver/epiwafer bottleneck and rising epiwafer pricing power.
How his view evolved
Starts as a valuation yardstick for his IQE turnaround thesis, then recurs in coverage lists (Goldman names, liked CPO names) and as a positive read-through on epiwafer price hikes. Consistently a comparison, not a held position.
Key points
- Pure-play InP/optical proxy used to highlight IQE's undervaluation
- Capacity-constrained: ~27-30 MOCVD reactors at one Taiwan site
- Benefits from transceiver/epiwafer bottleneck and pricing power
Derived from a holistic read of his public posts — paraphrased, never quoted. See his actual posts about $3081 on X ↗