$FN

Does he own it?

No first-person buy/hold/add/size language for FN anywhere. It appears purely as a supply-chain reference (the assembler) and a valuation yardstick for other names. In a June position disclosure he names his holdings (NBIS/TSEM/AAOI) and FN is explicitly excluded, confirming he does not own it.

His thesis

FN (Fabrinet) is framed as the dominant optical assembly/packaging player in Asia that takes lasers and designs from Lumentum/Coherent and builds the finished 800G/1.6T transceivers. He treats it as a structural beneficiary of the photonics supercycle and pluggable-optics ramp, and a likely CPO assembly winner. But he flags its low (~12%) gross margins and large ~$20B+ valuation, mainly using it as a benchmark to argue smaller upstream names are mispriced rather than as a top pick.

How his view evolved

Consistent throughout: always a fixed reference node in his supply-chain maps and a valuation anchor, never a conviction position. Late posts list it among broad AI ideas but the final tweet explicitly excludes it from his holdings.

Key points

• Cast as the key optical assembler taking parts from LITE/COHR, not as a personal holding
• Used mainly as a valuation yardstick to argue smaller names are cheap
• Final disclosure lists his real positions and omits FN, confirming no ownership

Derived from a holistic read of his public posts — paraphrased, never quoted. See his actual posts about $FN on X ↗