Laser Chips for Optics (InP)

The scarce part of an 800G/1.6T link is often the laser — EML and CW lasers grown on indium-phosphide wafers that few fabs can make at volume.

InP substrate→Epitaxy→EML / CW laser→Module

Tightness score ⓘ

#7 of 56

▲ Tightening

Supply concentration5

Lead time4

Capex intensity4

Geopolitical exposure5

Pricing power5

Lead time

12–24 mo

Theme 1M

−24.3%

% in uptrend

Metric to watch

Laser capacity commentary from Lumentum/Coherent, InP substrate supply, and China export-control changes.

What would prove us wrong

Weakens if laser ASPs fall sharply while transceiver volumes rise — the choke would have moved.

Dependencies

Equal-weight · rebased 100 · 1Y

Stocks we track

Who controls this bottleneck

Roles, not recommendations. Delayed prices; local currency.

Stock	Role	Listing	Last	1D	1M	3M	YTD	Off 52w high	Next earnings
LITE Lumentum	EML and CW lasers for 800G/1.6T	NASDAQ US	$624.6	−3.61%	−30.3%	−32.5%	+69.5%	−44.9%	2027-02-02
COHR Coherent	Lasers, InP capacity and optical transceivers	NYSE US	$232.1	−1.04%	−11.9%	−28.8%	+25.7%	−45.6%	2027-02-03
AXTI AXT Inc	InP and GaAs substrates	NASDAQ US/China	$43.54	−7.30%	−29.3%	−46.7%	+166.3%	−69.1%	2026-10-29
IQE.L IQE	Compound-semiconductor epitaxial wafers	LSE UK	32.75p	−2.67%	−25.7%	−29.6%	+555.0%	−48.0%	—

Auto-updated