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

−23.0%

% 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	$819.7	+8.40%	−12.9%	+25.7%	+122.4%	−27.7%	2026-11-05
COHR Coherent	Lasers, InP capacity and optical transceivers	NYSE US	$221.0	+5.58%	−25.3%	−9.2%	+19.7%	−48.2%	2026-11-04
AXTI AXT Inc	InP and GaAs substrates	NASDAQ US/China	$55.82	+7.18%	−29.3%	+30.5%	+241.4%	−60.4%	2026-10-29
IQE.L IQE	Compound-semiconductor epitaxial wafers	LSE UK	35.00p	−0.99%	−24.6%	−13.3%	+600.0%	−44.4%	—

Auto-updated