ALMU · Aeluma, Inc.Aeluma, Inc.

POET and ALMU are early in the photonics/ASIC cycle by 6-12 months; they remain strong longs but require patience as they lack hyperscaler qualifications and modern ASIC integration.

Trump executive order targeting HieFo/Emcore InP assets validates InP supply chain bottleneck, benefiting AXTI, POET, ALMU, COHR while potentially disrupting LITE.

ALMU and quantum dot lasers are too early; instead, machine suppliers like ALRIB, VECO, and AIXA are better positioned to benefit from capex R&D cycles in photonics and AI supply chains.

ALMU and quantum dot technology is too early, need to wait a few years.

Photonics supercycle with multiple architectural shifts. Beneficiaries include LITE, COHR for current cycle (still 50%+ upside), AAOI and JBL for transitional bridge, SIVE and POET for CPO future, AXTI for all cycles, and ALMU for future quantum dot packaging.

Quantum dot names like ALMU are too early stage, likely leading to dilution for R&D, similar to POET in 2025. Prefer to wait for volume ramp.