Mar. 22 at 5:23 PM
$ALMU vs
$COHR — They're not competitors.
I keep getting this question, so let me lay it out clearly.
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$COHR is the PRESENT.
Vertically integrated InP king — owns substrate AND laser tech
6-inch InP wafers: 4x devices per wafer, 60% die cost reduction
$2B from NVIDIA for Texas fab expansion
Trading at
$XX.X, up 287% over 1Y
$ALMU is the POTENTIAL UNLOCK.
III-V (InP/GaAs) ON SILICON — 200mm and 300mm wafers
Bypasses the InP substrate bottleneck entirely
Fab-light model = no
$B capex needed
Still tiny (
$300M mkt cap), but positioned EXACTLY where the bottleneck is
The industry is screaming: COHR and LITE both warn InP capacity is "constrained for years" . NVIDIA just dropped
$4B to pre-book that capacity .
ALMU isn't competing with COHR. ALMU is trying to CHANGE HOW THE LASERS ARE MADE.
One is the proven scale. The other is the potential escape valve from a multi-year bottleneck.
