AI Infrastructure
Artificial intelligence is a physical industry. It runs on silicon, buildings, transformers, turbines and crews — and every one of those has a lead time. This is the research on what AI is actually built from, and who gets paid to build it.
The universe
The full map of who supplies the build-out, and how much of each company is genuinely levered to it.
Lumentum — the photonics bottleneck
One company, taken apart in five parts: what it makes, why NVIDIA bet on it, what it is worth, and whether an Indian investor can own it.
Lumentum — Business Study
The full series, from the physics of optical transceivers through to the valuation and the India angle.
Part 3 · Most readNVIDIA's $2 Billion Bet
Why photonics is AI's hidden bottleneck — and what NVIDIA's investment says about where the constraint really sits.
Sector StudySemiconductors
The wider sector view that the Lumentum work sits inside — supply chains, chokepoints and who controls them.
Full reports
Complete research documents and IC-style memos, free to download and cite with attribution.
A note on scope: most of Vatayan Labs looks at how India moves money. This section deliberately does not — the AI build-out is a global supply chain, and the companies that matter are listed in the US, Europe, Japan, Korea and Taiwan. Where there is an India angle, it is called out explicitly.