Lumentum — Business Study
A five-part business study of Lumentum ($LITE) — the photonics company supplying the optical engine inside AI data centres.
The optical engine behind the AI build-out
Lumentum makes the lasers and optical components that move data inside AI data centres. This five-part study works through the business, the financials, the NVIDIA relationship, the valuation, and how an Indian investor would actually own it.
Light, Speed, and Lasers: What Lumentum Actually Does
What the company actually sells, the CloudLight pivot, and how hard the business is to replicate.
Part 2 of 5From Boom to Bust to Boom Again: The Financial Story
The revenue ramp, the margin recovery, and why the GAAP/non-GAAP gap matters here.
Part 3 of 5NVIDIA's $2 Billion Bet: Why Photonics is AI's Hidden Bottleneck
The $2B investment, 1.6T transceiver demand, the OCS backlog and Project Vanguard.
Part 4 of 5What Are You Actually Paying For? The Valuation Deep Dive.
Bull, base and bear cases — and what assumptions the market is pricing in today.
Part 5 of 5The India Angle: Should You Own Lumentum from India?
The LRS route, currency math, tax treatment and whether any Indian-listed proxy exists.