This article further solidified my determination to include Nokia as a bottom-fishing target. Had opus 4.8 do a deeper analysis, and here are the results: InP is the core material for manufacturing the following critical optical components— EML Lasers → LITE and COHR are the most directly affected. COHR previously mentioned in its financial report that InP substrate lead times exceed 26 weeks, impacting 15-20% of potential revenue. Pump Laser → The core component of optical amplifiers (EDFA), essential for long-distance transmission. LITE is the main supplier. Coherent Optical PIC → The core of coherent optical modules for Nokia/Infinera. However, Nokia has self-sufficient InP capabilities, so it’s the least affected. Narrow Linewidth Laser → A must-have for coherent communication. The entire InP substrate market will only be $210M by 2026—very small. That’s why it’s a bottleneck—the market is too small, capacity expansion is too slow, but downstream demand (800G/1.6T/3.2T optical modules) is growing exponentially. Similar to the HBM situation in 2023: the market is tiny, but demand is exploding, and the companies that expand capacity first will reap the biggest rewards.