Morgan Stanley: After Coherent (COHR) launched the PhotonLink platform, its addressable market (SAM) by 2030 is expected to expand from over $70 billion to over $90 billion, with more than $30 billion coming from PhotonLink/NPO/CPO opportunities. The company expects NPO to enter mass production in the second half of 2027. Currently, it has disclosed 10+ CPO collaborations, 10+ NPO collaborations, and has signed 1 NPO long-term agreement (LTA). COHR LITE AAOI CRDO