• Guotai Asset Management flagged strong optical-communications demand, citing Lumentum’s earnings beat as a sign of sustained sector momentum.
• It said customers are choosing NPO as a transition path, a shift it sees favoring mainland China’s optical supply chain.
• The note highlighted Lumentum’s indium phosphide supply deal with AXT, warning tight supply could constrain US data-center buildouts.
• Guotai estimated global AI capex could reach USD 1.5 trillion next year, up 73%, with upside momentum for optical modules.
• It viewed a potential FCC restriction on Chinese optical modules as a negotiating lever, with low odds of full implementation.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Guotai Asset Management Co. Ltd. published the original content used to generate this news brief on August 12, 2026, and is solely responsible for the information contained therein.