Goldman Just Mapped the Entire AI Optics Supply Chain
$Goldman Sachs(GS)$ just dropped a map of the entire AI optics supply chain.
Goldman just mapped the AI optics supply chain from chips to testing. The list covers the major publicly traded players across nearly every layer of the ecosystem.
Chip / xPU Design:
$NVIDIA(NVDA)$ $Marvell Technology(MRVL)$ $Broadcom(AVGO)$ $Intel(INTC)$ $Advanced Micro Devices(AMD)$ $Cisco(CSCO)$ MediaTek
Photonic & Electronic ICs:
$Lumentum(LITE)$ $Coherent(COHR)$ $MACOM Technology Solutions Holdings, Inc.(MTSI)$ Innolight, Eoptolink, Accelink, UX IC
Foundries:
$Taiwan Semiconductor Manufacturing(TSM)$ $Tower Semiconductor(TSEM)$ $GLOBALFOUNDRIES Inc.(GFS)$ $United Microelectronics(UMC)$
Materials:
$AXT Inc(AXTI)$ JX Advanced Metals, Sumitomo Electric, Yunnan Germanium, Landmark, VPEC, IQE, IntelliEpi, Mitsui Kinzoku, Furukawa Electric
Lasers & Light Sources:
$Applied Optoelectronics(AAOI)$ YJ Semi, Etern, Everbright Photonics, Shijia Photons, Mitsubishi Electric
Passive Optical Components:
$Viavi Solutions(VIAV)$ $Ciena(CIEN)$ FOCI, TFC Optical, Zesum, AFR, EverProX, Focuslight, JPT
Optical Modules & Integration:
$Fabrinet(FN)$ $Nokia Oyj(NOK)$ HG Tech, Dongshan Precision, CIG
Fiber:
$Corning(GLW)$ YOFC, Prysmian, Fujikura, Hengtong
Connectors & Ferrules:
$Amphenol(APH)$ , Browave, T&S, Three-Circle
Packaging & Testing:
$Amkor Technology(AMKR)$ $Jabil Circuit(JBL)$ $ASE Technology(ASX)$ Hon Hai, JCET, TFME, Halma
Packaging Equipment:
$Kulicke & Soffa(KLIC)$ RoboTechnik, ASMPT, GKG Precision, All Ring, Chroma ATE, GMT, Shibuya
Testing Equipment:
$Teradyne(TER)$ $Keysight(KEYS)$ $FormFactor(FORM)$ MPI, Hon Precision, Advantest, Tokyo Electron
The bigger takeaway is that the AI infrastructure buildout is no longer just a GPU story. As data centers scale, optical connectivity is becoming increasingly critical, creating demand across chips, lasers, materials, modules, fiber, packaging and testing.
Goldman’s map shows just how broad the opportunity has become—and how many companies are positioned to benefit from the next phase of AI infrastructure spending.
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