光学 CQ2 预览_ 追随潮汐时间表-Optical CQ2 Preview_ Following the Tide Schedules

August 4, 2025 04:01 AM GMT Cloud capex revisions overriding other concerns for now. Given the meaningful positive revisions we saw in cloud capex last week (now expecting +54% in 2025), enthusiasm for optical AI names has rereached highs from earlier this year (COHR 19%, LITE 17%, CIEN 11% over the last month, bringing names to +9%, +27%, +5% YTD). With multiples now hovering around 1 yr averages, we do think we have reached the limits of multiple expansion, particularly given longer term concerns for comp ...