尽管利润波动、全行业份额下滑，LITE仍是极佳的AI基础设施投资机会。第四季度收入同比增长超过100%；核心AI需求中约70%尚未满足，产能已售罄至2029年初。英伟达20亿美元的承诺支撑其地位。
逐段跳播
关于我的第一只股票，我真的很想谈谈我们最近注意到的一个趋势。所以，我要谈的股票是“Lumentum Holdings”。
You know, regarding my first stock, I really want to talk about a trend we've noticed recently. So, the stock I'm going to talk about is "Lumentum Holdings ".
所以，这是建设人工智能基础设施的一项基本要求，而像 Lumintum 这样的公司正是在这里发挥作用。Lumintom 的商业模式是，它是一家企业对企业（B2B）的工业设备制造商。
他们设计、制造并销售专注于光子学的激光芯片。将计算机服务器的电数据转换为光束的激光器和光收发器是 Lumentum 业务的核心，使这些数据能够以如此高的速度通过光纤电缆传输。
So, this is a fundamental requirement for building an artificial intelligence infrastructure, and this is where a company like Lumintum comes in. Lumintom's business model is that it is a business-to-business (B2B) industrial equipment manufacturer.
They design, build, and sell laser chips that specialize in photonics. Lasers and optical transceivers that convert electrical data from computer servers into light beams are at the heart of Lumentum's business, allowing that data to travel through fiber optic cables at such high speeds.
他们还有一个工业技术部门，提供3D传感芯片等应用，以及用于切割和焊接金属板或制造电动汽车电池的高精度工业激光器。
They also have an industrial technology division , where they offer applications such as 3D sensing chips, and high-precision industrial lasers for cutting and welding sheet metal or manufacturing electric vehicle batteries.
但目前云和网络业务是 Lumintum 增长的主要驱动力。Lumintum 本质上是全球技术供应链中的关键支柱。
But cloud and networking businesses are currently the main driver of Lumintum's growth . Lumintum is essentially a key pillar in the global technology supply chain .
要了解 Lumintom 工作的性质及其执行方式，我们清楚地看到其业务实现了巨大增长。仅第四季度业绩，净收入就同比增长超过100%。他们继续大幅超出华尔街的预期。
To understand the nature of Lumintom's work and how it is performed, we clearly see tremendous growth in their business. In the fourth quarter results alone, net revenue increased by more than 100% year-on-year.
They continue to substantially exceed Wall Street's expectations .
最近在彭博电视上对 Lumintum 首席执行官 Michael Hirston 进行了一次采访。采访中提到，Lumintum 无法满足其核心 AI 产品约70%的客户需求。这也意味着，到2028年，他们无法完成约30%的替换组件订单，这意味着他们已全部售罄的产能已经排到了2029年初。
There was a recent interview with Lumintum CEO Michael Hirston on Bloomberg Television. It was stated that Lumintum is unable to meet approximately 70% of customer demand for its core AI products.
This also means that they cannot fulfill about 30% of their order book for replacement components until 2028, which means that their fully sold-out production capacity has already been extended until early 2029.
建造并认证一座全新的半导体激光器制造设施大约需要3年时间。因此，他们在很大程度上不会受到许多试图快速追赶他们的竞争对手的威胁。
It takes about 3 years to build and qualify a completely new semiconductor laser manufacturing facility. Therefore, they are largely safe from many of their competitors who are trying to catch up with them quickly.
他们获得了 Nvidia 20亿美元的战略采购承诺，以确保 Blackwell 芯片发布所需的组件。当然，他们还通过几种不同方式加强了长期市场地位。他们收购了一家名为 Cloudlite 的公司，这大大加快了他们在高速收发器封装方面的能力。
They have a $2 billion strategic purchase commitment from Nvidia to secure components for the launch of Blackwell chips. And of course, they also strengthened their long-term market position in several different ways.
They acquired a company called Cloudlite, which greatly accelerated their capabilities in packaging high- speed transceivers.
最近举办了一场名为 OCP World Summit 的活动。活动期间，Lumintum 与 Corning 和 Astera Labs 等行业巨头一起展示了其领先的光学技术。
An event called the OCP World Summit was recently held. During the event , Lumintum showcased its leading optical technologies alongside industry giants such as Corning and Astera Labs.
这项技术主要旨在用光通道取代主板上的传统铜走线。这意味着 Lumintum 正寻求将其目标市场扩展到芯片间通信的内部基础设施。
This technology primarily aims to replace traditional copper traces in motherboards with optical channels. This means that Lumintum is looking to expand its target market to include internal infrastructure for inter- chip communication.
所以，这是一家非常有趣的公司。我们看到价格略有下跌，这在人工智能板块中普遍发生。但我真的相信，在人工智能的更广泛扩张中，这是一个极好且令人兴奋的投资机会。
So, it's a really interesting company. We have seen a slight decline in prices, which is something that is generally happening across the artificial intelligence sector. But I truly believe it is a fantastic and exciting investment opportunity within the broader expansion of artificial intelligence.
由于这类业务活动的机制性质，他们的底线利润增长仍面临一些波动。但是，考虑到他们的订单历史、获得的采购承诺、因需求极高而无法满足许多客户请求，以及他们在人工智能扩张中价值链中的地位，我认为 Lumentum Holdings 是一家值得关注的公司。
They still face some fluctuations in the growth of their bottom line profits due to the nature of the mechanisms of this business activity. But, you know, given their order history, the purchase commitments they receive, their inability to fulfill many customer requests due to very high demand, and their position in the value chain within the expansion of artificial intelligence, I think Lumentum Holdings is a company worth watching.
同样，和 Lumentum 很像，它处于 AI 设备物理基础设施所面临的持续瓶颈之中。
Again, much like Lumentum, it operates within the ongoing bottleneck that the physical infrastructure of AI devices faces.