AI Infrastructure Bottleneck Migrates From Compute to Optics and Memory
Lumentum, Fabrinet and SK hynix sit at the choke point of hyperscaler buildouts as optical transceiver and HBM shortages intensify — even as valuation math for the AI trade shifts
The binding constraint in AI datacenter construction is moving downstream from GPUs to optical interconnect and high-bandwidth memory, concentrating pricing power in a narrow set of suppliers. At the same time, sell-side analysis warns the arithmetic supporting AI valuations is deteriorating.
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