The Cool Aisle by George Notter... A Few Insights into the Optical Hardware & OCS Markets

研报英文原文证据摘录

The Cool Aisle by George Notter... A Few Insights into the Optical Hardware & OCS Markets

Telecom and Networking Equipment

Communications Technology - Market Overweight

IT Services & Software - Market Weight

Public Safety - Market Overweight

The Cool Aisle by George Notter... A Few Insights into the June 21, 2026

Optical Hardware & OCS Markets

TICKER RTG PT % UP

The Wolfe Byte AAOI PP NA NA

Welcome to The Cool Aisle, our weekly covering all things Data Center & Comms ADTN PP NA NA

Tech. We focus on insights from the ecosystem you can’t get elsewhere! ANET OP $175 3.1%

AXON OP $675 59.4%

CALX PP NA NA

Our AI-related stocks have been weaker for several weeks now. We’ve been getting CIEN OP $660 54.1%

CLS OP $425 14.1%

investors’ questions about the choppy performance – each one begins with… “I know COHR OP $400 2.7%

<insert company name> ripped over the last year, but why has it underperformed CSCO PP NA NA

in recent weeks?” From what we can tell, there’s a variety of elements at play… 1) DELL PP NA NA

general investor rotation – folks taking profits; 2) supply chain risks; 3) concerns about DOX PP NA NA FFIV OP $490 27.1%

excess InP supply – especially from China; 4) concerns about funding – OpenAI, etc.; 5) FN OP $775 35.1%

concerns about CPO timing shifting out (or CPO getting supplanted by NPO); and 6) GLW OP $230 18.0%

concerns about valuation and these companies’ ability to hit the expectations currently HLIT UP $8 (46.9%)

HPE PP NA NA

imputed in stocks. Each of our AI complex names are down ~5-20% over the past LITE OP $1,200 41.2%

month. Ciena is above the lower end of that range – their Q/Q Backlog growth was MSI PP NA NA

poorly-received by the Street. Arista has traded up – mainly on concerns about supply RDWR OP $34 25.5%

chain and competition easing.