### PhotonCap

PhotonCap

@photoncap

Seeing tech through a different wavelength. Photonics & semiconductor research

PhotonCap

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### Recent Articles

#### [The More Anthropic Buys Micron HBM, the Faster Optical Memory Pooling Arrives](https://photoncap.net/p/the-more-anthropic-buys-micron-hbm)

Optics expert [PhotonCap](https://substack.com/profile/401123740-photoncap) uses the recent Micron and Anthropic agreement as a starting point to explain why the memory bottleneck in AI infrastructure is becoming a structural problem.

The piece breaks down why HBM shortages are lifting the broader DRAM market, and why the next path toward memory disaggregation may make optics increasingly important.

#### [AAOI: Down 37% From Its Peak. Opportunity or Trap?](https://damnang2.substack.com/p/aaoi-down-37-from-its-peak-opportunity)

AAOI has become one of the most difficult AI optics stocks to read: up more than 550% over the past year, yet down 37% from its May peak. This article looks past the chart and reframes AAOI not as a simple transceiver assembler, but as a vertically integrated InP laser-to-module company. The key question is whether the recent selloff is …