PCIe/CXL/Ethernet connectivity leader. 115% rev growth, 74% GM, Amazon 466M warrant. Post-earnings selloff (Feb 10) created accumulation zone. RSI 39, thick volume support at 125-150.

B FY2025 revenue (+28.6%), guided $11.25B for 2026. AI networking leader — Ethernet transition beneficiary. EOS software moat + DSF (Disaggregated Scheduled Fabric) hardware moat. Jayshree Ullal elite CEO. MSFT 26% + Meta 16% = 42% concentration BUT dual-fabric architecture at Meta means Arista (DSF/7700R4) and NVIDIA Spectrum-X (NSF/whitebox) serve different layers — complementary, not competitive. NVIDIA is a growing Ethernet force (#1 briefly in Q2 2025, now #3) but competes in the whitebox/FBOSS layer, not Arista's scheduled fabric niche. Key risk: NVIDIA full-stack pull-through across other hyperscalers. Key strength: co-designed DSF with Meta since 2018, no NVIDIA equivalent to 7800R4 modular spine.

4x book-to-bill, InP vertical integration. Chart has thin structure above $121.

88% AEC market share, 173% FY26 rev growth. Sitting on 200d SMA at $122.

Sole manufacturer 1.6T optical transceivers for NVIDIA Blackwell. 100% market share. Asset-light model.

Passive optical infrastructure giant with 171-year glass science moat playing AI buildout through optical fiber/cable demand for hyperscale data centers. Meta B multiyear deal anchors US capacity. Optical segment +24% YoY. Springboard plan targets 1B incremental revenue by 2028 (7.4B total). Poorna conviction pick. GLW occupies a differentiated layer vs COHR/FN/LITE — it makes the passive conduit (fiber, cable, connectivity) that all active optical signals travel through. AI data center buildout requires massive fiber deployment between racks, pods, and campuses. Passive infrastructure is less cyclical than active components, provides steady revenue anchor. Baker-adjacent: not in his explicit AI interconnect thesis but benefits directly from capex surge flowing into physical data center infrastructure.

Upstream EML laser manufacturer supplying the optical components inside every high-speed transceiver and co-packaged optic (CPO). 86% cloud revenue. Two new revenue categories not yet fully priced: (1) Optical Circuit Switch (OCS) — new intelligent optical switching category for AI scale-out networks, 00M+ backlog shipping H2 2026; (2) CPO — LITE supplies EML laser chips that go into CPO modules from COHR, FN, and others. Q3 FY2026 guidance 05M (~85% YoY growth). Baker-perfect alignment: optical interconnects are one of the two clearest AI infrastructure plays in his framework. Upstream positioning means LITE captures value across the entire optical supply chain regardless of which module/transceiver maker wins.

NVIDIA liquid cooling partner. 28x fwd P/E, $2.3B backlog (3x YoY), 30% rev growth. Testing $115-121 resistance.

Largest electrical contractor, 68K workers, $39.2B backlog. Near ATH, 76x P/E.

Specialty foundry leader in silicon photonics, SiGe, analog/mixed-signal. NVIDIA SiPho partnership (Feb 5), $920M CapEx for 5x capacity. Revenue doubled SiPho to $228M. CEO Ellwanger 21yr tenure. Geopolitical diversification (Israel/US/Japan, not Taiwan).

Pure-play data center power and cooling infrastructure — 100% AI/DC revenue exposure vs NVT's ~30%. 5B backlog doubled YoY; 252% Q4 order growth. Liquid cooling and power management for AI clusters. While NVT is a diversified industrial with a DC segment, VRT is fully dedicated: UPS systems, PDUs, thermal management, and liquid cooling purpose-built for hyperscale AI data centers. Direct Baker alignment — he identifies liquid cooling as mandatory infrastructure (30kW → 130kW per rack with Blackwell) and VRT's product suite is exactly the answer. Higher revenue growth rate (28%) than NVT at the company level because the full company is exposed to AI tailwinds, not just a segment. Organic orders +252% Q4 suggests capex visibility extends well into 2027.