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Feels like my $IQE thesis Feb this year got validated alongside $AXTI and others. (I still long on both) So I stopped covering them as much. But TLDR on updates: Early this year, IQE was a distressed but critical chokepoint in the optical supply chain with links to $LITE and others when I published my thesis on it. Since then: - $MTSI signed long term epiwafer supply agreements, took a stake in the company, now IQE is bank debt free (Macom has convertibles, but that's positive) - $TSEM signed agreements for InP epiwafers. - Management explicitly said its IQE agreement was signed to secure the "strategic III-V epiwafer supply required for that roadmap" - IQE signed another ~$14M mysterious AI DC contract. The only part that's still playing out with my earlier thesis is IQE converting their latent/underutilized capacity toward AI DC segment, to match peers like Landmark in the space (which takes time, like slightly over a year if I remember correctly). There's some national security implications that I'll avoid talking about that makes them more important. But basically: FY2025 revenue: £97.3m FY2026 guidance: over £126.5m They're rapidly growing again in the optical sector, out of bank debt/distressed liquidation state, and remains a critical chokepoint in Western optical supply chains. Now... with new agreements with your leading photonics companies for revenue growth, and players like Macom serving as a soft backstop. After a thesis gets validated, typically I just sit back and enjoy growth of a business.