{"schema":"5lc-index-ledger/1","key":"infrastructure-networking","layer":"infrastructure","sublayer":"networking","asOf":"2026-10-22","about":"5LC Importance Index ledger for one sublayer: the measure card, the current ten with any editorial overrides and their reasons, the computed result for every scored company (Importance = share of AI output × years to replace, Reach, replacement years, Rising, the Monte Carlo rank simulation and its stability class, validation, the revenue baseline and rater agreement), each scored company's sourced inputs and irreplaceability ratings, and the sublayer's validation cases with their sources. Monte Carlo frequencies describe the stated input ranges, not true probabilities. Omitted: the free-text notes of the internal check passes and of rating reconciliations, and the location of the internal card review; references to local evidence files and to internal method decisions are replaced by plain descriptions.","roster":{"members":[{"entityId":"nvidia-networking","slot":"importance","since":"2026-10-22"},{"entityId":"innolight","slot":"importance","since":"2026-10-22"},{"entityId":"amphenol","slot":"importance","since":"2026-10-22"},{"entityId":"arista","slot":"importance","since":"2026-10-22"},{"entityId":"eoptolink","slot":"importance","since":"2026-10-22"},{"entityId":"cisco","slot":"importance","since":"2026-10-22"},{"entityId":"coherent","slot":"importance","since":"2026-10-22"},{"entityId":"celestica","slot":"importance","since":"2026-10-22"},{"entityId":"credo","slot":"rising","since":"2026-10-22"},{"entityId":"accelink","slot":"rising","since":"2026-10-22"}],"pending":{},"lastRun":"2026-10-22","resultsDate":"2026-10-22"},"card":{"schema":"5lc-index-card/1","key":"infrastructure-networking","layer":"infrastructure","sublayer":"networking","version":1,"scope":"Networking parts inside AI data centres, each credited to the company that sells the finished part (switch, module or cable): Ethernet and InfiniBand switch systems, including switches sold directly to cloud companies by their manufacturers, optical transceivers, and copper and fibre cabling and connectivity; switch, network-adapter and optical signal-processing chips and the adapter cards their designers sell belong to Chips · Chip design, switch trays inside rack-scale systems to Servers & systems, and routers and long-distance optical links between separate data centres are not counted.","outputMeasure":"Switches, optical transceivers and cabling that connect data-centre computers, by worldwide sales of finished parts, weighted by 2025 spending.","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","hardToReplace":"Switches and transceivers are qualified for each network design, and a few makers supply most high-speed optics, whose lasers have run short. Cabling has more qualified makers.","functions":[{"id":"switching","name":"Data-centre switches","why":"Every AI cluster links its accelerators through switch fabrics; the largest share of spending.","weight":{"low":0.45,"central":0.53,"high":0.61},"weightSource":{"url":"https://www.idc.com/resource-center/blog/ethernet-switch-market-size-and-growth-datacenter-segment-surges-60-in-q4-as-ai-workloads-expand/","title":"Ethernet switch market size and growth: datacenter segment surges 60% in Q4 as AI workloads expand","publisher":"IDC","publishedDate":"2026-03-18","accessedDate":"2026-10-22","tier":"T4","locator":"Datacenter Ethernet switching 'full-year growth of 53.5% YoY to reach $32.5B' (2025). InfiniBand is not in IDC's total; estimated at about $6B (range $4–9B) from Dell'Oro's statement that Ethernet held 'more than two-thirds of data center switch sales in AI back-end networks' in 1Q–3Q 2025 (5 Dec 2025). Central $6B sits at the upper bound implied by Dell'Oro if AI back-end Ethernet is $12B; the range covers it. Function about $38.5B of about $72.5B across the four parts."},"shareData":"Data-centre switch revenue over the world total (IDC, Dell'Oro, filings)"},{"id":"optics","name":"Optical transceivers","why":"Links beyond a few metres run over optical modules, whose lasers have been a bottleneck.","weight":{"low":0.22,"central":0.27,"high":0.35},"weightSource":{"url":"https://optics.org/news/optical-transceiver-market-poised-to-exceed-110bn-by-2031---report","title":"Optical transceiver market poised to exceed $110BN by 2031 - report","publisher":"optics.org, reporting Yole Group","publishedDate":"2026-07-01","accessedDate":"2026-10-22","tier":"T4","locator":"Yole puts the 2025 optical transceiver market at about $23 billion (report 'Optical Transceivers for Datacom and Telecom 2026'), counted at the module maker, with supply limited by indium phosphide components and lasers. Telecom optics removed at 10–15%: data-centre optics about $20B (range $18–23.4B) of about $72.5B."},"shareData":"Finished transceiver and optical cable sales over the world total; resold modules go to the selling brand"},{"id":"copper","name":"Copper links and connectors","why":"Short links inside and between racks run over copper cables and cable cartridges.","weight":{"low":0.05,"central":0.1,"high":0.15},"weightSource":{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","title":"Amphenol Corporation Form 10-K for fiscal year 2025","publisher":"Amphenol Corporation / U.S. SEC","publishedDate":"2026-02-11","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1, Markets: IT datacom 'represented approximately 36% of the Company's net sales in 2025'; Item 7: net sales $23,094.7 million, IT datacom sales 'increased approximately $4,593.7'. Amphenol's IT datacom sales (about $8.3B) cover connectors, power and fibre as well as cable assemblies. Finished copper data cables and cable assemblies from all makers estimated at about $7B (range $4.5–10B): Amphenol's cable assemblies taken as 35–55% of its IT datacom, plus Credo, Luxshare, TE Connectivity, Molex, BizLink and others; about $7B of about $72.5B."},"shareData":"Finished copper data cable sales over the estimated world total"},{"id":"fibre","name":"Fibre and passive connectivity","why":"Every optical link runs over fibre cable, trunks and connectors laid through each hall.","weight":{"low":0.06,"central":0.1,"high":0.14},"weightSource":{"url":"https://convergedigest.com/corning-delivers-record-2025-results-raises-springboard-growth-targets/","title":"Corning delivers record 2025 results, raises Springboard growth targets","publisher":"Converge Digest, reporting Corning's fourth-quarter 2025 results","publishedDate":"2026-01-28","accessedDate":"2026-10-22","tier":"T2","locator":"Corning's enterprise optical sales were 'a little over' $3 billion in 2025, roughly two-thirds tied to hyperscalers; Optical Communications sales $6.27 billion. Worldwide data-centre fibre and passive connectivity estimated at about $7B (range $5–9B), taking Corning as 40–60% of it: about $7B of about $72.5B."},"shareData":"Data-centre fibre and connectivity sales over the estimated world total"}],"risingFloorPct":1,"validationCaseIds":[],"knownGaps":["Totals cover all data-centre networking (IDC data-centre Ethernet, Yole datacom optics), not AI clusters alone.","InfiniBand switch sales are not published; they are estimated from Dell'Oro's statement that Ethernet held more than two-thirds of AI back-end switch sales in 2025.","IDC's public release does not say whether switches sold directly by manufacturers to cloud companies are inside its data-centre Ethernet total.","Yole's transceiver total includes telecom optics; the data-centre portion is estimated at 85–90%.","Yole counts transceivers at the module maker's price, while a brand that resells modules (such as NVIDIA LinkX) is credited at its own price, so its share is measured slightly high.","No free source gives a market total for copper cable assemblies or data-centre fibre; both rest on the leading makers' reported sales (Amphenol, Corning) and estimates, and carry the widest ranges.","Lasers and photonic chips inside modules are credited to the module seller, because no maker of them is a near-sole supplier.","Some makers report data-centre sales inside wider segments (Cisco, Huawei, Corning, Fujikura, TE Connectivity), so their shares rest on estimates."],"approval":{"approver":"Claude (delegated by 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(PowerSwitch)","reachPct":0.46991,"importance":0.135179423103,"importanceRank":30,"functions":[{"id":"switching","weight":0.53,"sharePct":0.514,"shareLowPct":0.154,"shareHighPct":1.285,"stale":false,"offBasis":false,"level":1.33333333333,"years":0.3149802624729905,"disagreement":false},{"id":"optics","weight":0.27,"sharePct":0.537,"shareLowPct":0.134,"shareHighPct":1.342,"stale":false,"offBasis":false,"level":1,"years":0.25,"disagreement":false,"defaultLevel":true},{"id":"copper","weight":0.1,"sharePct":0.525,"shareLowPct":0.131,"shareHighPct":1.575,"stale":false,"offBasis":false,"level":1,"years":0.25,"disagreement":false,"defaultLevel":true},{"id":"fibre","weight":0.1,"sharePct":0,"shareLowPct":0,"shareHighPct":0,"stale":false,"offBasis":false,"level":null,"years":null,"disagreement":false}],"rising":null,"risingEligible":false,"risingComponents":{},"mc":{"medianRank":28,"rankP10":25,"rankP90":31,"pTop8":0,"pSelected":0,"stability":"borderline"},"baselineRevenueRank":null},{"entityId":"zte","name":"ZTE","reachPct":0.4159,"importance":0.103975,"importanceRank":31,"functions":[{"id":"switching","weight":0.53,"sharePct":0.7,"shareLowPct":0.2,"shareHighPct":2,"stale":false,"offBasis":false,"level":1,"years":0.25,"disagreement":false,"defaultLevel":true},{"id":"optics","weight":0.27,"sharePct":0.1,"shareLowPct":0,"shareHighPct":0.5,"stale":false,"offBasis":false,"level":1,"years":0.25,"disagreement":false,"defaultLevel":true},{"id":"copper","weight":0.1,"sharePct":0.1,"shareLowPct":0,"shareHighPct":0.5,"stale":false,"offBasis":false,"level":1,"years":0.25,"disagreement":false,"defaultLevel":true},{"id":"fibre","weight":0.1,"sharePct":0.079,"shareLowPct":0,"shareHighPct":0.4,"stale":false,"offBasis":false,"level":1,"years":0.25,"disagreement":false,"defaultLevel":true}],"rising":null,"risingEligible":false,"risingComponents":{},"mc":{"medianRank":29,"rankP10":24,"rankP90":31,"pTop8":0,"pSelected":0,"stability":"borderline"},"baselineRevenueRank":null},{"entityId":"us-conec","name":"US Conec","reachPct":0.1555,"importance":0.0872714242563,"importanceRank":32,"functions":[{"id":"switching","weight":0.53,"sharePct":0,"shareLowPct":0,"shareHighPct":0,"stale":false,"offBasis":false,"level":null,"years":null,"disagreement":false},{"id":"optics","weight":0.27,"sharePct":0,"shareLowPct":0,"shareHighPct":0,"stale":false,"offBasis":false,"level":null,"years":null,"disagreement":false},{"id":"copper","weight":0.1,"sharePct":0,"shareLowPct":0,"shareHighPct":0,"stale":false,"offBasis":false,"level":null,"years":null,"disagreement":false},{"id":"fibre","weight":0.1,"sharePct":1.555,"shareLowPct":0.415,"shareHighPct":3.421,"stale":false,"offBasis":false,"level":2.16666666667,"years":0.5612310241559831,"disagreement":false}],"rising":null,"risingEligible":false,"risingComponents":{},"mc":{"medianRank":32,"rankP10":30,"rankP90":32,"pTop8":0,"pSelected":0,"stability":"borderline"},"baselineRevenueRank":null}],"selection":{"importanceIds":["nvidia-networking","innolight","amphenol","arista","eoptolink","cisco","coherent","celestica"],"risingIds":["credo","accelink"],"filledFromImportance":[]},"risingPools":{"growth":16,"shareChange":16,"committed":3},"weightSensitivity":[{"functionId":"switching","end":"low","entered":["corning"],"left":["accelink"]},{"functionId":"switching","end":"high","entered":[],"left":[]},{"functionId":"optics","end":"low","entered":[],"left":[]},{"functionId":"optics","end":"high","entered":[],"left":[]},{"functionId":"copper","end":"low","entered":[],"left":[]},{"functionId":"copper","end":"high","entered":[],"left":[]},{"functionId":"fibre","end":"low","entered":[],"left":[]},{"functionId":"fibre","end":"high","entered":["corning"],"left":["accelink"]}],"validation":[],"baseline":{"spearman":0.775691699605,"baselineTop10NotSelected":["accton","hpe","huawei"],"selectedNotInBaselineTop10":["eoptolink","credo","accelink"]},"raterAgreement":{"within":0.976744186047,"weightedKappa":0.851553509781,"disagreements":[]}},"inputs":{"nvidia-networking":{"schema":"5lc-index-inputs/1","key":"infrastructure-networking","entityId":"nvidia-networking","name":"NVIDIA Networking","parentId":"nvidia","kind":"unit","commercialActivityVerified":true,"shares":{"switching":{"low":19.27,"central":27.79,"high":42.43,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.idc.com/resource-center/blog/ethernet-switch-market-size-and-growth-datacenter-segment-surges-60-in-q4-as-ai-workloads-expand/","title":"Ethernet switch market size and growth: datacenter segment surges 60% in Q4 as AI workloads expand","publisher":"IDC","publishedDate":"2026-03-18","accessedDate":"2026-10-22","tier":"T5","locator":"4Q25: NVIDIA Ethernet switch revenue $1.5B (all datacenter), +192.6% year on year, 15.2% of the $9.9B datacenter segment"},"note":"Method: Ethernet (Spectrum-X) switches from IDC's vendor revenue, quarter by quarter: 1Q25 $0.72B (restated: IDC's 1Q26 blog gives $2.1B at +192.7%, so 1Q25 about $0.72B, where IDC's original 1Q25 release said $1.46B), 2Q25 $2.3B (IDC 2Q25 release), 3Q25 $1.0B (IDC 3Q25 release), 4Q25 $1.5B (IDC 4Q25 release). The published sum with the restated 1Q25 is $5.5B, but the 2Q25 figure looks high against the later quarters, so central Ethernet is $5.0B, low $4.2B (2Q25 held at the 3Q25 level) and high $6.3B (1Q25 and 2Q25 as first published). InfiniBand: 95% of the card's roughly $6B (range 4-9; Dell'Oro says Ethernet held more than two-thirds of AI back-end switch sales; NVIDIA is the near-sole InfiniBand maker) = $5.7B (3.8-8.55). Total $10.7B (8.0-14.85). Central 10.7 / 38.5 = 27.8%. The Next Platform's model (reporting IDC) had NVIDIA at $1.46B in 1Q25, which is the high end. NVLink switch trays and network adapters are excluded per the card. World total for switching about $38.5B (range 35.0-41.5) = IDC datacentre Ethernet $32.5B for 2025 (IDC 4Q25 release, +53.5%) plus about $6B InfiniBand (the card's estimate from Dell'Oro's statement that Ethernet held more than two-thirds of AI back-end switch sales). Sources: IDC 1Q26 https://www.idc.com/resource-center/blog/nvidia-becomes-1-in-datacenter-ethernet-switching-as-1q26-market-surges-39-8-to-15-4-billion/ ; IDC 2Q25 https://www.idc.com/resource-center/press-releases/worldwide-ethernet-switch-market-grew-42-1-in-the-second-quarter-of-2025-according-to-idcs-quarterly-ethernet-switch-tracker/ ; IDC 3Q25 https://www.idc.com/resource-center/press-releases/worldwide-ethernet-switch-market-grew-35-2-in-the-third-quarter-of-2025-according-to-idcs-quarterly-ethernet-switch-tracker/ ; IDC 1Q25 https://www.idc.com/resource-center/press-releases/worldwide-ethernet-switch-market-grew-32-3-in-the-first-quarter-of-2025-according-to-idcs-quarterly-ethernet-switch-tracker/ ."},"optics":{"low":2.56,"central":8,"high":16.67,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1045810/000104581026000021/nvda-20260125.htm","title":"NVIDIA Corporation Form 10-K for fiscal year 2026","publisher":"NVIDIA / U.S. SEC","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T5","locator":"Item 1 Competition: NVIDIA's networking products include 'cable solutions (including optical modules)'; Note 16 revenue by market platform: Networking $31,376M (fiscal 2026)"},"note":"Method: NVIDIA does not disclose LinkX sales. Data Center networking revenue was $31.376B in fiscal 2026 (to 25 Jan 2026; 10-K); after switches (about $10.7B above), NVLink and adapters, a residual of roughly $2-4B is cables and optics. Optical modules sold under the NVIDIA brand judged $1.6B (range 0.6-3.0) = 8.0% of $20B. Branded resale is credited to NVIDIA under the credit rule, so makers such as InnoLight sell some of the same modules. World total for optics about $20B (range 18.0-23.4) = Yole's $23B for 2025 less 10-15% telecom (the card's total; optics.org, 1 Jul 2026). Cross-check: Omdia puts 9M 2025 datacom optical components at $12.9B (quoted in Accelink's 2025 annual report)."},"copper":{"low":1.52,"central":4.12,"high":8.24,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1045810/000104581026000021/nvda-20260125.htm","title":"NVIDIA Corporation Form 10-K for fiscal year 2026","publisher":"NVIDIA / U.S. SEC","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T5","locator":"Item 1 Competition: NVIDIA's networking products include 'cable solutions (including optical modules)'; Note 16 revenue by market platform: Networking $31,376M (fiscal 2026)"},"note":"Method: LinkX direct-attach and active copper cables sold under the NVIDIA brand, judged $0.35B (range 0.13-0.7) of the residual cable-and-optics revenue, divided by $8.5B = 4.1%. The NVL72 in-rack cable cartridges are credited to the cable maker. World total for copper about $8.5B (this pass's own total, inside the card's $4.5-10B range; unchanged from screening)."},"fibre":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/1045810/000104581026000021/nvda-20260125.htm","title":"NVIDIA Corporation Form 10-K for fiscal year 2026","publisher":"NVIDIA / U.S. SEC","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1 Business: networking offerings are NVLink, switches, adapters, DPUs and cables (including optical modules); no fibre cabling or passive connectivity."}}},"screening":{"switching":{"levelLow":2,"levelHigh":4},"optics":{"levelLow":1,"levelHigh":2},"copper":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"7403a2f400207d2f233c5f0e8930cbf2e851bfbe108f01dccc56f5937901c549"},"consistency":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"7403a2f400207d2f233c5f0e8930cbf2e851bfbe108f01dccc56f5937901c549"}},"priorShares":{"switching":{"low":18.54,"central":28.88,"high":43.04,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.idc.com/resource-center/blog/ethernet-switch-market-size-and-growth-datacenter-segment-surges-60-in-q4-as-ai-workloads-expand/","title":"Ethernet switch market size and growth: datacenter segment surges 60% in Q4 as AI workloads expand","publisher":"IDC","publishedDate":"2026-03-18","accessedDate":"2026-10-22","tier":"T5","locator":"4Q25 vendor revenue and +192.6% growth give 4Q24 NVIDIA Ethernet revenue of about $0.51B"},"note":"Method: Ethernet switches backed out of IDC's published vendor revenue and year-on-year growth: 1Q24 $1.46B / 8.603 = $0.17B; 2Q24 $2.3B / 7.47 = $0.31B; 3Q24 $1.0B / 2.677 = $0.37B; 4Q24 $1.5B / 2.926 = $0.51B (IDC 1Q25, 2Q25, 3Q25, 4Q25 releases); sum $1.36B. The Next Platform's own model (March 2025, https://www.nextplatform.com/2025/03/27/ai-reshapes-the-ethernet-datacenter-switch-market/ ) put NVIDIA Spectrum switches at $2.51B in 2024, the high end of the range; central $1.8B (1.3-2.51). InfiniBand 95% of $6.5B (4.5-9) = $6.2B (4.3-8.55). Total $8.0B (5.6-11.05) / 27.7 = 28.9%. 2024 world total for switching $27.7B (range 25.7-30.2) = IDC datacentre Ethernet 2024 $21.2B ($32.5B divided by 1.535, from IDC's 53.5% growth) plus InfiniBand $6.5B (judgement, range 4.5-9; same method as the card's 2025 estimate)."},"optics":{"low":1.58,"central":5.21,"high":11.71,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1045810/000104581026000021/nvda-20260125.htm","title":"NVIDIA Corporation Form 10-K for fiscal year 2026","publisher":"NVIDIA / U.S. SEC","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T5","locator":"Note 16 revenue by market platform, fiscal 2025 column: Networking $12,990M (year to 26 Jan 2025)"},"note":"Method: same share of networking revenue as 2025 (LinkX optics $1.6B / $31.376B = 5.1%) applied to fiscal 2025 networking revenue $12.990B = $0.662B (range scaled as in 2025). 2024 world total for optics $12.7B (range 10.6-15.6) = the $20B 2025 total divided by 1.58 (LightCounting estimates the whole optical module market grew 58% in 2025; C114, 28 May 2026)."},"copper":{"low":1.2,"central":3.22,"high":6.45,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1045810/000104581026000021/nvda-20260125.htm","title":"NVIDIA Corporation Form 10-K for fiscal year 2026","publisher":"NVIDIA / U.S. SEC","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T5","locator":"Note 16 revenue by market platform, fiscal 2025 column: Networking $12,990M (year to 26 Jan 2025)"},"note":"Method: same share of networking revenue as 2025 (LinkX cables $0.35B / $31.376B = 1.1%) applied to fiscal 2025 networking revenue $12.990B = $0.145B (range scaled as in 2025). 2024 world total for copper $4.5B = $8.5B divided by 1.9, the blended 2025 growth of the makers' reported sales (Amphenol IT datacom +123%, TE digital data networks +73%, Credo +206%, Luxshare communications and data centres +34%); a judgement."}},"activityGrowth":{"current":{"low":31376000000,"central":31376000000,"high":31376000000,"unit":"USD","basis":"NVIDIA Data Center networking revenue (switches, adapters, NVLink and cables), fiscal year, US dollars","period":"FY2026 (to 25 January 2026)","periodEnd":"2026-01-25","source":{"url":"https://www.sec.gov/Archives/edgar/data/1045810/000104581026000021/nvda-20260125.htm","title":"NVIDIA Corporation Form 10-K for fiscal year 2026","publisher":"NVIDIA / U.S. SEC","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T1","locator":"Note 16, revenue by market platform: Networking $31,376M (fiscal 2026)"},"note":"NVIDIA reports one networking line. It includes NVLink switches and adapters that the card counts elsewhere (the company says year-on-year growth was driven mainly by NVLink 72 scale-up switches), so it overstates growth of the finished switches, optics and cables credited here; no narrower figure is published."},"prior":{"low":12990000000,"central":12990000000,"high":12990000000,"unit":"USD","basis":"NVIDIA Data Center networking revenue (switches, adapters, NVLink and cables), fiscal year, US dollars","period":"FY2025 (to 26 January 2025)","periodEnd":"2025-01-26","source":{"url":"https://www.sec.gov/Archives/edgar/data/1045810/000104581026000021/nvda-20260125.htm","title":"NVIDIA Corporation Form 10-K for fiscal year 2026","publisher":"NVIDIA / U.S. SEC","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T1","locator":"Note 16, revenue by market platform, fiscal 2025 column: Networking $12,990M"}}},"baselineRevenueUsd":{"low":31376000000,"central":31376000000,"high":31376000000,"unit":"USD","basis":"Data Center networking revenue (the unit as scored), fiscal year, US dollars","period":"FY2026 (to 25 January 2026)","periodEnd":"2026-01-25","source":{"url":"https://www.sec.gov/Archives/edgar/data/1045810/000104581026000021/nvda-20260125.htm","title":"NVIDIA Corporation Form 10-K for fiscal year 2026","publisher":"NVIDIA / U.S. SEC","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T1","locator":"Note 16, revenue by market platform: Networking $31,376M"},"note":"NVIDIA's networking line only, never the parent's total ($215.9B)."}},"innolight":{"schema":"5lc-index-inputs/1","key":"infrastructure-networking","entityId":"innolight","name":"InnoLight","kind":"public","commercialActivityVerified":true,"shares":{"switching":{"participates":false,"evidence":{"url":"https://www.zj-innolight.com/en/about.html","title":"About InnoLight","publisher":"Zhongji InnoLight","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"About page: one product category, 'a comprehensive portfolio of optical transceivers from 10G to 1.6T'; no switches."}},"optics":{"low":20.05,"central":25.06,"high":29.63,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://m.c114.com.cn/w5472-1311209.html","title":"光模块厂商全球Top10：中国包揽前2，7家入围 (Optical module vendors global Top 10: China takes the top two; C114 report of LightCounting's ranking)","publisher":"C114, reporting LightCounting","publishedDate":"2026-05-28","accessedDate":"2026-10-22","tier":"T5","locator":"Ranking by 2025 optical module sales: InnoLight first; LightCounting: 2024 revenue $3.312B (+114%), company-reported 2025 revenue $5.333B (+61%)"},"note":"Method: LightCounting (via C114, 28 May 2026) says InnoLight's company-reported 2025 revenue was $5.333B (RMB 38.24B in its annual report; optical transceiver modules RMB 37.457B, 97.95% of revenue, per Wall Street Insight https://wallstreetcn.com/articles/3768766 ). Data-centre Ethernet modules taken as about 94% (range 88-100%; the rest is telecom and coherent, a judgement; InnoLight gives no split) = $5.01B, divided by the card's $20B = 25.1%; the range follows both the share judgement and the $18-23.4B total. World total for optics about $20B (range 18.0-23.4) = Yole's $23B for 2025 less 10-15% telecom (the card's total; optics.org, 1 Jul 2026). Cross-check: Omdia puts 9M 2025 datacom optical components at $12.9B (quoted in Accelink's 2025 annual report)."},"copper":{"participates":false,"evidence":{"url":"https://www.zj-innolight.com/en/about.html","title":"About InnoLight","publisher":"Zhongji InnoLight","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"About page: one product category, optical transceivers; no copper cables."}},"fibre":{"participates":false,"evidence":{"url":"https://www.zj-innolight.com/en/about.html","title":"About InnoLight","publisher":"Zhongji InnoLight","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"About page: one product category, optical transceivers; no fibre cabling."}}},"screening":{"optics":{"levelLow":2,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"1d99090e7f011bd56d03699c47c4d3fb95ff80388df3e16741147ad4e3750137"},"consistency":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"1d99090e7f011bd56d03699c47c4d3fb95ff80388df3e16741147ad4e3750137"}},"priorShares":{"optics":{"low":18.68,"central":24.51,"high":31.25,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://m.c114.com.cn/w5472-1311209.html","title":"光模块厂商全球Top10：中国包揽前2，7家入围 (Optical module vendors global Top 10: China takes the top two; C114 report of LightCounting's ranking)","publisher":"C114, reporting LightCounting","publishedDate":"2026-05-28","accessedDate":"2026-10-22","tier":"T5","locator":"LightCounting: InnoLight 2024 revenue $3.312B, +114%"},"note":"Method: 2024 revenue $3.312B (LightCounting via C114) x 94% data-centre Ethernet (same judgement as 2025) = $3.11B, divided by $12.7B = 24.5%. 2024 world total for optics $12.7B (range 10.6-15.6) = the $20B 2025 total divided by 1.58 (LightCounting estimates the whole optical module market grew 58% in 2025; C114, 28 May 2026)."}},"activityGrowth":{"current":{"low":5333000000,"central":5333000000,"high":5333000000,"unit":"USD","basis":"Optical module sales, calendar year, US dollars (LightCounting)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://m.c114.com.cn/w5472-1311209.html","title":"光模块厂商全球Top10：中国包揽前2，7家入围 (Optical module vendors global Top 10: China takes the top two; C114 report of LightCounting's ranking)","publisher":"C114, reporting LightCounting","publishedDate":"2026-05-28","accessedDate":"2026-10-22","tier":"T4","locator":"InnoLight company-reported 2025 revenue $5.333B, +61%"},"note":"LightCounting restates the company-reported revenue in dollars; the company's own figure is RMB 38.24B (annual report)."},"prior":{"low":3312000000,"central":3312000000,"high":3312000000,"unit":"USD","basis":"Optical module sales, calendar year, US dollars (LightCounting)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://m.c114.com.cn/w5472-1311209.html","title":"光模块厂商全球Top10：中国包揽前2，7家入围 (Optical module vendors global Top 10: China takes the top two; C114 report of LightCounting's ranking)","publisher":"C114, reporting LightCounting","publishedDate":"2026-05-28","accessedDate":"2026-10-22","tier":"T4","locator":"InnoLight 2024 revenue $3.312B, +114%"}}},"baselineRevenueUsd":{"low":5333000000,"central":5333000000,"high":5333000000,"unit":"USD","basis":"Total revenue, calendar year, US dollars (company-reported, restated in dollars by LightCounting)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://m.c114.com.cn/w5472-1311209.html","title":"光模块厂商全球Top10：中国包揽前2，7家入围 (Optical module vendors global Top 10: China takes the top two; C114 report of LightCounting's ranking)","publisher":"C114, reporting LightCounting","publishedDate":"2026-05-28","accessedDate":"2026-10-22","tier":"T2","locator":"Company-reported 2025 revenue $5.333B"},"note":"98% of revenue is optical transceiver modules (Wall Street Insight, 30 Mar 2026)."}},"amphenol":{"schema":"5lc-index-inputs/1","key":"infrastructure-networking","entityId":"amphenol","name":"Amphenol","kind":"public","commercialActivityVerified":true,"shares":{"switching":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","title":"Amphenol Corporation Form 10-K for fiscal year 2025","publisher":"Amphenol / U.S. SEC","publishedDate":"2026-02-11","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1 Business: connectors, interconnect systems, antennas, sensors and cable; no switches."}},"optics":{"low":0.12,"central":0.5,"high":1.67,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","title":"Amphenol Corporation Form 10-K for fiscal year 2025","publisher":"Amphenol / U.S. SEC","publishedDate":"2026-02-11","accessedDate":"2026-10-22","tier":"T5","locator":"Item 1: IT datacom built on 'high-speed, power and active and passive fiber optic interconnect technologies'"},"note":"Method: no company-specific figure found. Amphenol sells some active optical cables and optical modules; judged about $0.1B (range 0.03-0.3) = 0.5% of $20B. World total for optics about $20B (range 18.0-23.4) = Yole's $23B for 2025 less 10-15% telecom (the card's total; optics.org, 1 Jul 2026). Cross-check: Omdia puts 9M 2025 datacom optical components at $12.9B (quoted in Accelink's 2025 annual report)."},"copper":{"low":34.23,"central":44.01,"high":53.8,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","title":"Amphenol Corporation Form 10-K for fiscal year 2025","publisher":"Amphenol / U.S. SEC","publishedDate":"2026-02-11","accessedDate":"2026-10-22","tier":"T5","locator":"Item 1, Markets: IT datacom 'approximately 36% of the Company's net sales in 2025'; Item 7: net sales $23,094.7M; IT datacom sales 'increased approximately $4,593.7'"},"note":"Method (as in the card): IT datacom sales about $8,314M (36% of $23,094.7M); cable assemblies and backplane systems taken as 35-55% of it (central 45%) = $3.74B (range 2.91-4.57), divided by this pass's copper total of $8.5B = 44.0%. The card's $7B total would make it 53%. World total for copper about $8.5B (this pass's own total, inside the card's $4.5-10B range; unchanged from screening)."},"fibre":{"low":13.75,"central":19.58,"high":25.42,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","title":"Amphenol Corporation Form 10-K for fiscal year 2025","publisher":"Amphenol / U.S. SEC","publishedDate":"2026-02-11","accessedDate":"2026-10-22","tier":"T5","locator":"Item 1 Business: on 9 January 2026 Amphenol completed the CommScope CCS acquisition, which 'adds significant fiber optic interconnect capabilities for the IT datacom and communications networks markets'; Note on subsequent events: purchase price about $10,500M"},"note":"Method (includes CommScope CCS, consolidated in the register; closed 9 Jan 2026, so CY2025 sales are counted pro forma): (a) CCS data-centre connectivity: CCS sales were $1,113.4M in 3Q25 against $736.7M in 3Q24 (+51.1%), 'primarily driven by an increase in the Data Center business' (CommScope 3Q25 release, https://www.sec.gov/Archives/edgar/data/1517228/000119312525257341/comm-ex99_1.htm ); Amphenol expected about $3.6B of CCS sales for 2025 (release of 4 Aug 2025, https://investors.amphenol.com/news-and-events/news-details/2025/Amphenol-Corporation-to-Acquire-Connectivity-and-Cable-Solutions-Business-From-CommScope/default.aspx ) before that acceleration, so the full year is taken as about $3.9B, with the data-centre unit at about 45% (range 35-55%, a judgement; no split is published) = $1.75B (1.3-2.2). (b) Amphenol's own fibre and passive interconnect inside IT datacom taken as about 7% of its $8,314M = $0.6B (0.35-0.85). Total $2.35B (1.65-3.05) / 12.0 = 19.6%. Screening used $0.95B (10%) because CCS sales were not found. World total for fibre and passive connectivity about $12.0B: screening used $9.5B, but the opened figures for Corning ($2.5B), Fujikura ($2.4B), Amphenol with CommScope CCS ($2.35B) and Sumitomo Electric ($0.7B) alone reach $8.0B, and the other makers (sized as in screening, on its $9.5B basis) add about $2.7B, so the sum of makers is about $10.7B and this pass uses $12.0B (the card's $5-9B is lower still). Light-upgrade companies are rescaled to it; screened-out companies keep their screening values."}},"screening":{"optics":{"levelLow":1,"levelHigh":2},"copper":{"levelLow":1,"levelHigh":4},"fibre":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"5e08919afedce4f02e0f597ac35f95a30e11b1c22a300ed82e1f47e86a131466"},"consistency":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"5e08919afedce4f02e0f597ac35f95a30e11b1c22a300ed82e1f47e86a131466"}},"priorShares":{"copper":{"low":28.93,"central":37.2,"high":45.47,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","title":"Amphenol Corporation Form 10-K for fiscal year 2025","publisher":"Amphenol / U.S. SEC","publishedDate":"2026-02-11","accessedDate":"2026-10-22","tier":"T5","locator":"Item 7: net sales to the IT datacom market increased approximately $4,593.7M in 2025 (so about $3,720M in 2024)"},"note":"Method: 2024 IT datacom sales = 2025 sales less the $4,593.7M increase the 10-K reports = $3,720M; cable assemblies 45% (35-55%, as in 2025) = $1.67B, divided by $4.5B = 37.2%. 2024 world total for copper $4.5B = $8.5B divided by 1.9, the blended 2025 growth of the makers' reported sales (Amphenol IT datacom +123%, TE digital data networks +73%, Credo +206%, Luxshare communications and data centres +34%); a judgement."},"optics":{"low":0.06,"central":0.31,"high":1.14,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","title":"Amphenol Corporation Form 10-K for fiscal year 2025","publisher":"Amphenol / U.S. SEC","publishedDate":"2026-02-11","accessedDate":"2026-10-22","tier":"T5","locator":"Item 1: IT datacom built on 'high-speed, power and active and passive fiber optic interconnect technologies'"},"note":"Method: the 2025 judgement scaled by IT datacom growth (about $0.1B x 3,720 / 8,314) = $0.04B (0.01-0.12), divided by $12.7B = 0.3%. 2024 world total for optics $12.7B (range 10.6-15.6) = the $20B 2025 total divided by 1.58 (LightCounting estimates the whole optical module market grew 58% in 2025; C114, 28 May 2026)."},"fibre":{"low":10.27,"central":16.16,"high":22.61,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","title":"Amphenol Corporation Form 10-K for fiscal year 2025","publisher":"Amphenol / U.S. SEC","publishedDate":"2026-02-11","accessedDate":"2026-10-22","tier":"T5","locator":"Item 1: IT datacom built on 'high-speed, power and active and passive fiber optic interconnect technologies'; CCS sales rose $376.7M in 3Q25 on a year earlier (CommScope 3Q25 release)"},"note":"Method: (a) CCS data-centre unit in 2024 about $0.88B (range 0.6-1.2): 2024 CCS sales about $2.9B (judgement; 3Q24 was $736.7M per the CommScope 3Q25 release) with the data-centre unit growing roughly 2x in 2025 ($1.75B / 2.0 = $0.88B); (b) Amphenol's own fibre interconnect about 7% of its $3,720M = $0.3B (0.15-0.45). Total $1.18B / 7.3 = 16.2%. 2024 world total for fibre $7.3B = $12.0B divided by 1.65, from reported growth: Corning enterprise optical +58% in 3Q25, Fujikura information and communications +44.7%, Sumitomo Electric fibre cable line +82.6%; a judgement."}},"activityGrowth":{"current":{"low":8314092000,"central":8314092000,"high":8314092000,"unit":"USD","basis":"IT datacom end-market sales, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","title":"Amphenol Corporation Form 10-K for fiscal year 2025","publisher":"Amphenol / U.S. SEC","publishedDate":"2026-02-11","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1, Markets: IT datacom sales 'approximately 36% of the Company's net sales in 2025'; net sales $23,094.7M"},"note":"Derived: 36% (rounded by the company) x $23,094.7M."},"prior":{"low":3720392000,"central":3720392000,"high":3720392000,"unit":"USD","basis":"IT datacom end-market sales, calendar year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","title":"Amphenol Corporation Form 10-K for fiscal year 2025","publisher":"Amphenol / U.S. SEC","publishedDate":"2026-02-11","accessedDate":"2026-10-22","tier":"T1","locator":"Item 7: net sales to the IT datacom market increased approximately $4,593.7M in 2025"},"note":"Derived: 2025 IT datacom sales less the $4,593.7M increase. The market includes connectors, power and cables beyond this card; Amphenol's own 2025 growth of 38% was organic and the rest from acquisitions."}},"committedExpansion":{"low":0.385,"central":0.385,"high":0.385,"unit":"ratio","basis":"Backlog of unfilled firm orders at 31 December 2025 ($8.9B) divided by 2025 net sales ($23,094.7M)","period":"Backlog at 31 December 2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","title":"Amphenol Corporation Form 10-K for fiscal year 2025","publisher":"Amphenol / U.S. SEC","publishedDate":"2026-02-11","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1, Backlog and Seasonality: backlog of unfilled firm orders approximately $8.9 billion at 31 December 2025 (about $6.1 billion a year earlier), 'primarily related to strong demand for the Company's products that support AI applications'"},"note":"8.9 / 23.0947 = 0.385. The backlog covers all end markets (nearly all to be filled within 12 months); Amphenol does not split it by market, so company net sales is the matching denominator."},"baselineRevenueUsd":{"low":8314092000,"central":8314092000,"high":8314092000,"unit":"USD","basis":"IT datacom end-market sales, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","title":"Amphenol Corporation Form 10-K for fiscal year 2025","publisher":"Amphenol / U.S. SEC","publishedDate":"2026-02-11","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1, Markets: IT datacom approximately 36% of net sales of $23,094.7M"},"note":"Total net sales were $23,094.7M; the IT datacom market is the revenue in this sublayer's activity (it also holds connectors and power parts credited elsewhere)."}},"arista":{"schema":"5lc-index-inputs/1","key":"infrastructure-networking","entityId":"arista","name":"Arista Networks","kind":"public","commercialActivityVerified":true,"shares":{"switching":{"low":14.45,"central":17.3,"high":20.86,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.idc.com/resource-center/blog/ethernet-switch-market-size-and-growth-datacenter-segment-surges-60-in-q4-as-ai-workloads-expand/","title":"Ethernet switch market size and growth: datacenter segment surges 60% in Q4 as AI workloads expand","publisher":"IDC","publishedDate":"2026-03-18","accessedDate":"2026-10-22","tier":"T4","locator":"4Q25 vendor table: Arista Ethernet switch revenue $2.0B, 92.6% datacenter; datacenter market $9.9B in 4Q25 and $32.5B in 2025"},"note":"Method: IDC vendor revenue times datacentre share, by quarter: 1Q25 $1.6B x 90.9% (IDC 1Q25), 2Q25 $1.8B x 90.7% (IDC 2Q25), 3Q25 $1.9B x 90.7% (IDC 3Q25), 4Q25 $2.0B x 92.6% (IDC 4Q25) = $6.66B; range 6.0-7.3 for IDC's rounding to $0.1B and later restatement. Cross-check: Arista's 2025 product revenue was $7,576.9M (10-K, https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/anet-20251231.htm ), which also holds software, cables and optics. World total for switching about $38.5B (range 35.0-41.5) = IDC datacentre Ethernet $32.5B for 2025 (IDC 4Q25 release, +53.5%) plus about $6B InfiniBand (the card's estimate from Dell'Oro's statement that Ethernet held more than two-thirds of AI back-end switch sales)."},"optics":{"low":0.42,"central":1.5,"high":3.34,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/anet-20251231.htm","title":"Arista Networks Form 10-K for fiscal year 2025","publisher":"Arista Networks / U.S. SEC","publishedDate":"2026-02-17","accessedDate":"2026-10-22","tier":"T5","locator":"Revenue recognition note: products include 'accessories such as cables and optics'"},"note":"Method: no optics revenue is disclosed. Arista sells branded optics with its switches; judged about 4% of its $7.58B product revenue = $0.30B (range 0.10-0.60) = 1.5% of $20B. World total for optics about $20B (range 18.0-23.4) = Yole's $23B for 2025 less 10-15% telecom (the card's total; optics.org, 1 Jul 2026). Cross-check: Omdia puts 9M 2025 datacom optical components at $12.9B (quoted in Accelink's 2025 annual report)."},"copper":{"low":0.35,"central":0.82,"high":2,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/anet-20251231.htm","title":"Arista Networks Form 10-K for fiscal year 2025","publisher":"Arista Networks / U.S. SEC","publishedDate":"2026-02-17","accessedDate":"2026-10-22","tier":"T5","locator":"Revenue recognition note: products include 'accessories such as cables and optics'"},"note":"Method: no cable revenue is disclosed; judged about $70M of branded cables (about 1% of product revenue) = 0.8% of $8.5B. World total for copper about $8.5B (this pass's own total, inside the card's $4.5-10B range; unchanged from screening)."},"fibre":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/anet-20251231.htm","title":"Arista Networks Form 10-K for fiscal year 2025","publisher":"Arista Networks / U.S. SEC","publishedDate":"2026-02-17","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1 and revenue note: products are switching, routing, EOS software and services, with cables and optics only as accessories; no fibre cabling."}}},"screening":{"switching":{"levelLow":1,"levelHigh":3},"optics":{"levelLow":1,"levelHigh":2},"copper":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"daa969c77dee872c4fa10b76b07ca9570ec7597bfd92fd99f2acfcea06de175f"},"consistency":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"daa969c77dee872c4fa10b76b07ca9570ec7597bfd92fd99f2acfcea06de175f"}},"priorShares":{"switching":{"low":15.23,"central":18.23,"high":20.24,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.idc.com/resource-center/press-releases/idcs-worldwide-quarterly-ethernet-switch-tracker-shows-double-digit-increases-in-4q24-fueled-by-datacenter-demand-despite-13-3-year-over-year-growth-in-4q24-overall-market-declined-5-4-for/","title":"IDC's Worldwide Quarterly Ethernet Switch Tracker shows double-digit increases in 4Q24 fueled by datacenter demand (title shortened from the page address)","publisher":"IDC","publishedDate":"2025-03-17","accessedDate":"2026-10-22","tier":"T4","locator":"Full-year 2024: Arista 13.0% of the $41.8B Ethernet switch market, 90.8% of 4Q24 revenue in the datacenter"},"note":"Method: IDC full-year 2024 share 13.0% of $41.8B = $5.43B total Ethernet switch revenue x 90.8% datacentre (the 4Q24 split, applied to the year) = $4.93B; The Next Platform's tracking of IDC data gives $5.15B for 2024 (https://www.nextplatform.com/2025/03/27/ai-reshapes-the-ethernet-datacenter-switch-market/ ). Central $5.05B, range 4.6-5.2. 2024 world total for switching $27.7B (range 25.7-30.2) = IDC datacentre Ethernet 2024 $21.2B ($32.5B divided by 1.535, from IDC's 53.5% growth) plus InfiniBand $6.5B (judgement, range 4.5-9; same method as the card's 2025 estimate)."},"optics":{"low":0.51,"central":1.83,"high":4.44,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/anet-20251231.htm","title":"Arista Networks Form 10-K for fiscal year 2025","publisher":"Arista Networks / U.S. SEC","publishedDate":"2026-02-17","accessedDate":"2026-10-22","tier":"T5","locator":"Revenue recognition note: products include 'accessories such as cables and optics'"},"note":"Method: the same share of product revenue as 2025 applied to 2024 product revenue $5,884.0M (10-K): $0.30B x 5,884.0 / 7,576.9 = $0.233B. 2024 world total for optics $12.7B (range 10.6-15.6) = the $20B 2025 total divided by 1.58 (LightCounting estimates the whole optical module market grew 58% in 2025; C114, 28 May 2026)."},"copper":{"low":0.44,"central":1.2,"high":2.89,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/anet-20251231.htm","title":"Arista Networks Form 10-K for fiscal year 2025","publisher":"Arista Networks / U.S. SEC","publishedDate":"2026-02-17","accessedDate":"2026-10-22","tier":"T5","locator":"Revenue recognition note: products include 'accessories such as cables and optics'"},"note":"Method: the same share of product revenue as 2025: $0.07B x 5,884.0 / 7,576.9 = $0.054B. 2024 world total for copper $4.5B = $8.5B divided by 1.9, the blended 2025 growth of the makers' reported sales (Amphenol IT datacom +123%, TE digital data networks +73%, Credo +206%, Luxshare communications and data centres +34%); a judgement."}},"activityGrowth":{"current":{"low":7576900000,"central":7576900000,"high":7576900000,"unit":"USD","basis":"Product revenue (switching and routing platforms, software and accessories), calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/anet-20251231.htm","title":"Arista Networks Form 10-K for fiscal year 2025","publisher":"Arista Networks / U.S. SEC","publishedDate":"2026-02-17","accessedDate":"2026-10-22","tier":"T1","locator":"Item 7, revenue table: product revenue $7,576.9M (2025)"}},"prior":{"low":5884000000,"central":5884000000,"high":5884000000,"unit":"USD","basis":"Product revenue (switching and routing platforms, software and accessories), calendar year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/anet-20251231.htm","title":"Arista Networks Form 10-K for fiscal year 2025","publisher":"Arista Networks / U.S. SEC","publishedDate":"2026-02-17","accessedDate":"2026-10-22","tier":"T1","locator":"Item 7, revenue table: product revenue $5,884.0M (2024)"}}},"committedExpansion":{"low":0.677,"central":0.677,"high":0.677,"unit":"ratio","basis":"Remaining performance obligations ($6.1B: deferred revenue, contract liabilities and other performance obligations) divided by 2025 total revenue ($9,005.7M)","period":"RPO at 31 December 2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/anet-20251231.htm","title":"Arista Networks Form 10-K for fiscal year 2025","publisher":"Arista Networks / U.S. SEC","publishedDate":"2026-02-17","accessedDate":"2026-10-22","tier":"T1","locator":"Note 3, Revenue from Total Remaining Performance Obligations: $6.1 billion at 31 December 2025, about 90% over the next two years; total revenue $9,005.7M"},"note":"6.1 / 9.0057 = 0.677. The obligations include deferred product revenue (acceptance clauses) and multi-year support contracts; Arista does not split them by product, so total revenue is the matching denominator."},"baselineRevenueUsd":{"low":7576900000,"central":7576900000,"high":7576900000,"unit":"USD","basis":"Product revenue (switching and routing platforms, software and accessories), calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/anet-20251231.htm","title":"Arista Networks Form 10-K for fiscal year 2025","publisher":"Arista Networks / U.S. SEC","publishedDate":"2026-02-17","accessedDate":"2026-10-22","tier":"T1","locator":"Item 7, revenue table: product revenue $7,576.9M"},"note":"Product revenue; total revenue including services was $9,005.7M."}},"eoptolink":{"schema":"5lc-index-inputs/1","key":"infrastructure-networking","entityId":"eoptolink","name":"Eoptolink","kind":"public","commercialActivityVerified":true,"shares":{"switching":{"participates":false,"evidence":{"url":"https://disc.static.szse.cn/disc/disk03/finalpage/2026-04-24/e20c68b8-9ce5-4751-acfd-9fb5f4e44645.PDF","title":"Eoptolink Technology 2025 annual report (full text, Chinese)","publisher":"Eoptolink Technology / Shenzhen Stock Exchange","publishedDate":"2026-04-24","accessedDate":"2026-10-22","tier":"T1","locator":"Business overview: the company's business is optical modules for AI clusters, cloud data centres and telecom networks; no switches."}},"optics":{"low":12.81,"central":16.37,"high":19.45,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://disc.static.szse.cn/disc/disk03/finalpage/2026-04-24/e20c68b8-9ce5-4751-acfd-9fb5f4e44645.PDF","title":"Eoptolink Technology 2025 annual report (full text, Chinese)","publisher":"Eoptolink Technology / Shenzhen Stock Exchange","publishedDate":"2026-04-24","accessedDate":"2026-10-22","tier":"T5","locator":"Section 3 main business by product: optical interconnect products revenue RMB 24,771.16M in 2025 (RMB 8,599.04M in 2024); units sold 16.03 million"},"note":"Method: optical interconnect product (optical module) revenue RMB 24,771.16M in 2025 (annual report) / 7.1875 (Fed G.5A 2025 average, https://www.federalreserve.gov/releases/g5a/current/default.htm ) = $3.446B (LightCounting via C114, 28 May 2026: $3.5B, https://m.c114.com.cn/w5472-1311209.html ). Data-centre Ethernet modules taken as about 95% (range 87-100%, a judgement; the company gives no split) = $3.274B, divided by $20B = 16.4%. World total for optics about $20B (range 18.0-23.4) = Yole's $23B for 2025 less 10-15% telecom (the card's total; optics.org, 1 Jul 2026). Cross-check: Omdia puts 9M 2025 datacom optical components at $12.9B (quoted in Accelink's 2025 annual report)."},"copper":{"participates":false,"evidence":{"url":"https://disc.static.szse.cn/disc/disk03/finalpage/2026-04-24/e20c68b8-9ce5-4751-acfd-9fb5f4e44645.PDF","title":"Eoptolink Technology 2025 annual report (full text, Chinese)","publisher":"Eoptolink Technology / Shenzhen Stock Exchange","publishedDate":"2026-04-24","accessedDate":"2026-10-22","tier":"T1","locator":"Business overview: optical modules for AI clusters, cloud data centres and telecom networks; no copper cables."}},"fibre":{"participates":false,"evidence":{"url":"https://disc.static.szse.cn/disc/disk03/finalpage/2026-04-24/e20c68b8-9ce5-4751-acfd-9fb5f4e44645.PDF","title":"Eoptolink Technology 2025 annual report (full text, Chinese)","publisher":"Eoptolink Technology / Shenzhen Stock Exchange","publishedDate":"2026-04-24","accessedDate":"2026-10-22","tier":"T1","locator":"Business overview: optical modules; no fibre cabling."}}},"screening":{"optics":{"levelLow":2,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"ddef563e5f579a7da9ba8da26b0e9264a63e83637e45e6b7fb8e4eab4eb5aa5a"},"consistency":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"ddef563e5f579a7da9ba8da26b0e9264a63e83637e45e6b7fb8e4eab4eb5aa5a"}},"priorShares":{"optics":{"low":6.66,"central":8.94,"high":11.33,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://disc.static.szse.cn/disc/disk03/finalpage/2026-04-24/e20c68b8-9ce5-4751-acfd-9fb5f4e44645.PDF","title":"Eoptolink Technology 2025 annual report (full text, Chinese)","publisher":"Eoptolink Technology / Shenzhen Stock Exchange","publishedDate":"2026-04-24","accessedDate":"2026-10-22","tier":"T5","locator":"Section 3 main business by product, prior-year column: optical interconnect products revenue RMB 8,599.04M (2024)"},"note":"Method: RMB 8,599.04M / 7.1957 (Fed G.5A 2024 average) = $1.195B (LightCounting: $1.2B, +175%) x 95% data-centre Ethernet = $1.135B, divided by $12.7B = 8.9%. 2024 world total for optics $12.7B (range 10.6-15.6) = the $20B 2025 total divided by 1.58 (LightCounting estimates the whole optical module market grew 58% in 2025; C114, 28 May 2026)."}},"activityGrowth":{"current":{"low":24771160000,"central":24771160000,"high":24771160000,"unit":"CNY","basis":"Optical interconnect product (optical module) revenue, calendar year, RMB","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://disc.static.szse.cn/disc/disk03/finalpage/2026-04-24/e20c68b8-9ce5-4751-acfd-9fb5f4e44645.PDF","title":"Eoptolink Technology 2025 annual report (full text, Chinese)","publisher":"Eoptolink Technology / Shenzhen Stock Exchange","publishedDate":"2026-04-24","accessedDate":"2026-10-22","tier":"T1","locator":"Main business by product: optical interconnect products RMB 24,771.16M (2025)"}},"prior":{"low":8599040000,"central":8599040000,"high":8599040000,"unit":"CNY","basis":"Optical interconnect product (optical module) revenue, calendar year, RMB","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://disc.static.szse.cn/disc/disk03/finalpage/2026-04-24/e20c68b8-9ce5-4751-acfd-9fb5f4e44645.PDF","title":"Eoptolink Technology 2025 annual report (full text, Chinese)","publisher":"Eoptolink Technology / Shenzhen Stock Exchange","publishedDate":"2026-04-24","accessedDate":"2026-10-22","tier":"T1","locator":"Main business by product, prior-year column: RMB 8,599.04M (2024)"}}},"baselineRevenueUsd":{"low":3456257391,"central":3456257391,"high":3456257391,"unit":"USD","basis":"Total revenue, calendar year, US dollars (RMB converted at the 2025 average)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://disc.static.szse.cn/disc/disk03/finalpage/2026-04-24/e20c68b8-9ce5-4751-acfd-9fb5f4e44645.PDF","title":"Eoptolink Technology 2025 annual report (full text, Chinese)","publisher":"Eoptolink Technology / Shenzhen Stock Exchange","publishedDate":"2026-04-24","accessedDate":"2026-10-22","tier":"T1","locator":"Key accounting data: operating revenue RMB 24,841,854,840.22 (2025)"},"note":"RMB 24,841.85M / 7.1875 (Fed G.5A 2025 average) = $3.456B."}},"cisco":{"schema":"5lc-index-inputs/1","key":"infrastructure-networking","entityId":"cisco","name":"Cisco","kind":"public","commercialActivityVerified":true,"shares":{"switching":{"low":12.28,"central":14.7,"high":17.72,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.idc.com/resource-center/blog/ethernet-switch-market-size-and-growth-datacenter-segment-surges-60-in-q4-as-ai-workloads-expand/","title":"Ethernet switch market size and growth: datacenter segment surges 60% in Q4 as AI workloads expand","publisher":"IDC","publishedDate":"2026-03-18","accessedDate":"2026-10-22","tier":"T4","locator":"4Q25 vendor table: Cisco Ethernet switch revenue $4.5B, 63.9% non-datacenter"},"note":"Method: IDC Cisco Ethernet switch revenue times its datacentre share (one minus the non-datacentre share IDC states), by quarter: 1Q25 $3.6B x 34.3% (IDC 1Q25), 2Q25 almost $4.0B x 31.7% (IDC 2Q25), 3Q25 $4.4B x 34.8% (IDC 3Q25), 4Q25 $4.5B x 36.1% (IDC 4Q25) = $5.66B; range 5.1-6.2 for IDC's rounding and later restatement. World total for switching about $38.5B (range 35.0-41.5) = IDC datacentre Ethernet $32.5B for 2025 (IDC 4Q25 release, +53.5%) plus about $6B InfiniBand (the card's estimate from Dell'Oro's statement that Ethernet held more than two-thirds of AI back-end switch sales)."},"optics":{"low":1.28,"central":3,"high":6.12,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sdxcentral.com/news/ai-hyperscale-and-agentic-demands-helped-cisco-smash-revenue-records/","title":"AI, hyperscale and agentic demands helped Cisco smash revenue records","publisher":"SDxCentral, reporting Cisco's fiscal Q4 2026 results","publishedDate":"2026-08-13","accessedDate":"2026-10-22","tier":"T5","locator":"Fiscal 2026 hyperscaler AI orders $9.3B, 'approximately 60% Silicon One-based systems and 40% optics'; about 4.5 times fiscal 2025"},"note":"Method: the company says hyperscaler AI infrastructure orders were over $2B in fiscal 2025 (Cisco fiscal 2025 Q4 release, https://s21.q4cdn.com/812015656/files/doc_news/CISCO-REPORTS-FOURTH-QUARTER-AND-FISCAL-YEAR-2025-EARNINGS-2025.pdf ) and $9.3B in fiscal 2026 (to July 2026), about 40% of it optics (SDxCentral). Orders run ahead of revenue; optics shipped in calendar 2025 judged $0.6B (range 0.3-1.1), a fraction of the fiscal 2026 optics orders of about $3.7B, divided by $20B = 3.0%. Cisco's coherent (Acacia) modules between data centres are outside the card. Screening used $0.9B (4.5%) from an unreferenced revenue split; this pass keeps to the opened order data. World total for optics about $20B (range 18.0-23.4) = Yole's $23B for 2025 less 10-15% telecom (the card's total; optics.org, 1 Jul 2026). Cross-check: Omdia puts 9M 2025 datacom optical components at $12.9B (quoted in Accelink's 2025 annual report)."},"copper":{"low":0.2,"central":1,"high":2.48,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sdxcentral.com/news/ai-hyperscale-and-agentic-demands-helped-cisco-smash-revenue-records/","title":"AI, hyperscale and agentic demands helped Cisco smash revenue records","publisher":"SDxCentral, reporting Cisco's fiscal Q4 2026 results","publishedDate":"2026-08-13","accessedDate":"2026-10-22","tier":"T5","locator":"Fiscal 2026 hyperscaler AI orders split into Silicon One systems and optics"},"note":"Method: no Cisco cable figure found. Cisco sells branded direct-attach cables with its switches; judged about $85M = 1.0% of $8.5B. World total for copper about $8.5B (this pass's own total, inside the card's $4.5-10B range; unchanged from screening)."},"fibre":{"participates":false,"evidence":{"url":"https://www.sdxcentral.com/news/ai-hyperscale-and-agentic-demands-helped-cisco-smash-revenue-records/","title":"AI, hyperscale and agentic demands helped Cisco smash revenue records","publisher":"SDxCentral, reporting Cisco's fiscal Q4 2026 results","publishedDate":"2026-08-13","accessedDate":"2026-10-22","tier":"T2","locator":"Cisco's AI infrastructure orders are Silicon One systems and optics; no cabling or fibre products named."}}},"screening":{"switching":{"levelLow":1,"levelHigh":3},"optics":{"levelLow":1,"levelHigh":2},"copper":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"0c392c3a1d2666c40943990a64233d99fb7da8add5a0b5c4c008dfcd97fadc16"},"consistency":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"0c392c3a1d2666c40943990a64233d99fb7da8add5a0b5c4c008dfcd97fadc16"}},"priorShares":{"switching":{"low":14.9,"central":17.69,"high":21.41,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.idc.com/resource-center/press-releases/worldwide-ethernet-switch-market-grew-35-2-in-the-third-quarter-of-2025-according-to-idcs-quarterly-ethernet-switch-tracker/","title":"Worldwide Ethernet switch market grew 35.2% in the third quarter of 2025, according to IDC's Quarterly Ethernet Switch Tracker","publisher":"IDC","publishedDate":"2025-12-11","accessedDate":"2026-10-22","tier":"T4","locator":"3Q25: Cisco datacenter revenue +16.9% year on year; IDC 1Q26: Cisco datacenter revenue +43.0%"},"note":"Method: 2024 datacentre switch revenue backed out of the 2025 total with IDC's stated datacentre growth for Cisco: +16.9% in 3Q25 (IDC 3Q25 release, https://www.idc.com/resource-center/press-releases/worldwide-ethernet-switch-market-grew-35-2-in-the-third-quarter-of-2025-according-to-idcs-quarterly-ethernet-switch-tracker/ ) and +43.0% in 1Q26 (IDC 1Q26 blog, https://www.idc.com/resource-center/blog/nvidia-becomes-1-in-datacenter-ethernet-switching-as-1q26-market-surges-39-8-to-15-4-billion/ ), with earlier 2025 quarters slower. Growth for 2025 as a whole taken as about +15% (range +3% to +26%): $5.66B / 1.15 = $4.9B (range 4.5-5.5). 2024 world total for switching $27.7B (range 25.7-30.2) = IDC datacentre Ethernet 2024 $21.2B ($32.5B divided by 1.535, from IDC's 53.5% growth) plus InfiniBand $6.5B (judgement, range 4.5-9; same method as the card's 2025 estimate)."},"optics":{"low":0.64,"central":1.97,"high":4.72,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://s21.q4cdn.com/812015656/files/doc_news/CISCO-REPORTS-FOURTH-QUARTER-AND-FISCAL-YEAR-2025-EARNINGS-2025.pdf","title":"Cisco reports fourth quarter and fiscal year 2025 earnings","publisher":"Cisco Systems","publishedDate":"2025-08-13","accessedDate":"2026-10-22","tier":"T5","locator":"News summary: AI Infrastructure orders taken from webscale customers exceeded $800 million in Q4, bringing the FY 2025 total to over $2 billion"},"note":"Method: before the hyperscaler AI orders, Cisco optics were branded modules sold with switches; judged $0.25B (range 0.1-0.5) in calendar 2024 = 2.0% of $12.7B. 2024 world total for optics $12.7B (range 10.6-15.6) = the $20B 2025 total divided by 1.58 (LightCounting estimates the whole optical module market grew 58% in 2025; C114, 28 May 2026)."},"copper":{"low":0.33,"central":1.56,"high":3.78,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sdxcentral.com/news/ai-hyperscale-and-agentic-demands-helped-cisco-smash-revenue-records/","title":"AI, hyperscale and agentic demands helped Cisco smash revenue records","publisher":"SDxCentral, reporting Cisco's fiscal Q4 2026 results","publishedDate":"2026-08-13","accessedDate":"2026-10-22","tier":"T5","locator":"Fiscal 2026 hyperscaler AI orders split into Silicon One systems and optics"},"note":"Method: branded direct-attach cables judged $70M in 2024 (a little below the 2025 judgement) = 1.6% of $4.5B. 2024 world total for copper $4.5B = $8.5B divided by 1.9, the blended 2025 growth of the makers' reported sales (Amphenol IT datacom +123%, TE digital data networks +73%, Credo +206%, Luxshare communications and data centres +34%); a judgement."}},"activityGrowth":{"current":{"low":9300000000,"central":9300000000,"high":9300000000,"unit":"USD","basis":"Hyperscaler (webscale) AI infrastructure orders, fiscal year to late July, US dollars","period":"FY2026 (to 25 July 2026)","periodEnd":"2026-07-25","source":{"url":"https://www.sdxcentral.com/news/ai-hyperscale-and-agentic-demands-helped-cisco-smash-revenue-records/","title":"AI, hyperscale and agentic demands helped Cisco smash revenue records","publisher":"SDxCentral, reporting Cisco's fiscal Q4 2026 results","publishedDate":"2026-08-13","accessedDate":"2026-10-22","tier":"T2","locator":"Fiscal 2026 hyperscaler AI infrastructure orders $9.3B, about 4.5 times fiscal 2025"},"note":"The company says orders from hyperscalers were $9.3B in fiscal 2026. Orders lead revenue; Cisco gives no matching revenue series for both years."},"prior":{"low":2000000000,"central":2000000000,"high":2000000000,"unit":"USD","basis":"Hyperscaler (webscale) AI infrastructure orders, fiscal year to late July, US dollars","period":"FY2025 (to 26 July 2025)","periodEnd":"2025-07-26","source":{"url":"https://s21.q4cdn.com/812015656/files/doc_news/CISCO-REPORTS-FOURTH-QUARTER-AND-FISCAL-YEAR-2025-EARNINGS-2025.pdf","title":"Cisco reports fourth quarter and fiscal year 2025 earnings","publisher":"Cisco Systems","publishedDate":"2025-08-13","accessedDate":"2026-10-22","tier":"T2","locator":"News summary: AI Infrastructure orders taken from webscale customers exceeded $800 million in Q4, bringing the FY 2025 total to over $2 billion"},"note":"The company says 'over $2 billion', so $2.0B is a floor; the ratio 9.3 / 2.0 = 4.65 is above the +300% clamp either way."}},"baselineRevenueUsd":{"low":5658500000,"central":5658500000,"high":5658500000,"unit":"USD","basis":"Data-centre Ethernet switch revenue (IDC quarterly vendor revenue times datacentre share), calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.idc.com/resource-center/blog/ethernet-switch-market-size-and-growth-datacenter-segment-surges-60-in-q4-as-ai-workloads-expand/","title":"Ethernet switch market size and growth: datacenter segment surges 60% in Q4 as AI workloads expand","publisher":"IDC","publishedDate":"2026-03-18","accessedDate":"2026-10-22","tier":"T4","locator":"4Q25 vendor table: Cisco Ethernet switch revenue $4.5B, 63.9% non-datacenter"},"note":"Derived as in the switching share ($5.66B). Cisco's total revenue was $63.3B in fiscal 2026 and $56.7B in fiscal 2025 (mostly security, collaboration, software and campus), so the data-centre switch line is the revenue in this sublayer's activity; optics and cables are not included."}},"coherent":{"schema":"5lc-index-inputs/1","key":"infrastructure-networking","entityId":"coherent","name":"Coherent","kind":"public","commercialActivityVerified":true,"shares":{"switching":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm","title":"Coherent Corp. Form 10-K for fiscal year 2026","publisher":"Coherent / U.S. SEC","publishedDate":"2026-08-14","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1 Business: lasers, transceivers, optical components, materials; the only 'switches' are optical circuit switches, which are not Ethernet or InfiniBand switch systems."}},"optics":{"low":10.07,"central":13.29,"high":16.67,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm","title":"Coherent Corp. Form 10-K for fiscal year 2026","publisher":"Coherent / U.S. SEC","publishedDate":"2026-08-14","accessedDate":"2026-10-22","tier":"T5","locator":"MD&A: Datacenter & Communications revenue $5,275M in fiscal 2026 (to 30 June 2026) and $3,755M in fiscal 2025, 'driven primarily by transceivers'"},"note":"Method: calendar-2025 Datacenter & Communications revenue = second half of fiscal 2025 ($3,755M less the first half $1,768.2M = $1,986.8M; first-half figure from the Q2 fiscal 2026 release, https://www.sec.gov/Archives/edgar/data/820318/000119312526037556/d101115dex991.htm ) plus the first half of fiscal 2026 ($2,298.0M, same release) = $4,284.8M. Datacom transceivers taken as about 62% of it (range 55-70%; the rest is telecom, data-centre interconnect and components; Coherent gives no split) = $2.66B, divided by $20B = 13.3%. LightCounting ranks Coherent third among module sellers in 2025, behind InnoLight and Eoptolink (C114, 28 May 2026). World total for optics about $20B (range 18.0-23.4) = Yole's $23B for 2025 less 10-15% telecom (the card's total; optics.org, 1 Jul 2026). Cross-check: Omdia puts 9M 2025 datacom optical components at $12.9B (quoted in Accelink's 2025 annual report)."},"copper":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm","title":"Coherent Corp. Form 10-K for fiscal year 2026","publisher":"Coherent / U.S. SEC","publishedDate":"2026-08-14","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1 Business: lasers, transceivers, optical components, materials; no copper cables."}},"fibre":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm","title":"Coherent Corp. Form 10-K for fiscal year 2026","publisher":"Coherent / U.S. SEC","publishedDate":"2026-08-14","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1 Business: lasers, transceivers, optical components, materials; no fibre cabling."}}},"screening":{"optics":{"levelLow":2,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"8451e7bd87e65976e933b06ce58f36a3df303a1ab3257f1b7aee92f6923dae50"},"consistency":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"8451e7bd87e65976e933b06ce58f36a3df303a1ab3257f1b7aee92f6923dae50"}},"priorShares":{"optics":{"low":10.09,"central":14.39,"high":19.32,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm","title":"Coherent Corp. Form 10-K for fiscal year 2026","publisher":"Coherent / U.S. SEC","publishedDate":"2026-08-14","accessedDate":"2026-10-22","tier":"T5","locator":"MD&A: Datacenter & Communications revenue $2,631M in fiscal 2024 (to 30 June 2024) and $3,755M in fiscal 2025"},"note":"Method: calendar-2024 Datacenter & Communications revenue = second half of fiscal 2024 (fiscal 2024 $2,631M less an estimated first half of about $1,250M, range 1,150-1,350; Coherent's reclassified quarterly figures for that half were not found) plus the first half of fiscal 2025 ($1,768.2M, Q2 fiscal 2026 release) = $3,149M. Datacom transceivers about 58% (range 50-65%; telecom was a larger part before the AI ramp) = $1.83B, divided by $12.7B = 14.4%. 2024 world total for optics $12.7B (range 10.6-15.6) = the $20B 2025 total divided by 1.58 (LightCounting estimates the whole optical module market grew 58% in 2025; C114, 28 May 2026)."}},"activityGrowth":{"current":{"low":5275000000,"central":5275000000,"high":5275000000,"unit":"USD","basis":"Datacenter & Communications segment revenue, fiscal year to 30 June, US dollars","period":"FY2026 (to 30 June 2026)","periodEnd":"2026-06-30","source":{"url":"https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm","title":"Coherent Corp. Form 10-K for fiscal year 2026","publisher":"Coherent / U.S. SEC","publishedDate":"2026-08-14","accessedDate":"2026-10-22","tier":"T1","locator":"MD&A: Datacenter & Communications revenue increased 40% to $5,275M (fiscal 2026)"},"note":"The segment includes telecom and datacentre-interconnect sales (outside this card) as well as datacom transceivers."},"prior":{"low":3755000000,"central":3755000000,"high":3755000000,"unit":"USD","basis":"Datacenter & Communications segment revenue, fiscal year to 30 June, US dollars","period":"FY2025 (to 30 June 2025)","periodEnd":"2025-06-30","source":{"url":"https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm","title":"Coherent Corp. Form 10-K for fiscal year 2026","publisher":"Coherent / U.S. SEC","publishedDate":"2026-08-14","accessedDate":"2026-10-22","tier":"T1","locator":"MD&A: Datacenter & Communications revenue $3,755M (fiscal 2025)"}}},"baselineRevenueUsd":{"low":5275000000,"central":5275000000,"high":5275000000,"unit":"USD","basis":"Datacenter & Communications segment revenue (the segment that holds the transceivers), fiscal year to 30 June, US dollars","period":"FY2026 (to 30 June 2026)","periodEnd":"2026-06-30","source":{"url":"https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm","title":"Coherent Corp. Form 10-K for fiscal year 2026","publisher":"Coherent / U.S. SEC","publishedDate":"2026-08-14","accessedDate":"2026-10-22","tier":"T1","locator":"MD&A: Datacenter & Communications revenue $5,275M"},"note":"Total company revenue was $7,118M (the Industrial segment is outside this sublayer)."}},"celestica":{"schema":"5lc-index-inputs/1","key":"infrastructure-networking","entityId":"celestica","name":"Celestica","kind":"public","commercialActivityVerified":true,"shares":{"switching":{"low":4.81,"central":8.83,"high":13.72,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1030894/000103089426000011/cls-20251231.htm","title":"Celestica Inc. Form 10-K for fiscal year 2025","publisher":"Celestica / U.S. SEC","publishedDate":"2026-02-27","accessedDate":"2026-10-22","tier":"T5","locator":"Item 7: HPS revenue for 2025 increased 81% (to about $5.0B, 41% of total revenue $12,390.9M); Q4 2025 HPS growth 'driven by ramping volumes in our networking switch programs with multiple hyperscaler customers'"},"note":"Method (triangulated, no direct figure): (1) Celestica's Hardware Platform Solutions (HPS, its ODM line) had revenue of about $5.0B in 2025 (+81%; 41% of total revenue of $12,390.9M), and the 10-K says HPS growth in Q4 was 'driven by ramping volumes in networking switch programs with multiple hyperscaler customers' (10-K, https://www.sec.gov/Archives/edgar/data/1030894/000103089426000011/cls-20251231.htm ); HPS also holds some storage and compute designs, so switch programs are taken as about 68% of it = $3.4B (range 2.0-4.8). (2) Cross-check, Dell'Oro (https://www.delloro.com/news/ethernet-more-than-doubles-size-of-infiniband-as-the-leading-fabric-for-ai-scale-out-networks-in-2025/ ): Celestica and NVIDIA together held nearly 50% of AI back-end Ethernet switch sales in 2025; with that market about $12-14B and NVIDIA about $5B of it, Celestica is $1-2B in back-end networks, plus $1.5-2.5B of front-end and other hyperscaler switches. (3) Cross-check, IDC (2Q25 https://www.idc.com/resource-center/press-releases/worldwide-ethernet-switch-market-grew-42-1-in-the-second-quarter-of-2025-according-to-idcs-quarterly-ethernet-switch-tracker/ and 3Q25 https://www.idc.com/resource-center/press-releases/worldwide-ethernet-switch-market-grew-35-2-in-the-third-quarter-of-2025-according-to-idcs-quarterly-ethernet-switch-tracker/ ): the ODM-direct group was 19.6% (2Q25) and 30.2% (3Q25) of a datacentre segment of about $8-9B a quarter, about $8.9B for the year, shared mainly by Celestica ($3.4B) and Accton ($2.3B). Central $3.4B (range 2.0-4.8) / 38.5 = 8.8%. Screening used $3.3B (8.5%). World total for switching about $38.5B (range 35.0-41.5) = IDC datacentre Ethernet $32.5B for 2025 (IDC 4Q25 release, +53.5%) plus about $6B InfiniBand (the card's estimate from Dell'Oro's statement that Ethernet held more than two-thirds of AI back-end switch sales)."},"optics":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/1030894/000103089426000011/cls-20251231.htm","title":"Celestica Inc. Form 10-K for fiscal year 2025","publisher":"Celestica / U.S. SEC","publishedDate":"2026-02-27","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1 Business: CCS products 'include networking switches, optical systems, data center racks, servers and storage products'; the list names optical systems (equipment), not transceivers, cables or fibre."}},"copper":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/1030894/000103089426000011/cls-20251231.htm","title":"Celestica Inc. Form 10-K for fiscal year 2025","publisher":"Celestica / U.S. SEC","publishedDate":"2026-02-27","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1 Business product list: switches, optical systems, racks, servers, storage; no cables."}},"fibre":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/1030894/000103089426000011/cls-20251231.htm","title":"Celestica Inc. Form 10-K for fiscal year 2025","publisher":"Celestica / U.S. SEC","publishedDate":"2026-02-27","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1 Business product list: switches, optical systems, racks, servers, storage; no fibre cabling."}}},"screening":{"switching":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"be61887a2d50459048a7cf87b1592426259986682fe875a14f912a32f7a55255"},"consistency":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"be61887a2d50459048a7cf87b1592426259986682fe875a14f912a32f7a55255"}},"priorShares":{"switching":{"low":3.64,"central":6.86,"high":10.51,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1030894/000103089426000011/cls-20251231.htm","title":"Celestica Inc. Form 10-K for fiscal year 2025","publisher":"Celestica / U.S. SEC","publishedDate":"2026-02-27","accessedDate":"2026-10-22","tier":"T5","locator":"Item 7: Communications end market revenue 'increased $3,179.7 million (81%)'; HPS revenue 2024 $2.8B (29% of total revenue $9,646.0M)"},"note":"Method: the same 68% of HPS as 2025 applied to 2024 HPS revenue of $2.8B (29% of $9,646.0M, 10-K) = $1.9B (cross-check: 3.4 / 7.105 = 48% of the Communications end market, times its 2024 revenue of $3,925.6M ($3,179.7M / 0.81) = $1.88B). Range 1.1-2.7. 2024 world total for switching $27.7B (range 25.7-30.2) = IDC datacentre Ethernet 2024 $21.2B ($32.5B divided by 1.535, from IDC's 53.5% growth) plus InfiniBand $6.5B (judgement, range 4.5-9; same method as the card's 2025 estimate)."}},"activityGrowth":{"current":{"low":7105300000,"central":7105300000,"high":7105300000,"unit":"USD","basis":"Communications end-market revenue (data-centre networking switches and communications equipment), calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1030894/000103089426000011/cls-20251231.htm","title":"Celestica Inc. Form 10-K for fiscal year 2025","publisher":"Celestica / U.S. SEC","publishedDate":"2026-02-27","accessedDate":"2026-10-22","tier":"T1","locator":"Item 7, CCS segment revenue: Communications end market revenue for 2025 'increased $3,179.7 million (81%)' compared with 2024 'driven by data center networking demand, including the ramping of our switch programs'"},"note":"2025 = 2024 + $3,179.7M. The end market also holds some communications equipment for OEM customers (for example Ciena), so growth is not purely data-centre switching."},"prior":{"low":3925555555.6,"central":3925555555.6,"high":3925555555.6,"unit":"USD","basis":"Communications end-market revenue (data-centre networking switches and communications equipment), calendar year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1030894/000103089426000011/cls-20251231.htm","title":"Celestica Inc. Form 10-K for fiscal year 2025","publisher":"Celestica / U.S. SEC","publishedDate":"2026-02-27","accessedDate":"2026-10-22","tier":"T1","locator":"Item 7: the $3,179.7M increase is 81%, so 2024 = $3,179.7M / 0.81 = $3,925.6M (derived; the 81% is rounded)"}}},"baselineRevenueUsd":{"low":7105300000,"central":7105300000,"high":7105300000,"unit":"USD","basis":"Communications end-market revenue (the end market that holds the switch programs), calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1030894/000103089426000011/cls-20251231.htm","title":"Celestica Inc. Form 10-K for fiscal year 2025","publisher":"Celestica / U.S. SEC","publishedDate":"2026-02-27","accessedDate":"2026-10-22","tier":"T1","locator":"Item 7: Communications end market revenue 2025 = 2024 plus $3,179.7M"},"note":"Celestica's total revenue was $12,390.9M; the end market is the revenue in this sublayer's activity (it also holds some communications equipment)."}},"corning":{"schema":"5lc-index-inputs/1","key":"infrastructure-networking","entityId":"corning","name":"Corning","kind":"public","commercialActivityVerified":true,"shares":{"switching":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/24741/000002474126000124/glw-20251231.htm","title":"Corning Incorporated Form 10-K for fiscal year 2025","publisher":"Corning / U.S. SEC","publishedDate":"2026-02-12","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1, Optical Communications segment: carrier and enterprise network products are optical fibre, cable assemblies, hardware, connectors, components and closures; no switches."}},"optics":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/24741/000002474126000124/glw-20251231.htm","title":"Corning Incorporated Form 10-K for fiscal year 2025","publisher":"Corning / U.S. SEC","publishedDate":"2026-02-12","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1, Optical Communications segment: fibre, cable, connectors and hardware; no transceivers."}},"copper":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/24741/000002474126000124/glw-20251231.htm","title":"Corning Incorporated Form 10-K for fiscal year 2025","publisher":"Corning / U.S. SEC","publishedDate":"2026-02-12","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1, Optical Communications segment: fibre, cable, connectors and hardware; no copper cables."}},"fibre":{"low":16.66,"central":20.83,"high":25,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://convergedigest.com/corning-delivers-record-2025-results-raises-springboard-growth-targets/","title":"Corning delivers record 2025 results, raises Springboard growth targets","publisher":"Converge Digest, reporting Corning's fourth-quarter 2025 results","publishedDate":"2026-01-28","accessedDate":"2026-10-22","tier":"T5","locator":"Enterprise optical sales 'a little over' $3 billion in 2025, roughly two-thirds tied to hyperscalers; hyperscale grew nearly twice the pace of enterprise overall; Optical Communications sales $6.27 billion"},"note":"Method: enterprise optical (fibre, cable and connectivity for data centres and enterprises) was 'a little over' $3B in 2025 (Converge Digest, reporting the company's Q4 2025 results); roughly two-thirds is hyperscale (about $2.0B), and about half of the remaining third is data-centre fibre for colocation and enterprise data centres ($0.5B, range 0-1.0), so $2.5B (range 2.0-3.0) / $12.0B = 20.8%. The card takes Corning at 40-60% of $7B; the total is raised in this pass (see below). World total for fibre and passive connectivity about $12.0B: screening used $9.5B, but the opened figures for Corning ($2.5B), Fujikura ($2.4B), Amphenol with CommScope CCS ($2.35B) and Sumitomo Electric ($0.7B) alone reach $8.0B, and the other makers (sized as in screening, on its $9.5B basis) add about $2.7B, so the sum of makers is about $10.7B and this pass uses $12.0B (the card's $5-9B is lower still). Light-upgrade companies are rescaled to it; screened-out companies keep their screening values."}},"screening":{"fibre":{"levelLow":2,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"cb98818aa70ba13cb8154c671c4fac298d89fac20d7ffe3e3728c2409a9d73d7"},"consistency":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"cb98818aa70ba13cb8154c671c4fac298d89fac20d7ffe3e3728c2409a9d73d7"}},"priorShares":{"fibre":{"low":16.43,"central":20.55,"high":26.03,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://investor.corning.com/news-and-events/news/news-details/2025/Corning-Announces-Third-Quarter-2025-Financial-Results1-with-Record-Core-Sales-and-Core-EPS/default.aspx","title":"Corning Announces Third-Quarter 2025 Financial Results with Record Core Sales and Core EPS","publisher":"Corning Incorporated","publishedDate":"2025-10-28","accessedDate":"2026-10-22","tier":"T5","locator":"Optical Communications: Enterprise sales growth 58% year on year in 3Q25 (the release gives no dollar value)"},"note":"Method: Corning's enterprise sales grew 58% year on year in 3Q25 (company release) and hyperscale grew nearly twice as fast as enterprise overall (Converge Digest, https://convergedigest.com/corning-delivers-record-2025-results-raises-springboard-growth-targets/ ). Taking data-centre fibre growth of about 65% in 2025 (range 32-108%) gives $2.5B / 1.65 = $1.5B in 2024 (range 1.2-1.9), divided by $7.3B = 20.5%. 2024 world total for fibre $7.3B = $12.0B divided by 1.65, from reported growth: Corning enterprise optical +58% in 3Q25, Fujikura information and communications +44.7%, Sumitomo Electric fibre cable line +82.6%; a judgement."}},"activityGrowth":{"current":{"low":6274000000,"central":6274000000,"high":6274000000,"unit":"USD","basis":"Optical Communications segment net sales (carrier and enterprise fibre, cable and connectivity), calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/24741/000002474126000124/glw-20251231.htm","title":"Corning Incorporated Form 10-K for fiscal year 2025","publisher":"Corning / U.S. SEC","publishedDate":"2026-02-12","accessedDate":"2026-10-22","tier":"T1","locator":"Item 7 segment table: Optical Communications net sales $6,274M (2025), $4,657M (2024), +35%"},"note":"The segment includes carrier-network products as well as the enterprise (data-centre) group."},"prior":{"low":4657000000,"central":4657000000,"high":4657000000,"unit":"USD","basis":"Optical Communications segment net sales (carrier and enterprise fibre, cable and connectivity), calendar year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/24741/000002474126000124/glw-20251231.htm","title":"Corning Incorporated Form 10-K for fiscal year 2025","publisher":"Corning / U.S. SEC","publishedDate":"2026-02-12","accessedDate":"2026-10-22","tier":"T1","locator":"Item 7 segment table: Optical Communications net sales $4,657M (2024)"}}},"committedExpansion":{"low":1,"central":2,"high":5.9,"unit":"ratio","basis":"Up-to-$6B Meta supply agreement (multiyear) divided by 2025 enterprise optical sales (about $3.05B)","period":"Meta agreement signed January 2026","periodEnd":"2026-03-31","source":{"url":"https://investor.corning.com/news-and-events/news/news-details/2026/Corning-Announces-Strong-First-Quarter-2026-Financial-Results-1/default.aspx","title":"Corning Announces Strong First-Quarter 2026 Financial Results","publisher":"Corning Incorporated","publishedDate":"2026-04-27","accessedDate":"2026-10-22","tier":"T2","locator":"Optical Communications: 'multiyear, up-to-$6 billion agreement with Meta'; 'Two additional hyperscale customers entered into large, long-term agreements with Corning', similar in size and duration"},"note":"The company says Corning and Meta entered a 'multiyear, up-to-$6 billion agreement' (announced 26-27 Jan 2026) and, in the Q1 2026 release, that 'two additional hyperscale customers entered into large, long-term agreements' similar in size and duration to Meta's. 6 / 3.05 = 1.97 (Meta alone, taken as central 2.0); low 1.0 if only half of the ceiling is bought; high 5.9 = (3 x 6) / 3.05 if the other two match Meta. Enterprise optical sales of 'a little over $3B' (Converge Digest, 28 Jan 2026). The tier is the lower of the two: company statements."},"baselineRevenueUsd":{"low":3050000000,"central":3050000000,"high":3050000000,"unit":"USD","basis":"Enterprise optical sales (the enterprise network group), calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://convergedigest.com/corning-delivers-record-2025-results-raises-springboard-growth-targets/","title":"Corning delivers record 2025 results, raises Springboard growth targets","publisher":"Converge Digest, reporting Corning's fourth-quarter 2025 results","publishedDate":"2026-01-28","accessedDate":"2026-10-22","tier":"T2","locator":"Enterprise optical sales 'a little over' $3 billion in 2025"},"note":"Corning's total sales were $16.4B core (all segments); the enterprise group is the revenue in this sublayer's activity. 'A little over $3 billion' is taken as $3.05B."}},"fujikura":{"schema":"5lc-index-inputs/1","key":"infrastructure-networking","entityId":"fujikura","name":"Fujikura (incl. AFL)","kind":"public","commercialActivityVerified":true,"shares":{"switching":{"participates":false,"evidence":{"url":"https://ssl4.eir-parts.net/doc/5803/tdnet/2809653/00.pdf","title":"Consolidated financial results for the fiscal year ended March 31, 2026 (Kessan Tanshin, Japanese)","publisher":"Fujikura Ltd.","publishedDate":"2026-05-14","accessedDate":"2026-10-22","tier":"T1","locator":"Segments: information and communications (optical fibre, cable, connectors, splicers), electronics, automotive, energy; no switches."}},"optics":{"participates":false,"evidence":{"url":"https://ssl4.eir-parts.net/doc/5803/tdnet/2809653/00.pdf","title":"Consolidated financial results for the fiscal year ended March 31, 2026 (Kessan Tanshin, Japanese)","publisher":"Fujikura Ltd.","publishedDate":"2026-05-14","accessedDate":"2026-10-22","tier":"T1","locator":"Information and communications segment is described as optical fibre, optical cable, communication parts, optical components and equipment (Japanese text); no transceivers are named."}},"copper":{"participates":false,"evidence":{"url":"https://ssl4.eir-parts.net/doc/5803/tdnet/2809653/00.pdf","title":"Consolidated financial results for the fiscal year ended March 31, 2026 (Kessan Tanshin, Japanese)","publisher":"Fujikura Ltd.","publishedDate":"2026-05-14","accessedDate":"2026-10-22","tier":"T1","locator":"Segments: information and communications, electronics, automotive, energy; no copper data cables."}},"fibre":{"low":14.55,"central":20.01,"high":24.74,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"FY2025 (year ended 31 March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.fujikura.co.jp/newsrelease/management/__icsFiles/afieldfile/2026/05/19/260519_en.pdf","title":"2026~2028 Mid-Term Plan (19 May 2026)","publisher":"Fujikura Ltd.","publishedDate":"2026-05-19","accessedDate":"2026-10-22","tier":"T5","locator":"Slide 5 (core-area revenue FY2023 to FY2025: 641.4, 814.2, 1,004.7 billion yen, with printed growth rates) and slide 10 (definitions of the three core areas)"},"note":"Method (reasoned T5 judgement; Fujikura gives no data-centre split of the segment). Fujikura's own 2028 Mid-Term Plan deck (slide 5) splits its three core areas into Information Storage (the data-centre area: HDD parts and ultra-high-density optical cabling, slide 10), Information Infrastructure (optical infrastructure including links between data centres) and Information Terminals. The three areas add to the Telecommunication Systems, Electronics and Automotive segments (JPY 653.0B + 172.3B + 179.4B = 1,004.7B, the deck's FY2025 total; results summary, https://ssl4.eir-parts.net/doc/5803/tdnet/2809653/00.pdf). The deck prints the totals (641.4, 814.2, 1,004.7) and the growth rates (Storage +160% then +70%, 4.4x FY2023; Infrastructure +7% then +17%, +25%; Terminals +3% then -4%, -3%). Solving the three totals with those rates gives Information Infrastructure of about JPY 249B in FY2025 (JPY 212B in FY2024; solving with the 4.4x, +25%, -3% ratios instead gives 229-261B in FY2025). If Infrastructure sits wholly inside the information and communications segment (JPY 652,977M), the rest, about JPY 404B or 62% of the segment, is data-centre cabling. Less about 10% (range 0-25%) for splicers and engineering services, which are not finished passive parts, gives about 56%; taken as 55%, with a wide range of 40-68% because the mapping of areas to segments is inferred and the printed growth rates are rounded. JPY 652,977M / 149.5686 (Fed G.5A 2025 average, https://www.federalreserve.gov/releases/g5a/current/default.htm, opened 23 Oct 2026; fiscal year to 31 March 2026) = $4.37B x 55% = $2.40B (range 1.75-2.97), divided by $12.0B = 20.0%. The results summary itself says only that the segment grew 44.7% on data-centre demand, with no split. Screening used 40% ($1.7B, 18% of $9.5B). The segment also holds some telecom fibre and cable. World total for fibre and passive connectivity about $12.0B: screening used $9.5B, but the opened figures for Corning ($2.5B), Fujikura ($2.4B), Amphenol with CommScope CCS ($2.35B) and Sumitomo Electric ($0.7B) alone reach $8.0B, and the other makers (sized as in screening, on its $9.5B basis) add about $2.7B, so the sum of makers is about $10.7B and this pass uses $12.0B (the card's $5-9B is lower still). Light-upgrade companies are rescaled to it; screened-out companies keep their screening values."}},"screening":{"fibre":{"levelLow":2,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"0751764194be6f14587d245c74ddf5b464660a24c7850318cb5344c82a17c43f"},"consistency":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"0751764194be6f14587d245c74ddf5b464660a24c7850318cb5344c82a17c43f"}},"priorShares":{"fibre":{"low":14.29,"central":19.59,"high":24.49,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"FY2024 (year ended 31 March 2025)","periodEnd":"2025-03-31","source":{"url":"https://www.fujikura.co.jp/newsrelease/management/__icsFiles/afieldfile/2026/05/19/260519_en.pdf","title":"2026~2028 Mid-Term Plan (19 May 2026)","publisher":"Fujikura Ltd.","publishedDate":"2026-05-19","accessedDate":"2026-10-22","tier":"T5","locator":"Slide 5 (core-area revenue FY2023 to FY2025: 641.4, 814.2, 1,004.7 billion yen, with printed growth rates) and slide 10 (definitions of the three core areas)"},"note":"Method (reasoned T5 judgement), same as the current year: Information Infrastructure about JPY 212B in FY2024 (solved from the deck's printed FY2023-FY2025 totals and growth rates, slide 5), so data-centre cabling is the rest of the segment, (451.3 - 212)/451.3 = 53%, less about 10% for splicers and engineering services = 48% (range 35-60%). Segment sales JPY 451,262M (results summary, https://ssl4.eir-parts.net/doc/5803/tdnet/2809653/00.pdf, prior-year column) / 151.4551 (Fed G.5A 2024 average, https://www.federalreserve.gov/releases/g5a/current/default.htm; fiscal year to 31 March 2025) = $2.98B x 48% = $1.43B (range 1.04-1.79), divided by $7.3B = 19.6%. 2024 world total for fibre $7.3B = $12.0B divided by 1.65, from reported growth: Corning enterprise optical +58% in 3Q25, Fujikura information and communications +44.7%, Sumitomo Electric fibre cable line +82.6%; a judgement."}},"activityGrowth":{"current":{"low":652977000000,"central":652977000000,"high":652977000000,"unit":"JPY","basis":"Information and communications segment sales (external), fiscal year to 31 March, yen","period":"FY2025 (year ended 31 March 2026)","periodEnd":"2026-03-31","source":{"url":"https://ssl4.eir-parts.net/doc/5803/tdnet/2809653/00.pdf","title":"Consolidated financial results for the fiscal year ended March 31, 2026 (Kessan Tanshin, Japanese)","publisher":"Fujikura Ltd.","publishedDate":"2026-05-14","accessedDate":"2026-10-22","tier":"T1","locator":"Segment note: information and communications external sales JPY 652,977M"},"note":"The segment also holds telecom fibre and cable, splicers and engineering services; the data-centre part is estimated in the fibre share note."},"prior":{"low":451262000000,"central":451262000000,"high":451262000000,"unit":"JPY","basis":"Information and communications segment sales (external), fiscal year to 31 March, yen","period":"FY2024 (year ended 31 March 2025)","periodEnd":"2025-03-31","source":{"url":"https://ssl4.eir-parts.net/doc/5803/tdnet/2809653/00.pdf","title":"Consolidated financial results for the fiscal year ended March 31, 2026 (Kessan Tanshin, Japanese)","publisher":"Fujikura Ltd.","publishedDate":"2026-05-14","accessedDate":"2026-10-22","tier":"T1","locator":"Segment note, prior-year column: JPY 451,262M"}}},"baselineRevenueUsd":{"low":4365735856,"central":4365735856,"high":4365735856,"unit":"USD","basis":"Information and communications segment sales (external), fiscal year to 31 March, US dollars (yen converted at the 2025 average)","period":"FY2025 (year ended 31 March 2026)","periodEnd":"2026-03-31","source":{"url":"https://ssl4.eir-parts.net/doc/5803/tdnet/2809653/00.pdf","title":"Consolidated financial results for the fiscal year ended March 31, 2026 (Kessan Tanshin, Japanese)","publisher":"Fujikura Ltd.","publishedDate":"2026-05-14","accessedDate":"2026-10-22","tier":"T1","locator":"Segment note: information and communications external sales JPY 652,977M"},"note":"JPY 652,977M / 149.5686 (Fed G.5A 2025 average) = $4.37B; group sales were JPY 1,182,358M."}},"huawei":{"schema":"5lc-index-inputs/1","key":"infrastructure-networking","entityId":"huawei","name":"Huawei","kind":"private","commercialActivityVerified":false,"shares":{"switching":{"low":2.31,"central":4.37,"high":6.87,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.idc.com/resource-center/blog/ethernet-switch-market-size-and-growth-datacenter-segment-surges-60-in-q4-as-ai-workloads-expand/","title":"Ethernet switch market size and growth: datacenter segment surges 60% in Q4 as AI workloads expand","publisher":"IDC","publishedDate":"2026-03-18","accessedDate":"2026-10-22","tier":"T5","locator":"4Q25 vendor table: Huawei Ethernet switch revenue $1.7B (10.6% of the total market); no datacentre split"},"note":"Method: Huawei's Ethernet switch revenue (all segments) from IDC's quarterly releases: 1Q25 $704M (IDC 1Q25), 2Q25 $1.2B (IDC 2Q25), 3Q25 $1.2B (IDC 3Q25), 4Q25 $1.7B (IDC 4Q25) = $4.80B. IDC gives no datacentre split for Huawei; datacentre share taken as 35% (range 20-50%, a judgement) = $1.68B (range 0.96-2.40), divided by $38.5B = 4.4%. Screening used a CY2025 total of $4.25B (3.8%). World total for switching about $38.5B (range 35.0-41.5) = IDC datacentre Ethernet $32.5B for 2025 (IDC 4Q25 release, +53.5%) plus about $6B InfiniBand (the card's estimate from Dell'Oro's statement that Ethernet held more than two-thirds of AI back-end switch sales)."},"optics":{"low":0.5,"central":2,"high":4,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1045810/000104581026000021/nvda-20260125.htm","title":"NVIDIA Corporation Form 10-K for fiscal year 2026","publisher":"NVIDIA / U.S. SEC","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T5","locator":"Competition section: NVIDIA names Huawei among competitors in networking products and 'cable solutions (including optical modules)'"},"note":"No Huawei data-centre optics figure found. Huawei sells optical modules under its own brand with its switches; judged about $0.4B, divided by $20B."},"copper":{"low":0.1,"central":0.5,"high":1.5,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1045810/000104581026000021/nvda-20260125.htm","title":"NVIDIA Corporation Form 10-K for fiscal year 2026","publisher":"NVIDIA / U.S. SEC","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T5","locator":"Competition section: NVIDIA names Huawei among competitors in networking and cable solutions"},"note":"No company-specific figure found. Branded cables sold with switches; judged about $40M. Judged upper bound, wide range."},"fibre":{"low":0.03,"central":0.237,"high":0.8,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.idc.com/resource-center/blog/ethernet-switch-market-size-and-growth-datacenter-segment-surges-60-in-q4-as-ai-workloads-expand/","title":"Ethernet switch market size and growth: datacenter segment surges 60% in Q4 as AI workloads expand","publisher":"IDC","publishedDate":"2026-03-18","accessedDate":"2026-10-22","tier":"T5","locator":"4Q25 vendor table: Huawei Ethernet switch revenue"},"note":"No company-specific figure found. Huawei sells optical distribution products mainly to telecom operators; data-centre fibre judged about $30M. Judged upper bound, wide range. Rescaled in the full pass from the $9.5B fibre total used in screening to $12.0B (x 0.79); the dollar judgement is unchanged."}},"screening":{"switching":{"levelLow":1,"levelHigh":2},"optics":{"levelLow":1,"levelHigh":2},"copper":{"levelLow":1,"levelHigh":2},"fibre":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"634953cbfbec9a4f17dbf631431eb48b40c6b5a221175693475f3d3f2ce4d949"},"consistency":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"634953cbfbec9a4f17dbf631431eb48b40c6b5a221175693475f3d3f2ce4d949"}},"baselineRevenueUsd":{"low":4804000000,"central":4804000000,"high":4804000000,"unit":"USD","basis":"Ethernet switch revenue, all segments (data-centre and campus), calendar year, US dollars (IDC quarterly vendor revenue summed)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.idc.com/resource-center/blog/ethernet-switch-market-size-and-growth-datacenter-segment-surges-60-in-q4-as-ai-workloads-expand/","title":"Ethernet switch market size and growth: datacenter segment surges 60% in Q4 as AI workloads expand","publisher":"IDC","publishedDate":"2026-03-18","accessedDate":"2026-10-22","tier":"T4","locator":"4Q25 vendor table: Huawei Ethernet switch revenue $1.7B (10.6% of the total market); no datacentre split"},"note":"Huawei is private and gives no switch revenue; IDC's 2025 quarterly figures ($704M, $1.2B, $1.2B, $1.7B) are summed. Huawei's total revenue is outside this sublayer's activity."}},"accton":{"schema":"5lc-index-inputs/1","key":"infrastructure-networking","entityId":"accton","name":"Accton (incl. Edgecore)","kind":"public","commercialActivityVerified":true,"shares":{"switching":{"low":3.74,"central":5.98,"high":8.66,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://udn.com/news/story/7253/9561042","title":"智邦審慎樂觀2026年下半年 市場需求優於預期 (Accton cautiously optimistic about the second half of 2026)","publisher":"Economic Daily News (udn.com)","publishedDate":"2026-06-12","accessedDate":"2026-10-22","tier":"T5","locator":"2025 revenue NT$248.32 billion (record); 800G switches and AI accelerator modules driving growth"},"note":"Method: 2025 revenue NT$248.32B (Economic Daily News, 12 Jun 2026); AI accelerator cards were 63% of revenue in January-November 2025 and switches grew 46% (Money Weekly, 6 Jan 2026), so switches are taken as about 34% of revenue (range 30-38%; screening's search excerpt of the shareholder letter said 35%; accton.com returned HTTP 402 and was not opened) = NT$84.4B = $2.71B at NT$31.1663 (Fed G.5A 2025 average). About 85% (range 65-100%) is data-centre white-box switching (the rest is Edgecore enterprise switching) = $2.30B (range 1.55-3.03, from switches at 30-38% of revenue and 65-100% data-centre), divided by $38.5B = 6.0%. IDC's ODM-direct group (30.2% of the datacentre segment in 3Q25, https://www.idc.com/resource-center/press-releases/worldwide-ethernet-switch-market-grew-35-2-in-the-third-quarter-of-2025-according-to-idcs-quarterly-ethernet-switch-tracker/ ) is shared mainly by Celestica and Accton. Screening used $3.5B (9%) from the whole network-equipment line, much of which is AI accelerator cards. World total for switching about $38.5B (range 35.0-41.5) = IDC datacentre Ethernet $32.5B for 2025 (IDC 4Q25 release, +53.5%) plus about $6B InfiniBand (the card's estimate from Dell'Oro's statement that Ethernet held more than two-thirds of AI back-end switch sales)."},"optics":{"low":0.08,"central":0.5,"high":1.67,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.edge-core.com/","title":"Edgecore Networks","publisher":"Edgecore Networks (Accton)","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Transceivers: pre-qualified optics for switches at 1G to 800G"},"note":"Method: no company-specific figure found. Edgecore sells transceivers with its switches; judged about $0.1B (range 0.02-0.3) = 0.5% of $20B. World total for optics about $20B (range 18.0-23.4) = Yole's $23B for 2025 less 10-15% telecom (the card's total; optics.org, 1 Jul 2026). Cross-check: Omdia puts 9M 2025 datacom optical components at $12.9B (quoted in Accelink's 2025 annual report)."},"copper":{"low":0.11,"central":0.47,"high":1.42,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.edge-core.com/","title":"Edgecore Networks","publisher":"Edgecore Networks (Accton)","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Cables: integrated connecting cables from 10G to 800G"},"note":"Method: no company-specific figure found. Edgecore sells connecting cables with its switches; judged about $40M = 0.5% of $8.5B. World total for copper about $8.5B (this pass's own total, inside the card's $4.5-10B range; unchanged from screening)."},"fibre":{"participates":false,"evidence":{"url":"https://www.edge-core.com/","title":"Edgecore Networks","publisher":"Edgecore Networks (Accton)","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Product categories: switches, transceivers, cables, enterprise networking, Wi-Fi; no fibre cabling."}}},"screening":{"switching":{"levelLow":1,"levelHigh":3},"optics":{"levelLow":1,"levelHigh":2},"copper":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"eaba184dbacde2a31a7e34507cc17cc82191d78bf054a7f942221964ff703e31"},"consistency":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"eaba184dbacde2a31a7e34507cc17cc82191d78bf054a7f942221964ff703e31"}},"priorShares":{"switching":{"low":3.42,"central":5.53,"high":7.84,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.moneyweekly.com.tw/ArticleData/Info/Article/206841/","title":"智邦也是觸月線後開始攻擊 今日又刷歷史高1250元 目標價1900元 (Accton hits a new high; Money Weekly)","publisher":"Money Weekly (moneyweekly.com.tw)","publishedDate":"2026-01-06","accessedDate":"2026-10-22","tier":"T5","locator":"January-November 2025: AI accelerator cards 63% of revenue; network switches up 46% year on year"},"note":"Method: switch revenue grew 46% in January-November 2025 (Money Weekly), so 2024 = NT$84.4B / 1.46 = NT$57.8B = $1.80B at NT$32.1064 (Fed G.5A 2024 average); 85% data-centre (65-100%) = $1.53B, divided by $27.7B = 5.5%. 2024 world total for switching $27.7B (range 25.7-30.2) = IDC datacentre Ethernet 2024 $21.2B ($32.5B divided by 1.535, from IDC's 53.5% growth) plus InfiniBand $6.5B (judgement, range 4.5-9; same method as the card's 2025 estimate)."},"optics":{"low":0.09,"central":0.55,"high":1.89,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.edge-core.com/","title":"Edgecore Networks","publisher":"Edgecore Networks (Accton)","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Transceivers: pre-qualified optics for switches at 1G to 800G"},"note":"Method: the 2025 judgement scaled by the 46% switch growth ($0.1B / 1.46) = $0.07B, divided by $12.7B = 0.55%. 2024 world total for optics $12.7B (range 10.6-15.6) = the $20B 2025 total divided by 1.58 (LightCounting estimates the whole optical module market grew 58% in 2025; C114, 28 May 2026)."},"copper":{"low":0.15,"central":0.67,"high":1.78,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.edge-core.com/","title":"Edgecore Networks","publisher":"Edgecore Networks (Accton)","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Cables: integrated connecting cables from 10G to 800G"},"note":"Method: the 2025 judgement scaled by the 46% switch growth ($0.04B / 1.46) = $0.03B, divided by $4.5B = 0.7%. 2024 world total for copper $4.5B = $8.5B divided by 1.9, the blended 2025 growth of the makers' reported sales (Amphenol IT datacom +123%, TE digital data networks +73%, Credo +206%, Luxshare communications and data centres +34%); a judgement."}},"activityGrowth":{"current":{"low":84428800000,"central":84428800000,"high":84428800000,"unit":"TWD","basis":"Network switch revenue (data-centre white-box and enterprise), calendar year, NT dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://udn.com/news/story/7253/9561042","title":"智邦審慎樂觀2026年下半年 市場需求優於預期 (Accton cautiously optimistic about the second half of 2026)","publisher":"Economic Daily News (udn.com)","publishedDate":"2026-06-12","accessedDate":"2026-10-22","tier":"T5","locator":"2025 revenue NT$248.32 billion"},"note":"Derived: 34% of NT$248.32B (switch share a judgement, range 30-38%)."},"prior":{"low":57827945205,"central":57827945205,"high":57827945205,"unit":"TWD","basis":"Network switch revenue (data-centre white-box and enterprise), calendar year, NT dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.moneyweekly.com.tw/ArticleData/Info/Article/206841/","title":"智邦也是觸月線後開始攻擊 今日又刷歷史高1250元 目標價1900元 (Accton hits a new high; Money Weekly)","publisher":"Money Weekly (moneyweekly.com.tw)","publishedDate":"2026-01-06","accessedDate":"2026-10-22","tier":"T5","locator":"Network switches up 46% year on year in January-November 2025"},"note":"Derived: 2025 switch revenue / 1.46 (the 46% is for January-November)."}},"baselineRevenueUsd":{"low":7967580367,"central":7967580367,"high":7967580367,"unit":"USD","basis":"Total revenue, calendar year, US dollars (NT dollars converted at the 2025 average)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://udn.com/news/story/7253/9561042","title":"智邦審慎樂觀2026年下半年 市場需求優於預期 (Accton cautiously optimistic about the second half of 2026)","publisher":"Economic Daily News (udn.com)","publishedDate":"2026-06-12","accessedDate":"2026-10-22","tier":"T3","locator":"2025 revenue NT$248.32 billion"},"note":"NT$248.32B / 31.1663 (Fed G.5A 2025 average) = $7.97B; about 63% of it is AI accelerator cards and about 34% switches (Money Weekly)."}},"credo":{"schema":"5lc-index-inputs/1","key":"infrastructure-networking","entityId":"credo","name":"Credo","kind":"public","commercialActivityVerified":true,"shares":{"switching":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/0001807794/000162828026039474/credoq42026ex-991.htm","title":"Credo Technology Group Holding Ltd Reports Fourth Quarter and Fiscal Year 2026 Financial Results (Form 8-K, Exhibit 99.1)","publisher":"Credo / U.S. SEC","publishedDate":"2026-06-01","accessedDate":"2026-10-22","tier":"T2","locator":"Portfolio listed in the results release: AECs, optical transceivers, OmniConnect memory solutions, retimers and DSPs; no switches."}},"optics":{"low":0.08,"central":0.5,"high":1.67,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"FY2026 (year ended 2 May 2026)","periodEnd":"2026-05-02","source":{"url":"https://www.sec.gov/Archives/edgar/data/0001807794/000162828026039474/credoq42026ex-991.htm","title":"Credo Technology Group Holding Ltd Reports Fourth Quarter and Fiscal Year 2026 Financial Results (Form 8-K, Exhibit 99.1)","publisher":"Credo / U.S. SEC","publishedDate":"2026-06-01","accessedDate":"2026-10-22","tier":"T5","locator":"Results release lists optical transceivers in the product portfolio (AECs, optical transceivers, OmniConnect memory solutions, retimers and DSPs)"},"note":"Method: optical transceivers are listed in Credo's product families and sales are only starting (no figure disclosed); judged about $0.1B (range 0.02-0.3) = 0.5% of $20B. World total for optics about $20B (range 18.0-23.4) = Yole's $23B for 2025 less 10-15% telecom (the card's total; optics.org, 1 Jul 2026). Cross-check: Omdia puts 9M 2025 datacom optical components at $12.9B (quoted in Accelink's 2025 annual report)."},"copper":{"low":7.85,"central":10.21,"high":12.57,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"FY2026 (year ended 2 May 2026)","periodEnd":"2026-05-02","source":{"url":"https://www.sec.gov/Archives/edgar/data/0001807794/000162828026039474/credoq42026ex-991.htm","title":"Credo Technology Group Holding Ltd Reports Fourth Quarter and Fiscal Year 2026 Financial Results (Form 8-K, Exhibit 99.1)","publisher":"Credo / U.S. SEC","publishedDate":"2026-06-01","accessedDate":"2026-10-22","tier":"T5","locator":"Fiscal 2026 revenue $1,335.1M (year ended 2 May 2026) vs $436.8M a year earlier; quarters: Q3 $407.0M, Q4 $437.0M"},"note":"Method: Credo does not split revenue by product (opened release). Active electrical cables taken as about 65% of fiscal 2026 revenue (range 50-80%; retimers, DSPs and chiplets, which belong to Chips, are the rest) = $0.87B (range 0.67-1.07), divided by $8.5B = 10.2%. The period is the year to 2 May 2026, about four months later than calendar 2025. World total for copper about $8.5B (this pass's own total, inside the card's $4.5-10B range; unchanged from screening)."},"fibre":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/0001807794/000162828026039474/credoq42026ex-991.htm","title":"Credo Technology Group Holding Ltd Reports Fourth Quarter and Fiscal Year 2026 Financial Results (Form 8-K, Exhibit 99.1)","publisher":"Credo / U.S. SEC","publishedDate":"2026-06-01","accessedDate":"2026-10-22","tier":"T2","locator":"Portfolio listed in the results release: AECs, optical transceivers, memory, retimers and DSPs; no fibre cabling."}}},"screening":{"optics":{"levelLow":1,"levelHigh":2},"copper":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"c9a5cab621529696ed68c41914eeeb0d6a59ef6a918451c93415f91ca71e879a"},"consistency":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"c9a5cab621529696ed68c41914eeeb0d6a59ef6a918451c93415f91ca71e879a"}},"priorShares":{"copper":{"low":4.84,"central":6.31,"high":7.76,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"FY2025 (year ended 3 May 2025)","periodEnd":"2025-05-03","source":{"url":"https://www.sec.gov/Archives/edgar/data/0001807794/000162828026039474/credoq42026ex-991.htm","title":"Credo Technology Group Holding Ltd Reports Fourth Quarter and Fiscal Year 2026 Financial Results (Form 8-K, Exhibit 99.1)","publisher":"Credo / U.S. SEC","publishedDate":"2026-06-01","accessedDate":"2026-10-22","tier":"T5","locator":"Fiscal 2025 revenue $436.8M (year ended 3 May 2025), the comparison column"},"note":"Method: the same 65% (50-80%) of fiscal 2025 revenue $436.8M = $0.28B, divided by $4.5B = 6.3%. The period is the year to 3 May 2025. 2024 world total for copper $4.5B = $8.5B divided by 1.9, the blended 2025 growth of the makers' reported sales (Amphenol IT datacom +123%, TE digital data networks +73%, Credo +206%, Luxshare communications and data centres +34%); a judgement."},"optics":{"low":0.03,"central":0.16,"high":0.57,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"FY2025 (year ended 3 May 2025)","periodEnd":"2025-05-03","source":{"url":"https://www.sec.gov/Archives/edgar/data/0001807794/000162828026039474/credoq42026ex-991.htm","title":"Credo Technology Group Holding Ltd Reports Fourth Quarter and Fiscal Year 2026 Financial Results (Form 8-K, Exhibit 99.1)","publisher":"Credo / U.S. SEC","publishedDate":"2026-06-01","accessedDate":"2026-10-22","tier":"T5","locator":"Results release lists optical transceivers in the product portfolio (AECs, optical transceivers, OmniConnect memory solutions, retimers and DSPs)"},"note":"Method: optical sales were negligible a year earlier; judged $0.02B = 0.16% of $12.7B. 2024 world total for optics $12.7B (range 10.6-15.6) = the $20B 2025 total divided by 1.58 (LightCounting estimates the whole optical module market grew 58% in 2025; C114, 28 May 2026)."}},"activityGrowth":{"current":{"low":1335100000,"central":1335100000,"high":1335100000,"unit":"USD","basis":"Total revenue (AECs, optical transceivers, retimers, DSPs), fiscal year, US dollars","period":"FY2026 (year ended 2 May 2026)","periodEnd":"2026-05-02","source":{"url":"https://www.sec.gov/Archives/edgar/data/0001807794/000162828026039474/credoq42026ex-991.htm","title":"Credo Technology Group Holding Ltd Reports Fourth Quarter and Fiscal Year 2026 Financial Results (Form 8-K, Exhibit 99.1)","publisher":"Credo / U.S. SEC","publishedDate":"2026-06-01","accessedDate":"2026-10-22","tier":"T2","locator":"Fiscal 2026 revenue $1,335.1M"},"note":"About 90% is AI networking (see Chips · Chip design inputs); the release gives no product split."},"prior":{"low":436800000,"central":436800000,"high":436800000,"unit":"USD","basis":"Total revenue (AECs, optical transceivers, retimers, DSPs), fiscal year, US dollars","period":"FY2025 (year ended 3 May 2025)","periodEnd":"2025-05-03","source":{"url":"https://www.sec.gov/Archives/edgar/data/0001807794/000162828026039474/credoq42026ex-991.htm","title":"Credo Technology Group Holding Ltd Reports Fourth Quarter and Fiscal Year 2026 Financial Results (Form 8-K, Exhibit 99.1)","publisher":"Credo / U.S. SEC","publishedDate":"2026-06-01","accessedDate":"2026-10-22","tier":"T2","locator":"Fiscal 2025 revenue $436.8M"}}},"baselineRevenueUsd":{"low":1335100000,"central":1335100000,"high":1335100000,"unit":"USD","basis":"Total revenue, fiscal year, US dollars","period":"FY2026 (year ended 2 May 2026)","periodEnd":"2026-05-02","source":{"url":"https://www.sec.gov/Archives/edgar/data/0001807794/000162828026039474/credoq42026ex-991.htm","title":"Credo Technology Group Holding Ltd Reports Fourth Quarter and Fiscal Year 2026 Financial Results (Form 8-K, Exhibit 99.1)","publisher":"Credo / U.S. SEC","publishedDate":"2026-06-01","accessedDate":"2026-10-22","tier":"T2","locator":"Fiscal 2026 revenue $1,335.1M"},"note":"Same figure as the Chips · Chip design baseline."}},"accelink":{"schema":"5lc-index-inputs/1","key":"infrastructure-networking","entityId":"accelink","name":"Accelink","kind":"public","commercialActivityVerified":true,"shares":{"switching":{"participates":false,"evidence":{"url":"https://www.accelink.com/","title":"Accelink Technologies","publisher":"Accelink Technologies","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Products page: transceivers, active optical cables, amplifiers, WDM modules, components, subsystems; no switches."}},"optics":{"low":3.26,"central":4.71,"high":5.89,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-23/1225148212.PDF","title":"Accelink Technologies 2025 annual report (full text, Chinese)","publisher":"Accelink Technologies / CNINFO","publishedDate":"2026-04-23","accessedDate":"2026-10-22","tier":"T5","locator":"Revenue by product: data and access RMB 8,462.9M (2025) vs RMB 5,101.5M (2024), +65.89%; transmission RMB 3,411.7M"},"note":"Method: 2025 annual report (opened): data and access products RMB 8,462.9M; this line holds datacom modules (including AOCs) and access products (PON and wireless front-haul). Datacom taken as about 80% (range 65-90%) = RMB 6.77B / 7.1875 (Fed G.5A 2025 average) = $0.94B, divided by $20B = 4.7%. Cross-check: the report quotes Omdia, which ranks Accelink fourth in global datacom optical components with a 5.9% share (rolling four quarters to 3Q25) of a datacom market of $12.9B in the first nine months of 2025, about $0.9-1.0B a year. LightCounting also ranks Accelink fourth by 2025 module sales (C114, 28 May 2026). Screening used $0.7B (3.5%) without a filing. World total for optics about $20B (range 18.0-23.4) = Yole's $23B for 2025 less 10-15% telecom (the card's total; optics.org, 1 Jul 2026). Cross-check: Omdia puts 9M 2025 datacom optical components at $12.9B (quoted in Accelink's 2025 annual report)."},"copper":{"participates":false,"evidence":{"url":"https://www.accelink.com/","title":"Accelink Technologies","publisher":"Accelink Technologies","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Products page: optical products only (active optical cables are in the optics part); no copper cables."}},"fibre":{"low":0.01,"central":0.158,"high":0.64,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.accelink.com/","title":"Accelink Technologies","publisher":"Accelink Technologies","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Products page: communication components include optical connectors"},"note":"No company-specific figure found. Optical connectors and passive components are sold as parts, not finished cabling; judged about $20M. Judged upper bound, wide range. Rescaled in the full pass from the $9.5B fibre total used in screening to $12.0B (x 0.79); the dollar judgement is unchanged."}},"screening":{"optics":{"levelLow":1,"levelHigh":2},"fibre":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"1837bb007997c765c7930eb8252f9e0fb40b9a8b2df081e29dfb662ed6eca487"},"consistency":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"1837bb007997c765c7930eb8252f9e0fb40b9a8b2df081e29dfb662ed6eca487"}},"priorShares":{"optics":{"low":2.72,"central":3.85,"high":5.22,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-23/1225148212.PDF","title":"Accelink Technologies 2025 annual report (full text, Chinese)","publisher":"Accelink Technologies / CNINFO","publishedDate":"2026-04-23","accessedDate":"2026-10-22","tier":"T5","locator":"Revenue by product, prior-year column: data and access RMB 5,101.5M (2024)"},"note":"Method: 2024 data and access RMB 5,101.5M; datacom about 69% (range 60-78%; access products grew little, so datacom was a smaller part) = RMB 3.52B / 7.1957 (Fed G.5A 2024 average) = $0.49B, divided by $12.7B = 3.9%. 2024 world total for optics $12.7B (range 10.6-15.6) = the $20B 2025 total divided by 1.58 (LightCounting estimates the whole optical module market grew 58% in 2025; C114, 28 May 2026)."},"fibre":{"low":0,"central":0.16,"high":0.64,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-23/1225148212.PDF","title":"Accelink Technologies 2025 annual report (full text, Chinese)","publisher":"Accelink Technologies / CNINFO","publishedDate":"2026-04-23","accessedDate":"2026-10-22","tier":"T5","locator":"Revenue by product: data and access RMB 8,462.9M vs RMB 5,101.5M"},"note":"Method: the 2025 judgement ($0.019B) divided by the data and access line's dollar growth (1.66) = $0.011B; divided by the 2024 world total of $7.3B = 0.16%. 2024 world total for fibre $7.3B = $12.0B divided by 1.65, from reported growth: Corning enterprise optical +58% in 3Q25, Fujikura information and communications +44.7%, Sumitomo Electric fibre cable line +82.6%; a judgement."}},"activityGrowth":{"current":{"low":8462891500,"central":8462891500,"high":8462891500,"unit":"CNY","basis":"Data and access products revenue (datacom and access modules and devices), calendar year, RMB","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-23/1225148212.PDF","title":"Accelink Technologies 2025 annual report (full text, Chinese)","publisher":"Accelink Technologies / CNINFO","publishedDate":"2026-04-23","accessedDate":"2026-10-22","tier":"T1","locator":"Revenue by product: data and access RMB 8,462,891,520.32 (2025)"},"note":"Includes access (PON, wireless) products as well as datacom modules."},"prior":{"low":5101462300,"central":5101462300,"high":5101462300,"unit":"CNY","basis":"Data and access products revenue (datacom and access modules and devices), calendar year, RMB","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-23/1225148212.PDF","title":"Accelink Technologies 2025 annual report (full text, Chinese)","publisher":"Accelink Technologies / CNINFO","publishedDate":"2026-04-23","accessedDate":"2026-10-22","tier":"T1","locator":"Revenue by product, prior-year column: data and access RMB 5,101,462,259.15 (2024)"}}},"baselineRevenueUsd":{"low":1177445774,"central":1177445774,"high":1177445774,"unit":"USD","basis":"Data and access products revenue, calendar year, US dollars (RMB converted at the 2025 average)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-23/1225148212.PDF","title":"Accelink Technologies 2025 annual report (full text, Chinese)","publisher":"Accelink Technologies / CNINFO","publishedDate":"2026-04-23","accessedDate":"2026-10-22","tier":"T1","locator":"Revenue by product: data and access RMB 8,462.9M"},"note":"RMB 8,462.9M / 7.1875 = $1.18B; total revenue was RMB 11,928.7M (the rest is transmission products, outside this card)."}},"ruijie":{"schema":"5lc-index-inputs/1","key":"infrastructure-networking","entityId":"ruijie","name":"Ruijie Networks","kind":"public","commercialActivityVerified":true,"shares":{"switching":{"low":1.44,"central":2.34,"high":3.72,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.ruijie.com/en-global/about","title":"About Ruijie Networks","publisher":"Ruijie Networks","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Revenue $2.1 Billion in 2025, 22.4% YoY growth; #1 in 200G/400G data center switching in China and #6 in the worldwide data center switch market (IDC 2025 Q3)"},"note":"Method: Ruijie says its 2025 revenue was $2.1B (+22.4%) and that IDC ranked it sixth by market share in the worldwide data-centre switch market in 2025 Q3 (company page; no revenue split is given). A sixth place in a datacentre segment of about $8.4B in 3Q25 (IDC) is at least HPE's datacentre revenue of about $0.3B that quarter, so about $1B a year; data-centre switches taken as $0.9B (range 0.6-1.3; about 43% of revenue) = 2.3% of $38.5B. Screening used $0.7B (1.8%) from unopened excerpts. World total for switching about $38.5B (range 35.0-41.5) = IDC datacentre Ethernet $32.5B for 2025 (IDC 4Q25 release, +53.5%) plus about $6B InfiniBand (the card's estimate from Dell'Oro's statement that Ethernet held more than two-thirds of AI back-end switch sales)."},"optics":{"low":0,"central":0.1,"high":0.5,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.delloro.com/news/record-breaking-ethernet-data-center-switch-sales-fueled-by-robust-ai-buildouts-and-a-recovery-in-traditional-front-end-networks/","title":"Record-Breaking Ethernet Data Center Switch Sales Fueled by Robust AI Buildouts and a Recovery in Traditional Front-End Networks","publisher":"Dell'Oro Group","publishedDate":"2025-03-07","accessedDate":"2026-10-22","tier":"T5","locator":"4Q24 release names Ruijie among the vendors capturing growth"},"note":"No company-specific figure found. Ruijie sells branded optics with switches. Judged upper bound, wide range."},"copper":{"low":0,"central":0.1,"high":0.5,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.delloro.com/news/record-breaking-ethernet-data-center-switch-sales-fueled-by-robust-ai-buildouts-and-a-recovery-in-traditional-front-end-networks/","title":"Record-Breaking Ethernet Data Center Switch Sales Fueled by Robust AI Buildouts and a Recovery in Traditional Front-End Networks","publisher":"Dell'Oro Group","publishedDate":"2025-03-07","accessedDate":"2026-10-22","tier":"T5","locator":"4Q24 release names Ruijie among the vendors capturing growth"},"note":"No company-specific figure found. Branded cables sold with switches. Judged upper bound, wide range."},"fibre":{"low":0,"central":0.079,"high":0.4,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.delloro.com/news/record-breaking-ethernet-data-center-switch-sales-fueled-by-robust-ai-buildouts-and-a-recovery-in-traditional-front-end-networks/","title":"Record-Breaking Ethernet Data Center Switch Sales Fueled by Robust AI Buildouts and a Recovery in Traditional Front-End Networks","publisher":"Dell'Oro Group","publishedDate":"2025-03-07","accessedDate":"2026-10-22","tier":"T5","locator":"4Q24 release names Ruijie among the vendors capturing growth"},"note":"No company-specific figure found. No fibre cabling known. Judged upper bound, wide range. Rescaled in the full pass from the $9.5B fibre total used in screening to $12.0B (x 0.79); the dollar judgement is unchanged."}},"screening":{"switching":{"levelLow":1,"levelHigh":2},"optics":{"levelLow":1,"levelHigh":2},"copper":{"levelLow":1,"levelHigh":2},"fibre":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"fed51a45f88a86eb922cef01b7dac947a87808fec4c61567aa179bc2d36dbf47"},"consistency":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"fed51a45f88a86eb922cef01b7dac947a87808fec4c61567aa179bc2d36dbf47"}},"priorShares":{"switching":{"low":1.15,"central":1.81,"high":2.73,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.ruijie.com/en-global/about","title":"About Ruijie Networks","publisher":"Ruijie Networks","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Revenue $2.1 Billion in 2025, 22.4% YoY growth; #1 in 200G/400G data center switching in China and #6 in the worldwide data center switch market (IDC 2025 Q3)"},"note":"Method: 2024 revenue = $2.1B / 1.224 = $1.72B; data-centre switches judged $0.5B (range 0.35-0.7; about 29% of revenue, a lower share before the AI ramp), divided by $27.7B = 1.8%. 2024 world total for switching $27.7B (range 25.7-30.2) = IDC datacentre Ethernet 2024 $21.2B ($32.5B divided by 1.535, from IDC's 53.5% growth) plus InfiniBand $6.5B (judgement, range 4.5-9; same method as the card's 2025 estimate)."},"optics":{"low":0,"central":0.13,"high":0.7,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.ruijie.com/en-global/about","title":"About Ruijie Networks","publisher":"Ruijie Networks","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Revenue $2.1 Billion in 2025, 22.4% YoY growth; #1 in 200G/400G data center switching in China and #6 in the worldwide data center switch market (IDC 2025 Q3)"},"note":"Method: the 2025 judgement ($0.020B) divided by the company's revenue growth (1.22) = $0.016B; divided by the 2024 world total of $12.7B = 0.13%. 2024 world total for optics $12.7B (range 10.6-15.6) = the $20B 2025 total divided by 1.58 (LightCounting estimates the whole optical module market grew 58% in 2025; C114, 28 May 2026)."},"copper":{"low":0,"central":0.15,"high":0.78,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.ruijie.com/en-global/about","title":"About Ruijie Networks","publisher":"Ruijie Networks","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Revenue $2.1 Billion in 2025, 22.4% YoY growth; #1 in 200G/400G data center switching in China and #6 in the worldwide data center switch market (IDC 2025 Q3)"},"note":"Method: the 2025 judgement ($0.009B) divided by the company's revenue growth (1.22) = $0.007B; divided by the 2024 world total of $4.5B = 0.15%. 2024 world total for copper $4.5B = $8.5B divided by 1.9, the blended 2025 growth of the makers' reported sales (Amphenol IT datacom +123%, TE digital data networks +73%, Credo +206%, Luxshare communications and data centres +34%); a judgement."},"fibre":{"low":0,"central":0.11,"high":0.54,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.ruijie.com/en-global/about","title":"About Ruijie Networks","publisher":"Ruijie Networks","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Revenue $2.1 Billion in 2025, 22.4% YoY growth; #1 in 200G/400G data center switching in China and #6 in the worldwide data center switch market (IDC 2025 Q3)"},"note":"Method: the 2025 judgement ($0.009B) divided by the company's revenue growth (1.22) = $0.008B; divided by the 2024 world total of $7.3B = 0.11%. 2024 world total for fibre $7.3B = $12.0B divided by 1.65, from reported growth: Corning enterprise optical +58% in 3Q25, Fujikura information and communications +44.7%, Sumitomo Electric fibre cable line +82.6%; a judgement."}},"activityGrowth":{"current":{"low":2100000000,"central":2100000000,"high":2100000000,"unit":"USD","basis":"Total revenue, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.ruijie.com/en-global/about","title":"About Ruijie Networks","publisher":"Ruijie Networks","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Revenue $2.1 Billion in 2025, 22.4% YoY growth; #1 in 200G/400G data center switching in China and #6 in the worldwide data center switch market (IDC 2025 Q3)"},"note":"The company says about $2.1B (+22.4%). Data-centre switches grew faster than the total (the company names AI data-centre switches as the growth driver), so total revenue understates growth in this sublayer."},"prior":{"low":1715686275,"central":1715686275,"high":1715686275,"unit":"USD","basis":"Total revenue, calendar year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.ruijie.com/en-global/about","title":"About Ruijie Networks","publisher":"Ruijie Networks","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Revenue $2.1 Billion in 2025, 22.4% YoY growth; #1 in 200G/400G data center switching in China and #6 in the worldwide data center switch market (IDC 2025 Q3)"},"note":"Derived: $2.1B / 1.224 (the reported +22.4%)."}},"baselineRevenueUsd":{"low":2100000000,"central":2100000000,"high":2100000000,"unit":"USD","basis":"Total revenue, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.ruijie.com/en-global/about","title":"About Ruijie Networks","publisher":"Ruijie Networks","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Revenue $2.1 Billion in 2025, 22.4% YoY growth; #1 in 200G/400G data center switching in China and #6 in the worldwide data center switch market (IDC 2025 Q3)"},"note":"Total revenue (campus, Wi-Fi and data-centre switching); the data-centre part is estimated at $0.9B."}},"h3c":{"schema":"5lc-index-inputs/1","key":"infrastructure-networking","entityId":"h3c","name":"H3C","parentId":"unisplendour","kind":"unit","commercialActivityVerified":false,"shares":{"switching":{"low":1,"central":2.3,"high":4,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.h3c.com/en/d_202309/1931546_294554_0.htm","title":"H3C Maintains Leadership in China's Data Center Switch Market, According to IDC Report","publisher":"H3C Technologies","publishedDate":"2023-09-19","accessedDate":"2026-10-22","tier":"T5","locator":"Company statement: IDC ranked H3C No.1 in China's data centre switch (100G/200G/400G) market in the first half of 2023 with a 36.7% share"},"note":"Method: the 2023 share is old and China-only. China datacentre switching assumed about $3B in 2025 (8-10% of the world, a judgement) and H3C at 25-35% = about $0.9B, divided by $38.5B = 2.3%. World total for switching about $38.5B = IDC datacentre Ethernet $32.5B (2025) plus about $6B InfiniBand (the card's estimate). Not verified for current sales (the source is a 2023 company statement)."},"optics":{"low":0,"central":0.1,"high":0.5,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.h3c.com/en/d_202309/1931546_294554_0.htm","title":"H3C Maintains Leadership in China's Data Center Switch Market, According to IDC Report","publisher":"H3C Technologies","publishedDate":"2023-09-19","accessedDate":"2026-10-22","tier":"T5","locator":"Company statement on China data centre switch market share"},"note":"No company-specific figure found. H3C sells branded optics with switches. Judged upper bound, wide range."},"copper":{"low":0,"central":0.1,"high":0.5,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.h3c.com/en/d_202309/1931546_294554_0.htm","title":"H3C Maintains Leadership in China's Data Center Switch Market, According to IDC Report","publisher":"H3C Technologies","publishedDate":"2023-09-19","accessedDate":"2026-10-22","tier":"T5","locator":"Company statement on China data centre switch market share"},"note":"No company-specific figure found. H3C sells branded cables with switches. Judged upper bound, wide range."},"fibre":{"low":0,"central":0.079,"high":0.4,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.h3c.com/en/d_202309/1931546_294554_0.htm","title":"H3C Maintains Leadership in China's Data Center Switch Market, According to IDC Report","publisher":"H3C Technologies","publishedDate":"2023-09-19","accessedDate":"2026-10-22","tier":"T5","locator":"Company statement on China data centre switch market share"},"note":"No company-specific figure found. No fibre cabling known. Judged upper bound, wide range. Rescaled in the full pass from the $9.5B fibre total used in screening to $12.0B (x 0.79); the dollar judgement is unchanged."}},"screening":{"switching":{"levelLow":1,"levelHigh":2},"optics":{"levelLow":1,"levelHigh":2},"copper":{"levelLow":1,"levelHigh":2},"fibre":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"7532ae3e3e1081b5eb01921be25747029f7520bf517bb8a946b15974f69d46fe"},"consistency":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"7532ae3e3e1081b5eb01921be25747029f7520bf517bb8a946b15974f69d46fe"}}},"hpe":{"schema":"5lc-index-inputs/1","key":"infrastructure-networking","entityId":"hpe","name":"HPE (incl. Juniper)","kind":"public","commercialActivityVerified":true,"shares":{"switching":{"low":1.56,"central":2.47,"high":3.72,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.idc.com/resource-center/press-releases/worldwide-ethernet-switch-market-grew-35-2-in-the-third-quarter-of-2025-according-to-idcs-quarterly-ethernet-switch-tracker/","title":"Worldwide Ethernet switch market grew 35.2% in the third quarter of 2025, according to IDC's Quarterly Ethernet Switch Tracker","publisher":"IDC","publishedDate":"2025-12-11","accessedDate":"2026-10-22","tier":"T5","locator":"3Q25: HPE 70.9% of its switch revenue non-datacenter, +24.7% year on year; includes Juniper from July 2025"},"note":"Method: IDC vendor switch revenue times datacentre share (one minus IDC's non-datacentre share), by quarter: 1Q25 5.0% of $11.7B = $0.585B x 15.5% (IDC 1Q25); 2Q25 4.7% of $14.5B = $0.682B x 15.1% (IDC 2Q25); 3Q25 about $0.96B x 29.1% (IDC 3Q25; the release prints HPE's total share as 12.5%, which looks like a misprint, and about 6.5% is used here); 4Q25 6.7% of $16.2B = $1.09B x 33.2% (IDC 4Q25) = $0.83B. Juniper is counted from July 2025 (IDC; HPE completed the merger in July 2025). Central $0.95B (range 0.65-1.3, wide for the 3Q25 uncertainty) / 38.5 = 2.5%. Screening used $1.1B (2.8%). World total for switching about $38.5B (range 35.0-41.5) = IDC datacentre Ethernet $32.5B for 2025 (IDC 4Q25 release, +53.5%) plus about $6B InfiniBand (the card's estimate from Dell'Oro's statement that Ethernet held more than two-thirds of AI back-end switch sales)."},"optics":{"low":0.1,"central":0.4,"high":1.2,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1645590/000164559025000130/hpe-20251031.htm","title":"Hewlett Packard Enterprise Form 10-K for fiscal year 2025","publisher":"Hewlett Packard Enterprise / U.S. SEC","publishedDate":"2025-12-18","accessedDate":"2026-10-22","tier":"T5","locator":"Item 1 Business, Networking segment: QFX, EX and CX switches, MX and PTX routers"},"note":"No company-specific figure found. HPE and Juniper resell branded optics with switches; judged about $80M. Judged upper bound, wide range."},"copper":{"low":0.05,"central":0.3,"high":1,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1645590/000164559025000130/hpe-20251031.htm","title":"Hewlett Packard Enterprise Form 10-K for fiscal year 2025","publisher":"Hewlett Packard Enterprise / U.S. SEC","publishedDate":"2025-12-18","accessedDate":"2026-10-22","tier":"T5","locator":"Item 1 Business, Networking segment product list"},"note":"No company-specific figure found. Branded direct-attach cables sold with switches; judged about $25M. Judged upper bound, wide range."},"fibre":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/1645590/000164559025000130/hpe-20251031.htm","title":"Hewlett Packard Enterprise Form 10-K for fiscal year 2025","publisher":"Hewlett Packard Enterprise / U.S. SEC","publishedDate":"2025-12-18","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1 Business, Networking segment: access points, switches, routers, gateways, software and services; no fibre cabling."}}},"screening":{"switching":{"levelLow":1,"levelHigh":2},"optics":{"levelLow":1,"levelHigh":2},"copper":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"4459e6ab9b628a2fbf27c52ed78ff6c491e79c6b822ed891511e121367d668f4"},"consistency":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"4459e6ab9b628a2fbf27c52ed78ff6c491e79c6b822ed891511e121367d668f4"}},"baselineRevenueUsd":{"low":6854203523,"central":6854203523,"high":6854203523,"unit":"USD","basis":"Networking segment net revenue (includes Juniper from July 2025), fiscal year to 31 October, US dollars","period":"FY2025 (to 31 October 2025)","periodEnd":"2025-10-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1645590/000164559025000130/hpe-20251031.htm","title":"Hewlett Packard Enterprise Form 10-K for fiscal year 2025","publisher":"Hewlett Packard Enterprise / U.S. SEC","publishedDate":"2025-12-18","accessedDate":"2026-10-22","tier":"T1","locator":"Item 7: Networking net revenue 'increased $2,318 million, or 51.1%, primarily due to revenue attributable to Juniper Networks'"},"note":"Derived: FY2024 = $2,318M / 0.511 = $4,536M; FY2025 = $6,854M. The segment holds campus, access and services revenue as well as data-centre switching."}},"hisense-broadband":{"schema":"5lc-index-inputs/1","key":"infrastructure-networking","entityId":"hisense-broadband","name":"Hisense Broadband (Nazhen Technology)","parentId":"hisense","kind":"unit","commercialActivityVerified":true,"shares":{"switching":{"participates":false,"evidence":{"url":"https://www.ligent.com/","title":"Ligent Technologies (formerly Hisense Broadband)","publisher":"Ligent Technologies","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Products: 200G to 1.6T pluggable transceivers and coherent ZR/ZR+ pluggables; no switches."}},"optics":{"low":2.97,"central":3.81,"high":4.64,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.trendforce.com/news/?p=64525","title":"[News] Ligent Technologies Goes Public on HKEX, Raising $723M to Scale Optical Transceiver and Chip Capacity","publisher":"TrendForce, reporting Ligent's prospectus","publishedDate":"2026-09-24","accessedDate":"2026-10-22","tier":"T5","locator":"Revenue 2023-2025: CNY 4.239B, 5.087B, 8.355B; Datacom optical transceivers were 69.4% of revenue in H1 2026; telecom was the largest line (39.7%) in 2023"},"note":"Method: Ligent (formerly Hisense Broadband, Nazhen Technology in LightCounting's list) sold data-centre transceivers worth RMB 3.74B in H1 2026, up 36.6% (Reuters), so H1 2025 was RMB 2.74B; H1 2026 revenue was RMB 5.393B, up 27.9%, so H1 2025 revenue was RMB 4.22B and data-centre transceivers were 65% of it. Full-year 2025 revenue was RMB 8.355B (TrendForce, citing the prospectus), so H2 2025 revenue was RMB 4.14B; at 66% datacom (H1 2025 65%, H1 2026 69.4%) 2025 data-centre transceivers were RMB 5.47B (range 5.0-6.0) / 7.1875 (Fed G.5A 2025 average) = $0.76B, divided by $20B = 3.8%. LightCounting ranks Nazhen sixth by 2025 module sales (C114, 28 May 2026). Screening had no revenue (3.0%). World total for optics about $20B (range 18.0-23.4) = Yole's $23B for 2025 less 10-15% telecom (the card's total; optics.org, 1 Jul 2026). Cross-check: Omdia puts 9M 2025 datacom optical components at $12.9B (quoted in Accelink's 2025 annual report)."},"copper":{"participates":false,"evidence":{"url":"https://www.ligent.com/","title":"Ligent Technologies (formerly Hisense Broadband)","publisher":"Ligent Technologies","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Products: transceivers only; no copper cables."}},"fibre":{"participates":false,"evidence":{"url":"https://www.ligent.com/","title":"Ligent Technologies (formerly Hisense Broadband)","publisher":"Ligent Technologies","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Products: transceivers only; no fibre cabling."}}},"screening":{"optics":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"f7512c3d7316abf4425d54a9d9a7908572aff3ad9b9ff457a66f8c0a0e02c94a"},"consistency":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"f7512c3d7316abf4425d54a9d9a7908572aff3ad9b9ff457a66f8c0a0e02c94a"}},"priorShares":{"optics":{"low":1.81,"central":2.78,"high":3.87,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.trendforce.com/news/?p=64525","title":"[News] Ligent Technologies Goes Public on HKEX, Raising $723M to Scale Optical Transceiver and Chip Capacity","publisher":"TrendForce, reporting Ligent's prospectus","publishedDate":"2026-09-24","accessedDate":"2026-10-22","tier":"T5","locator":"Revenue 2024 CNY 5.087B; telecom was the largest line (39.7%) in 2023"},"note":"Method: 2024 revenue RMB 5.087B (TrendForce, prospectus); datacom taken as about 50% (range 40-58%; it was below 40% in 2023 when telecom was the largest line, and 65% in H1 2025) = RMB 2.54B / 7.1957 (Fed G.5A 2024 average) = $0.35B, divided by $12.7B = 2.8%. 2024 world total for optics $12.7B (range 10.6-15.6) = the $20B 2025 total divided by 1.58 (LightCounting estimates the whole optical module market grew 58% in 2025; C114, 28 May 2026)."}},"activityGrowth":{"current":{"low":3740000000,"central":3740000000,"high":3740000000,"unit":"CNY","basis":"Data-centre transceiver sales, first half-year, RMB","period":"H1 2026 (six months to 30 June 2026)","periodEnd":"2026-06-30","source":{"url":"https://whbl.com/2026/09/13/chinas-ligent-technologies-seeks-723-million-in-hong-kong-ipo/","title":"China's Ligent Technologies seeks $723 million in Hong Kong IPO","publisher":"Reuters (via WHBL)","publishedDate":"2026-09-13","accessedDate":"2026-10-22","tier":"T3","locator":"Sales of data-centre transceivers rose 36.6% to 3.74 billion yuan in the six months ended 30 June"},"note":"From Ligent's Hong Kong prospectus, reported by Reuters."},"prior":{"low":2737920937,"central":2737920937,"high":2737920937,"unit":"CNY","basis":"Data-centre transceiver sales, first half-year, RMB","period":"H1 2025 (six months to 30 June 2025)","periodEnd":"2025-06-30","source":{"url":"https://whbl.com/2026/09/13/chinas-ligent-technologies-seeks-723-million-in-hong-kong-ipo/","title":"China's Ligent Technologies seeks $723 million in Hong Kong IPO","publisher":"Reuters (via WHBL)","publishedDate":"2026-09-13","accessedDate":"2026-10-22","tier":"T3","locator":"Derived: RMB 3.74B / 1.366 (the reported +36.6%)"}}},"baselineRevenueUsd":{"low":1162434783,"central":1162434783,"high":1162434783,"unit":"USD","basis":"Total revenue, calendar year, US dollars (RMB converted at the 2025 average)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.trendforce.com/news/?p=64525","title":"[News] Ligent Technologies Goes Public on HKEX, Raising $723M to Scale Optical Transceiver and Chip Capacity","publisher":"TrendForce, reporting Ligent's prospectus","publishedDate":"2026-09-24","accessedDate":"2026-10-22","tier":"T2","locator":"Revenue 2025: CNY 8.355 billion"},"note":"RMB 8.355B / 7.1875 = $1.16B; about two-thirds is data-centre transceivers, the rest telecom, access and chips."}},"hon-hai":{"schema":"5lc-index-inputs/1","key":"infrastructure-networking","entityId":"hon-hai","name":"Hon Hai (Foxconn)","kind":"public","commercialActivityVerified":false,"shares":{"switching":{"low":0.433,"central":1.246,"high":3.55,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.idc.com/resource-center/press-releases/worldwide-ethernet-switch-market-grew-35-2-in-the-third-quarter-of-2025-according-to-idcs-quarterly-ethernet-switch-tracker/","title":"Worldwide Ethernet Switch Market Grew 35.2% in the Third Quarter of 2025, according to IDC's Quarterly Ethernet Switch Tracker","publisher":"IDC","publishedDate":"2025-12-11","accessedDate":"2026-10-23","tier":"T5","locator":"ODM Direct sales rose 152.4% year on year in 3Q25, 30.2% of the datacenter segment's revenues; 2Q25 release (19.6%) and The Next Platform on IDC 1Q25 (ODM Direct $1.41B of $6.92B) used for the other quarters; see note"},"note":"Pool method (T5), full-year ODM-direct pool derived quarter by quarter. IDC puts 2025 datacentre Ethernet at $32.5B (https://www.idc.com/resource-center/blog/ethernet-switch-market-size-and-growth-datacenter-segment-surges-60-in-q4-as-ai-workloads-expand/, opened 23 Oct 2026), with 4Q25 at $9.9B. ODM Direct's share of the datacentre segment: 1Q25 20.4% ($1.41B of $6.92B; The Next Platform, reporting IDC), 2Q25 19.6% (IDC release of 11 Sep 2025, https://www.idc.com/resource-center/press-releases/worldwide-ethernet-switch-market-grew-42-1-in-the-second-quarter-of-2025-according-to-idcs-quarterly-ethernet-switch-tracker/) and 3Q25 30.2% (IDC release of 11 Dec 2025, the source above), both opened 23 Oct 2026; IDC publishes no 4Q25 ODM figure. IDC's releases give no dollar datacentre total for 2Q25 and 3Q25, so each is backed out from named vendors: 2Q25 NVIDIA $2.3B at 25.9% and Arista $1.8B x 90.7% datacentre at 18.9% give $8.9B and $8.6B, taken as $8.76B; 3Q25 NVIDIA $1.0B at 11.6% and Arista $1.9B x 90.7% at 19.2% give $8.6B and $9.0B, taken as $8.80B. These first-release quarters (1Q25 $6.92B, $8.76B, $8.80B) plus 4Q25 $9.9B add to $34.4B, above IDC's restated $32.5B full year, so 1Q-3Q are scaled by 0.923 ($22.6B / $24.5B) to make the four quarters add to $32.5B. ODM Direct by quarter = share x scaled total: 1Q25 $1.30B, 2Q25 $1.59B, 3Q25 $2.45B, and 4Q25 $2.99B with the share held at 3Q25's 30.2% (Celestica's 10-K says its 4Q switch programs were ramping, so a share not below 3Q25's is likely; low case 27%, high case 36%). Full year ODM Direct = $8.33B or 26% of the segment (low $8.01B: 4Q25 at 27%; high $9.35B: first-release quarters unscaled and 4Q25 at 36%); the Celestica file's own cross-check of about $8.9B sits inside that range. This sublayer's other files already assign Celestica 8.83% = $3.40B, Accton 5.98% = $2.30B and UfiSpace 0.6% = $0.23B, $5.93B together, which leaves $2.40B (range $2.08-3.42B) for the other nine or so ODM-direct makers, including Hon Hai, Delta, Quanta, Wistron and Inventec. Across all makers, the Ethernet switching dollars assigned in the other files leave $4.38B of the $38.5B switching total unassigned; $2.40B of it is that ODM remainder and about $1.98B belongs to branded and other makers (Dell, Lenovo, Supermicro and others). Hon Hai (through its listed unit Foxconn Industrial Internet) is judged one of the larger of those ODMs (no Hon Hai switch figure was found); the FY2025 release (16 March 2026, https://www.honhai.com/en-us/press-center/press-releases/latest-news/1978) says cloud and networking products became its largest product category in 4Q25, with no switch figure. Taken as 20% of the ODM remainder (range 8% of the low case to 40% of the high case) = $0.48B ($0.17-1.37B), divided by $38.5B = 1.246%. Screening used $0.45B (1.2%)."},"optics":{"low":0.402,"central":1.073,"high":2.012,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.honhai.com/en-us/press-center/press-releases/latest-news/1978","title":"Hon Hai Technology Group (Foxconn) Announces FY2025 & 4Q25 Financial Results","publisher":"Hon Hai Technology Group (Foxconn)","publishedDate":"2026-03-16","accessedDate":"2026-10-23","tier":"T5","locator":"FY2025 release: revenue NT$8.1 trillion; cloud and networking products the largest product category in 4Q25 (no networking breakdown given)"},"note":"Pool method (T5). The optics shares assigned in this sublayer's other files leave $1.34B of the $20B optics total unassigned, to be shared by the remaining module sellers (Foxconn Interconnect Technology, Dell's branded optics, Delta, Fabrinet-type contract builders and others). Foxconn Interconnect Technology, a listed Hon Hai unit that sells optical modules, is taken as 16% of that pool (range 6-30%) = $0.21B ($0.08-0.40B), divided by $20B = 1.073%. No Hon Hai or Foxconn Interconnect revenue was opened. Screening used $0.2B (1.0%)."},"copper":{"low":1.05,"central":2.363,"high":4.594,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.honhai.com/en-us/press-center/press-releases/latest-news/1978","title":"Hon Hai Technology Group (Foxconn) Announces FY2025 & 4Q25 Financial Results","publisher":"Hon Hai Technology Group (Foxconn)","publishedDate":"2026-03-16","accessedDate":"2026-10-23","tier":"T5","locator":"FY2025 release: revenue NT$8.1 trillion; cloud and networking products the largest product category in 4Q25 (no networking breakdown given)"},"note":"Pool method (T5). The copper shares assigned in this sublayer's other files leave $1.12B of the $8.5B copper total unassigned, to be shared by the remaining cable-assembly makers (Foxconn Interconnect Technology, Volex, Samtec, Dell's branded cables, Delta and others). Foxconn Interconnect Technology, a listed Hon Hai unit that sells high-speed cable assemblies, is taken as 18% of that pool (range 8-35%) = $0.20B ($0.09-0.39B), divided by $8.5B = 2.363%. No Hon Hai or Foxconn Interconnect revenue was opened. Screening used $0.2B (2.5%)."},"fibre":{"low":0.143,"central":0.619,"high":1.333,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.honhai.com/en-us/press-center/press-releases/latest-news/1978","title":"Hon Hai Technology Group (Foxconn) Announces FY2025 & 4Q25 Financial Results","publisher":"Hon Hai Technology Group (Foxconn)","publishedDate":"2026-03-16","accessedDate":"2026-10-23","tier":"T5","locator":"FY2025 release: revenue NT$8.1 trillion; cloud and networking products the largest product category in 4Q25 (no networking breakdown given)"},"note":"Pool method (T5). The fibre shares assigned in this sublayer's other files leave $1.14B of the $12.0B fibre total unassigned; Foxconn Interconnect Technology's fibre cable assemblies are judged at 6.5% of that pool (range 1.5-14%) = $0.074B ($0.017-0.160B), divided by $12.0B = 0.619%. Screening used $75M (0.63% of the screening total rescaled)."}},"screening":{"switching":{"levelLow":1,"levelHigh":2},"optics":{"levelLow":1,"levelHigh":2},"copper":{"levelLow":1,"levelHigh":2},"fibre":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"3ae182c8bfc5de6b9ee8df55ff199c44a257adf4136673e52f68bb5dcc464c0d"},"consistency":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"3ae182c8bfc5de6b9ee8df55ff199c44a257adf4136673e52f68bb5dcc464c0d"}}},"luxshare":{"schema":"5lc-index-inputs/1","key":"infrastructure-networking","entityId":"luxshare","name":"Luxshare Precision","kind":"public","commercialActivityVerified":true,"shares":{"switching":{"participates":false,"evidence":{"url":"https://technode.global/prnasia/luxshare-ict-reports-resilient-2025-performance-reinforcing-its-global-precision-manufacturing-platform/","title":"Luxshare-ICT Reports Resilient 2025 Performance, Reinforcing Its Global Precision Manufacturing Platform","publisher":"Luxshare-ICT, via PR Newswire / TechNode","publishedDate":"2026-04-27","accessedDate":"2026-10-22","tier":"T2","locator":"Segment description: AI servers, high-speed interconnect, optical connectivity, thermal and power management; no switches sold under its own brand."}},"optics":{"low":0.29,"central":1,"high":2.78,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://technode.global/prnasia/luxshare-ict-reports-resilient-2025-performance-reinforcing-its-global-precision-manufacturing-platform/","title":"Luxshare-ICT Reports Resilient 2025 Performance, Reinforcing Its Global Precision Manufacturing Platform","publisher":"Luxshare-ICT, via PR Newswire / TechNode","publishedDate":"2026-04-27","accessedDate":"2026-10-22","tier":"T5","locator":"Communications and data centers segment: revenue RMB 24.57B in 2025, +33.81%; products include optical connectivity"},"note":"Method: no company-specific figure found. Luxshare sells optical modules; judged about $0.2B (range 0.07-0.5) = 1.0% of $20B. World total for optics about $20B (range 18.0-23.4) = Yole's $23B for 2025 less 10-15% telecom (the card's total; optics.org, 1 Jul 2026). Cross-check: Omdia puts 9M 2025 datacom optical components at $12.9B (quoted in Accelink's 2025 annual report)."},"copper":{"low":2.41,"central":6.84,"high":12.08,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://technode.global/prnasia/luxshare-ict-reports-resilient-2025-performance-reinforcing-its-global-precision-manufacturing-platform/","title":"Luxshare-ICT Reports Resilient 2025 Performance, Reinforcing Its Global Precision Manufacturing Platform","publisher":"Luxshare-ICT, via PR Newswire / TechNode","publishedDate":"2026-04-27","accessedDate":"2026-10-22","tier":"T5","locator":"Communications and data centers segment: revenue RMB 24.57B in 2025, +33.81%"},"note":"Method: segment revenue RMB 24.57B / 7.1875 (Fed G.5A 2025 average) = $3.42B, covering servers, connectors, cables, optical connectivity, thermal and power parts (the release names 'high-speed interconnect, optical connectivity, thermal management and power management' and gives no product split). High-speed copper cables judged about 17% (range 6-30%) = $0.58B, divided by $8.5B = 6.8%. World total for copper about $8.5B (this pass's own total, inside the card's $4.5-10B range; unchanged from screening)."},"fibre":{"low":0.16,"central":0.79,"high":2.5,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://technode.global/prnasia/luxshare-ict-reports-resilient-2025-performance-reinforcing-its-global-precision-manufacturing-platform/","title":"Luxshare-ICT Reports Resilient 2025 Performance, Reinforcing Its Global Precision Manufacturing Platform","publisher":"Luxshare-ICT, via PR Newswire / TechNode","publishedDate":"2026-04-27","accessedDate":"2026-10-22","tier":"T5","locator":"Communications and data centers segment: revenue RMB 24.57B in 2025"},"note":"Method: no company-specific figure found. Luxshare sells some fibre cable assemblies; judged about $95M (range 0.02-0.3) = 0.8% of $12.0B (screening: $95M against $9.5B). World total for fibre and passive connectivity about $12.0B: screening used $9.5B, but the opened figures for Corning ($2.5B), Fujikura ($2.4B), Amphenol with CommScope CCS ($2.35B) and Sumitomo Electric ($0.7B) alone reach $8.0B, and the other makers (sized as in screening, on its $9.5B basis) add about $2.7B, so the sum of makers is about $10.7B and this pass uses $12.0B (the card's $5-9B is lower still). Light-upgrade companies are rescaled to it; screened-out companies keep their screening values."}},"screening":{"optics":{"levelLow":1,"levelHigh":2},"copper":{"levelLow":1,"levelHigh":3},"fibre":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"d31488f8e57312d40169f5587a726bd75cf43fd97e44e29ba003b6f5d704d5ca"},"consistency":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"d31488f8e57312d40169f5587a726bd75cf43fd97e44e29ba003b6f5d704d5ca"}},"priorShares":{"copper":{"low":3.4,"central":9.64,"high":17.03,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://technode.global/prnasia/luxshare-ict-reports-resilient-2025-performance-reinforcing-its-global-precision-manufacturing-platform/","title":"Luxshare-ICT Reports Resilient 2025 Performance, Reinforcing Its Global Precision Manufacturing Platform","publisher":"Luxshare-ICT, via PR Newswire / TechNode","publishedDate":"2026-04-27","accessedDate":"2026-10-22","tier":"T5","locator":"Communications and data centers segment: +33.81% in 2025, so 2024 about RMB 18.36B (derived)"},"note":"Method: 2024 segment revenue = RMB 24.57B / 1.3381 = RMB 18.36B / 7.1957 (Fed G.5A 2024 average) = $2.55B; the same 17% (6-30%) for copper cables = $0.43B, divided by $4.5B = 9.6%. 2024 world total for copper $4.5B = $8.5B divided by 1.9, the blended 2025 growth of the makers' reported sales (Amphenol IT datacom +123%, TE digital data networks +73%, Credo +206%, Luxshare communications and data centres +34%); a judgement."},"optics":{"low":0.32,"central":1.18,"high":3.53,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://technode.global/prnasia/luxshare-ict-reports-resilient-2025-performance-reinforcing-its-global-precision-manufacturing-platform/","title":"Luxshare-ICT Reports Resilient 2025 Performance, Reinforcing Its Global Precision Manufacturing Platform","publisher":"Luxshare-ICT, via PR Newswire / TechNode","publishedDate":"2026-04-27","accessedDate":"2026-10-22","tier":"T5","locator":"Communications and data centers segment: revenue RMB 24.57B in 2025, +33.81%; products include optical connectivity"},"note":"Method: the 2025 judgement ($0.200B) divided by the segment's dollar growth (1.34) = $0.149B; divided by the 2024 world total of $12.7B = 1.18%. 2024 world total for optics $12.7B (range 10.6-15.6) = the $20B 2025 total divided by 1.58 (LightCounting estimates the whole optical module market grew 58% in 2025; C114, 28 May 2026)."},"fibre":{"low":0.19,"central":0.97,"high":3.07,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://technode.global/prnasia/luxshare-ict-reports-resilient-2025-performance-reinforcing-its-global-precision-manufacturing-platform/","title":"Luxshare-ICT Reports Resilient 2025 Performance, Reinforcing Its Global Precision Manufacturing Platform","publisher":"Luxshare-ICT, via PR Newswire / TechNode","publishedDate":"2026-04-27","accessedDate":"2026-10-22","tier":"T5","locator":"Communications and data centers segment: revenue RMB 24.57B in 2025"},"note":"Method: the 2025 judgement ($0.095B) divided by the segment's dollar growth (1.34) = $0.071B; divided by the 2024 world total of $7.3B = 0.97%. 2024 world total for fibre $7.3B = $12.0B divided by 1.65, from reported growth: Corning enterprise optical +58% in 3Q25, Fujikura information and communications +44.7%, Sumitomo Electric fibre cable line +82.6%; a judgement."}},"activityGrowth":{"current":{"low":24570000000,"central":24570000000,"high":24570000000,"unit":"CNY","basis":"Communications and data centers segment revenue, calendar year, RMB","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://technode.global/prnasia/luxshare-ict-reports-resilient-2025-performance-reinforcing-its-global-precision-manufacturing-platform/","title":"Luxshare-ICT Reports Resilient 2025 Performance, Reinforcing Its Global Precision Manufacturing Platform","publisher":"Luxshare-ICT, via PR Newswire / TechNode","publishedDate":"2026-04-27","accessedDate":"2026-10-22","tier":"T2","locator":"Communications and data centers segment: RMB 24.57B in 2025, +33.81%"},"note":"The segment also holds servers, thermal and power parts; the release gives no narrower figure."},"prior":{"low":18361856364,"central":18361856364,"high":18361856364,"unit":"CNY","basis":"Communications and data centers segment revenue, calendar year, RMB","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://technode.global/prnasia/luxshare-ict-reports-resilient-2025-performance-reinforcing-its-global-precision-manufacturing-platform/","title":"Luxshare-ICT Reports Resilient 2025 Performance, Reinforcing Its Global Precision Manufacturing Platform","publisher":"Luxshare-ICT, via PR Newswire / TechNode","publishedDate":"2026-04-27","accessedDate":"2026-10-22","tier":"T2","locator":"Derived: RMB 24.57B / 1.3381 (the reported +33.81%)"}}},"baselineRevenueUsd":{"low":3418434783,"central":3418434783,"high":3418434783,"unit":"USD","basis":"Communications and data centers segment revenue, calendar year, US dollars (RMB converted at the 2025 average)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://technode.global/prnasia/luxshare-ict-reports-resilient-2025-performance-reinforcing-its-global-precision-manufacturing-platform/","title":"Luxshare-ICT Reports Resilient 2025 Performance, Reinforcing Its Global Precision Manufacturing Platform","publisher":"Luxshare-ICT, via PR Newswire / TechNode","publishedDate":"2026-04-27","accessedDate":"2026-10-22","tier":"T2","locator":"Communications and data centers segment: RMB 24.57B in 2025"},"note":"RMB 24.57B / 7.1875 = $3.42B. Luxshare's total revenue was RMB 332.34B (mostly consumer electronics, outside this sublayer)."}},"sumitomo-electric":{"schema":"5lc-index-inputs/1","key":"infrastructure-networking","entityId":"sumitomo-electric","name":"Sumitomo Electric","kind":"public","commercialActivityVerified":true,"shares":{"switching":{"participates":false,"evidence":{"url":"https://sumitomoelectric.com/sites/default/files/2026-07/download_documents/FS2025.pdf","title":"Financial Section FY2025 (fiscal year ended March 31, 2026)","publisher":"Sumitomo Electric Industries","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T1","locator":"Infocommunications products: optical fibre cables, telecommunication cables and equipment, fusion splicers, optical and electronic devices, access network equipment; no switches."}},"optics":{"low":0.16,"central":0.48,"high":0.95,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"FY2025 (year ended 31 March 2026)","periodEnd":"2026-03-31","source":{"url":"https://sumitomoelectric.com/sites/default/files/2026-07/download_documents/FS2025.pdf","title":"Financial Section FY2025 (fiscal year ended March 31, 2026)","publisher":"Sumitomo Electric Industries","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Infocommunications 'optical and electronic devices' sales JPY 95.2B (vs JPY 70.7B)"},"note":"Method: the 'optical and electronic devices' line (JPY 95.2B in the year ended 31 March 2026, JPY 70.7B the year before; FS2025 financial section) also holds lasers and radio-frequency parts, so datacom transceivers are judged at 15% of it (range 5-30%) = JPY 14.3B / 149.5686 (Fed G.5A 2025 average, https://www.federalreserve.gov/releases/g5a/current/default.htm, opened 23 Oct 2026) = $0.095B (range $0.032-0.191B), divided by $20B = 0.48% (range 0.16-0.95%). Screening used a larger value (0.7%) that this method does not reproduce. World total for optics about $20B (range 18.0-23.4) = Yole's $23B for 2025 less 10-15% telecom (the card's total; optics.org, 1 Jul 2026). Fiscal year ended 31 March 2026."},"copper":{"participates":false,"evidence":{"url":"https://sumitomoelectric.com/sites/default/files/2026-07/download_documents/FS2025.pdf","title":"Financial Section FY2025 (fiscal year ended March 31, 2026)","publisher":"Sumitomo Electric Industries","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T1","locator":"Infocommunications products list: optical fibre cables, telecom cables and equipment, splicers, optical and electronic devices, access network equipment; no data-centre copper cables."}},"fibre":{"low":4.07,"central":5.88,"high":7.7,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"FY2025 (year ended 31 March 2026)","periodEnd":"2026-03-31","source":{"url":"https://sumitomoelectric.com/sites/default/files/2026-07/download_documents/FS2025.pdf","title":"Financial Section FY2025 (fiscal year ended March 31, 2026)","publisher":"Sumitomo Electric Industries","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Infocommunications net sales JPY 326,632M (+46.3%) on 'increased demand for optical wiring products, optical cables, and optical devices for data centers'; optical fibre cables, telecom cables and equipment, splicers JPY 162.5B (vs JPY 89.0B)"},"note":"Method: the fibre-cable line (JPY 162.5B, up from JPY 89.0B) / 149.5686 (Fed G.5A 2025 average, https://www.federalreserve.gov/releases/g5a/current/default.htm) = $1.09B also holds telecom cables and splicers. The segment note attributes the increase to data-centre optical wiring products and cables, so data-centre fibre cable and wiring is taken as about 65% (range 45-85%; screening used 55%) = $0.71B, divided by $12.0B = 5.9%. Fiscal year ended 31 March 2026. World total for fibre and passive connectivity about $12.0B: screening used $9.5B, but the opened figures for Corning ($2.5B), Fujikura ($2.4B), Amphenol with CommScope CCS ($2.35B) and Sumitomo Electric ($0.7B) alone reach $8.0B, and the other makers (sized as in screening, on its $9.5B basis) add about $2.7B, so the sum of makers is about $10.7B and this pass uses $12.0B (the card's $5-9B is lower still). Light-upgrade companies are rescaled to it; screened-out companies keep their screening values."}},"screening":{"optics":{"levelLow":1,"levelHigh":2},"fibre":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"b04d4dd89c1ce382488a1103934b71373a6ad7765c34ef645de63e442560d1fa"},"consistency":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"b04d4dd89c1ce382488a1103934b71373a6ad7765c34ef645de63e442560d1fa"}},"baselineRevenueUsd":{"low":2183827354,"central":2183827354,"high":2183827354,"unit":"USD","basis":"Infocommunications segment net sales, fiscal year to 31 March, US dollars (yen converted at the 2025 average)","period":"FY2025 (year ended 31 March 2026)","periodEnd":"2026-03-31","source":{"url":"https://sumitomoelectric.com/sites/default/files/2026-07/download_documents/FS2025.pdf","title":"Financial Section FY2025 (fiscal year ended March 31, 2026)","publisher":"Sumitomo Electric Industries","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T1","locator":"Infocommunications net sales JPY 326,632M (+46.3%)"},"note":"JPY 326,632M / 149.5686 = $2.18B; group net sales were JPY 1,178,780M."}},"source-photonics":{"schema":"5lc-index-inputs/1","key":"infrastructure-networking","entityId":"source-photonics","name":"Source Photonics","kind":"private","commercialActivityVerified":true,"shares":{"switching":{"participates":false,"evidence":{"url":"https://www.sourcephotonics.com/","title":"Source Photonics","publisher":"Source Photonics","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Product list: data centre transceivers, fixed broadband, wireless broadband, optical transmission, TO-cans; no switches."}},"optics":{"low":2.26,"central":2.93,"high":3.58,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www1.hkexnews.hk/app/sehk/2026/108550/a133061/sehk26051901486.pdf","title":"Draft Hong Kong listing document, 'Financial Information' (Dongshan Precision group, with the Source Photonics results)","publisher":"Dongshan Precision (draft document on HKEXnews)","publishedDate":"2026-05-19","accessedDate":"2026-10-23","tier":"T5","locator":"Financial Information of Source Photonics, 'Revenue' table: data center transceiver RMB 3,007,239 thousand of RMB 3,627,515 thousand in the nine months to 30 September 2025 (82.9%); group revenue table: Oct-Dec 2025 data center transceiver RMB 1,207,623 thousand of optical transceiver RMB 1,435,535 thousand"},"note":"Method: Source Photonics' data-centre transceiver sales, from the draft Hong Kong listing document of its owner (the issuer is the group whose 2025 revenue is RMB 40,124.9M, matching Dongshan Precision's reported RMB 40.125B; the pages carry no date, 19 May 2026 is the HKEXnews file date). Nine months to 30 September 2025, as reported for Source Photonics: data-centre transceivers RMB 3,007.2M of total revenue RMB 3,627.5M (82.9%; telecommunications transceivers RMB 599.6M, others RMB 20.7M). Fourth quarter 2025, as consolidated by Dongshan from October 2025: data-centre transceivers RMB 1,207.6M of optical-transceiver revenue RMB 1,435.5M (84.1%; telecommunications RMB 227.9M). Calendar 2025 data-centre transceivers = 3,007.2 + 1,207.6 = RMB 4,214.9M / 7.1875 (Fed G.5A 2025 average, https://www.federalreserve.gov/releases/g5a/current/default.htm) = $0.586B, divided by $20B = 2.93%. Telecommunications and broadband transceivers (the company's fixed- and wireless-broadband lines) are left out, which is the data-centre fraction the earlier all-module estimate lacked. Range: the numerator plus or minus 10% (the first nine months and the consolidated fourth quarter come from different statements) over the optics total's range of $18.0-23.4B. World total for optics about $20B (range 18.0-23.4) = Yole's $23B for 2025 less 10-15% telecom (the card's total; optics.org, 1 Jul 2026). The earlier screening estimate was RMB 4.5B of all modules (3.1%); National Business Daily's RMB 1.435B for the post-consolidation quarter matches the filing. Whether the sales are AI-related is not split further."},"copper":{"participates":false,"evidence":{"url":"https://www.sourcephotonics.com/","title":"Source Photonics","publisher":"Source Photonics","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Product list: transceivers, broadband and transmission products; no copper cables."}},"fibre":{"participates":false,"evidence":{"url":"https://www.sourcephotonics.com/","title":"Source Photonics","publisher":"Source Photonics","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Product list: transceivers, broadband and transmission products; no fibre cabling."}}},"screening":{"optics":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"c91a689eba95370fcc50734b9389177f7b643ad875761d36a7def1009a059264"},"consistency":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"c91a689eba95370fcc50734b9389177f7b643ad875761d36a7def1009a059264"}},"baselineRevenueUsd":{"low":704424348,"central":704424348,"high":704424348,"unit":"USD","basis":"Total revenue (data-centre and telecommunications transceivers and others), calendar year, US dollars (RMB converted at the 2025 average)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www1.hkexnews.hk/app/sehk/2026/108550/a133061/sehk26051901486.pdf","title":"Draft Hong Kong listing document, 'Financial Information' (Dongshan Precision group, with the Source Photonics results)","publisher":"Dongshan Precision (draft document on HKEXnews)","publishedDate":"2026-05-19","accessedDate":"2026-10-23","tier":"T1","locator":"Financial Information of Source Photonics, 'Revenue' table: data center transceiver RMB 3,007,239 thousand of RMB 3,627,515 thousand in the nine months to 30 September 2025 (82.9%); group revenue table: Oct-Dec 2025 data center transceiver RMB 1,207,623 thousand of optical transceiver RMB 1,435,535 thousand"},"note":"Nine months to 30 September 2025 RMB 3,627.5M (Source Photonics' audited total, listing document) plus October-December 2025 RMB 1,435.5M (optical transceiver revenue as consolidated by Dongshan) = RMB 5,063.1M / 7.1875 (Fed G.5A 2025 average, https://www.federalreserve.gov/releases/g5a/current/default.htm) = $0.704B; data-centre transceivers are 83% of it."}},"te-connectivity":{"schema":"5lc-index-inputs/1","key":"infrastructure-networking","entityId":"te-connectivity","name":"TE Connectivity","kind":"public","commercialActivityVerified":true,"shares":{"switching":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/0001385157/000110465926085589/tel-20260722xex99d1.htm","title":"TE Connectivity third quarter fiscal 2026 results (Form 8-K, Exhibit 99.1)","publisher":"TE Connectivity / U.S. SEC","publishedDate":"2026-07-22","accessedDate":"2026-10-22","tier":"T2","locator":"Results release: segments Industrial Solutions and Transportation Solutions; no switches."}},"optics":{"low":0.02,"central":0.2,"high":1,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/0001385157/000110465926085589/tel-20260722xex99d1.htm","title":"TE Connectivity third quarter fiscal 2026 results (Form 8-K, Exhibit 99.1)","publisher":"TE Connectivity / U.S. SEC","publishedDate":"2026-07-22","accessedDate":"2026-10-22","tier":"T5","locator":"Q3 fiscal 2026 release: digital data networks sales up 34.2% year on year"},"note":"No company-specific figure found. TE sells optical connectors and some active modules; judged about $40M. Judged upper bound, wide range."},"copper":{"low":2.85,"central":6.48,"high":11.16,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"FY2025 (year ended 26 September 2025)","periodEnd":"2025-09-26","source":{"url":"https://www.sec.gov/Archives/edgar/data/1385157/000110465925109150/tel-20250926x10k.htm","title":"TE Connectivity plc Form 10-K for fiscal year 2025","publisher":"TE Connectivity / U.S. SEC","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"Digital data networks 28% of Industrial Solutions net sales of $7,874M in fiscal 2025 (year to 26 September 2025)"},"note":"Method: digital data networks sales in fiscal 2025 (year to 26 September 2025) = 28% of the Industrial Solutions segment's $7,874M = $2,205M (the end-market table gives about $2,208M, up from about $1,274M). Cable assemblies taken as about 25% of it (range 11-43%) = $0.55B, divided by $8.5B = 6.5%. Connector sales are not counted. Screening used nine months of fiscal 2026 data from a quarterly release. World total for copper about $8.5B (this pass's own total, inside the card's $4.5-10B range; unchanged from screening)."},"fibre":{"low":0.39,"central":1.188,"high":2.38,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/0001385157/000110465926085589/tel-20260722xex99d1.htm","title":"TE Connectivity third quarter fiscal 2026 results (Form 8-K, Exhibit 99.1)","publisher":"TE Connectivity / U.S. SEC","publishedDate":"2026-07-22","accessedDate":"2026-10-22","tier":"T5","locator":"Q3 fiscal 2026 release: digital data networks sales up 34.2% year on year"},"note":"No company-specific figure found. TE sells some fibre connectivity; judged about $0.14B. Judged upper bound, wide range. Rescaled in the full pass from the $9.5B fibre total used in screening to $12.0B (x 0.79); the dollar judgement is unchanged."}},"screening":{"optics":{"levelLow":1,"levelHigh":2},"copper":{"levelLow":1,"levelHigh":2},"fibre":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"562a569611504462a160ad250bfcaef5139fbf9b1fc4032e18506fac1c43f281"},"consistency":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"562a569611504462a160ad250bfcaef5139fbf9b1fc4032e18506fac1c43f281"}},"baselineRevenueUsd":{"low":2204720000,"central":2204720000,"high":2204720000,"unit":"USD","basis":"Digital data networks end-market sales, fiscal year to 26 September, US dollars","period":"FY2025 (year ended 26 September 2025)","periodEnd":"2025-09-26","source":{"url":"https://www.sec.gov/Archives/edgar/data/1385157/000110465925109150/tel-20250926x10k.htm","title":"TE Connectivity plc Form 10-K for fiscal year 2025","publisher":"TE Connectivity / U.S. SEC","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T1","locator":"Digital data networks 28% of Industrial Solutions net sales of $7,874M in fiscal 2025"},"note":"28% x $7,874M = $2,205M. TE's total net sales are far larger and mostly outside this sublayer."}},"hgtech":{"schema":"5lc-index-inputs/1","key":"infrastructure-networking","entityId":"hgtech","name":"HGTECH (HG Genuine)","kind":"public","commercialActivityVerified":true,"shares":{"switching":{"low":0,"central":0.1,"high":0.5,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://m.c114.com.cn/w5472-1311209.html","title":"C114 report on LightCounting's 2025 global optical module supplier ranking","publisher":"C114 (China Communications Network), reporting LightCounting","publishedDate":"2026-05-28","accessedDate":"2026-10-22","tier":"T5","locator":"Reports LightCounting's 2025 top ten (seven mainland Chinese makers)"},"note":"No company-specific figure found. HGTech is an optical-module maker; no switch sales found. Judged upper bound, wide range."},"optics":{"low":1.81,"central":2.76,"high":3.78,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.nbd.com.cn/articles/2026-03-25/4308694.html","title":"光模块“牛股”华工科技2025年净赚近15亿元仍不及机构预期，光电器件系列产品毛利率增长近5个百分点 (Optical-module stock Huagong Tech nets nearly RMB 1.5bn in 2025, below expectations)","publisher":"National Business Daily (nbd.com.cn)","publishedDate":"2026-03-25","accessedDate":"2026-10-22","tier":"T5","locator":"2025 connectivity (optoelectronic devices) business revenue RMB 6.097B, +53.39%, 42.48% of Huagong Tech's revenue; 800G LPO and 1.6T optical modules delivered at scale"},"note":"Method: HG Genuine is the optical-module business inside Huagong Tech's connectivity (optoelectronic devices) line, whose 2025 revenue was RMB 6.097B (+53.39%; National Business Daily, 25 Mar 2026). Datacom modules taken as about 65% (range 50-80%; the line also holds telecom and access devices) = RMB 3.96B / 7.1875 (Fed G.5A 2025 average) = $0.55B, divided by $20B = 2.76%. LightCounting ranks HG Genuine seventh by 2025 module sales (C114, 28 May 2026). The article does not name HG Genuine. Screening had no revenue (2.5%). World total for optics about $20B (range 18.0-23.4) = Yole's $23B for 2025 less 10-15% telecom (the card's total; optics.org, 1 Jul 2026). Cross-check: Omdia puts 9M 2025 datacom optical components at $12.9B (quoted in Accelink's 2025 annual report)."},"copper":{"low":0,"central":0.1,"high":0.5,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://m.c114.com.cn/w5472-1311209.html","title":"C114 report on LightCounting's 2025 global optical module supplier ranking","publisher":"C114 (China Communications Network), reporting LightCounting","publishedDate":"2026-05-28","accessedDate":"2026-10-22","tier":"T5","locator":"Reports LightCounting's 2025 top ten"},"note":"No company-specific figure found. No copper-cable sales found. Judged upper bound, wide range."},"fibre":{"low":0,"central":0.079,"high":0.4,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://m.c114.com.cn/w5472-1311209.html","title":"C114 report on LightCounting's 2025 global optical module supplier ranking","publisher":"C114 (China Communications Network), reporting LightCounting","publishedDate":"2026-05-28","accessedDate":"2026-10-22","tier":"T5","locator":"Reports LightCounting's 2025 top ten"},"note":"No company-specific figure found. No fibre-cabling sales found. Judged upper bound, wide range. Rescaled in the full pass from the $9.5B fibre total used in screening to $12.0B (x 0.79); the dollar judgement is unchanged."}},"screening":{"switching":{"levelLow":1,"levelHigh":2},"optics":{"levelLow":1,"levelHigh":2},"copper":{"levelLow":1,"levelHigh":2},"fibre":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"0d8dad9d5594880565597addc4413e3576e2409e76434189853577571a73891d"},"consistency":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"0d8dad9d5594880565597addc4413e3576e2409e76434189853577571a73891d"}},"baselineRevenueUsd":{"low":848278261,"central":848278261,"high":848278261,"unit":"USD","basis":"Connectivity (optoelectronic devices) business revenue, calendar year, US dollars (RMB converted at the 2025 average)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.nbd.com.cn/articles/2026-03-25/4308694.html","title":"光模块“牛股”华工科技2025年净赚近15亿元仍不及机构预期，光电器件系列产品毛利率增长近5个百分点 (Optical-module stock Huagong Tech nets nearly RMB 1.5bn in 2025, below expectations)","publisher":"National Business Daily (nbd.com.cn)","publishedDate":"2026-03-25","accessedDate":"2026-10-22","tier":"T2","locator":"Connectivity business revenue RMB 6.097B"},"note":"RMB 6.097B / 7.1875 = $0.85B; Huagong Tech's total revenue was RMB 14.355B (laser equipment and sensors are outside this sublayer)."}},"molex":{"schema":"5lc-index-inputs/1","key":"infrastructure-networking","entityId":"molex","name":"Molex","parentId":"koch-industries","kind":"unit","commercialActivityVerified":true,"shares":{"switching":{"participates":false,"evidence":{"url":"https://www.kochinc.com/companies/molex","title":"Molex | A Koch company (Molex Careers)","publisher":"Koch, Inc.","publishedDate":"undated","accessedDate":"2026-10-23","tier":"T2","locator":"Page describes Molex as delivering 'high-performance connectivity' to data centres, industrial automation, medical devices, vehicles and consumer technology (connectors and Phillips Medisize medical manufacturing); no network switch products are named. Absence is inferred from the company's own description and from Molex's absence from IDC's named Ethernet switch vendors (NVIDIA, Arista, Cisco, HPE, Huawei)."}},"optics":{"low":0,"central":0.1,"high":0.5,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.gminsights.com/industry-analysis/data-center-connectors-market","title":"Data Center Connectors Market Size, Forecasts Report 2035","publisher":"Global Market Insights","publishedDate":"undated","accessedDate":"2026-10-23","tier":"T5","locator":"Market 'valued at USD 4,815.6 million in 2025' (electrical, optical, power and RF connectors); competitive landscape, 2025 revenue shares: Amphenol 21%, TE Connectivity 12%, Luxshare Precision 11%, Molex 9%, Corning 8%"},"note":"Anchor (opened): Global Market Insights, a market-research publisher (T4; the page carries no date), puts the 2025 data-centre connector market at $4,815.6M with Molex at 9% revenue share, so Molex's data-centre connector revenue is about $0.43B ($4,815.6M x 9%). Molex is a private Koch company and publishes no revenue (the Koch page, https://www.kochinc.com/companies/molex, gives only a description and 48,000 jobs; molex.com returned a server error and was not retried), so every share below is a judgement on that anchor. Optics: Molex's optical sales are mainly connectors and assemblies counted under fibre; transceivers and active optical cables are not documented. Judged at about $0.02B (about 5% of the connector anchor; range $0-0.10B), divided by $20B = 0.1% (0-0.5%)."},"copper":{"low":1.53,"central":5.099,"high":9.56,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.gminsights.com/industry-analysis/data-center-connectors-market","title":"Data Center Connectors Market Size, Forecasts Report 2035","publisher":"Global Market Insights","publishedDate":"undated","accessedDate":"2026-10-23","tier":"T5","locator":"Market 'valued at USD 4,815.6 million in 2025' (electrical, optical, power and RF connectors); competitive landscape, 2025 revenue shares: Amphenol 21%, TE Connectivity 12%, Luxshare Precision 11%, Molex 9%, Corning 8%"},"note":"Anchor (opened): Global Market Insights, a market-research publisher (T4; the page carries no date), puts the 2025 data-centre connector market at $4,815.6M with Molex at 9% revenue share, so Molex's data-centre connector revenue is about $0.43B ($4,815.6M x 9%). Molex is a private Koch company and publishes no revenue (the Koch page, https://www.kochinc.com/companies/molex, gives only a description and 48,000 jobs; molex.com returned a server error and was not retried), so every share below is a judgement on that anchor. Copper: about half of the connector revenue (range 20-75%) goes into Molex's own high-speed copper cable assemblies and cartridges, and a finished assembly sells for about twice the connector content (range 1.5-2.5x, because the cable and termination are added). 0.5 x 2.0 x $0.43B = $0.43B (range 0.2 x 1.5 x 0.43 = $0.13B to 0.75 x 2.5 x 0.43 = $0.81B), divided by $8.5B (this pass's copper total) = 5.1% (1.5-9.6%)."},"fibre":{"low":0.542,"central":1.589,"high":4.334,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.gminsights.com/industry-analysis/data-center-connectors-market","title":"Data Center Connectors Market Size, Forecasts Report 2035","publisher":"Global Market Insights","publishedDate":"undated","accessedDate":"2026-10-23","tier":"T5","locator":"Market 'valued at USD 4,815.6 million in 2025' (electrical, optical, power and RF connectors); competitive landscape, 2025 revenue shares: Amphenol 21%, TE Connectivity 12%, Luxshare Precision 11%, Molex 9%, Corning 8%"},"note":"Anchor (opened): Global Market Insights, a market-research publisher (T4; the page carries no date), puts the 2025 data-centre connector market at $4,815.6M with Molex at 9% revenue share, so Molex's data-centre connector revenue is about $0.43B ($4,815.6M x 9%). Molex is a private Koch company and publishes no revenue (the Koch page, https://www.kochinc.com/companies/molex, gives only a description and 48,000 jobs; molex.com returned a server error and was not retried), so every share below is a judgement on that anchor. Fibre: optical connectors (MPO and very-small-form-factor types) judged at 22% of the connector revenue (range 10-40%), sold mostly inside fibre assemblies at about twice the connector content (range 1.5-3x): 0.22 x 2.0 x $0.43B = $0.19B (range $0.065B to $0.52B), divided by $12.0B = 1.6% (0.5-4.3%). Direction check, not a size: Prysmian announced on 20 July 2026 an agreement worth up to EUR 5.5 billion over up to ten years to supply optical cables to Molex for use inside data centres (https://www.prysmian.com/en/media/press-releases/digital-solutions-20-07-2026, T2), which shows Molex's fibre assembly business is scaling fast; it commits future purchases and does not size CY2025, so it is used only to keep the high end wide."}},"screening":{"optics":{"levelLow":1,"levelHigh":2},"copper":{"levelLow":1,"levelHigh":2},"fibre":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"1fc60f832cbfb58f6251c35934225295c267c7c716125e5d769ece34257d7cab"},"consistency":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"1fc60f832cbfb58f6251c35934225295c267c7c716125e5d769ece34257d7cab"}}},"bizlink":{"schema":"5lc-index-inputs/1","key":"infrastructure-networking","entityId":"bizlink","name":"BizLink","kind":"public","commercialActivityVerified":true,"shares":{"switching":{"participates":false,"evidence":{"url":"https://www.bizlinktech.com/news/bizlink-expands-global-market-presence-and-deepens-customer-partnerships-by-acquiring-interplex-datacom","title":"BizLink expands global market presence and deepens customer partnerships by acquiring Interplex Datacom","publisher":"BizLink Holding","publishedDate":"2026-06-10","accessedDate":"2026-10-22","tier":"T2","locator":"Announcement describes BizLink as a connectivity-solutions maker buying a data-centre interconnect and mechanical-parts business; no switches mentioned."}},"optics":{"low":0.049,"central":0.292,"high":0.729,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://drive.google.com/file/d/1xIqnEUK6t_Q4AXBaX7td7D-RPgrYiipy/view?usp=drive_link","title":"2025 BizLink Annual Report (English summary translation)","publisher":"BizLink Holding Inc.","publishedDate":"2026-03","accessedDate":"2026-10-23","tier":"T5","locator":"Chairperson letter, 'Financial Performance': 2025 consolidated revenue NT$71,247,272 thousand; Operation Overview, 'Proportion of revenue from main products': IT DataComm 42.4% (2024: 24.4%); 'Current product (service) the Company offers', IT DataComm line (power cords, active electrical cables, high-speed copper and optical cables, connectors, active optical cables and optical transceiver modules)"},"note":"Anchor (opened, BizLink's own 2025 annual report, https://www.bizlinktech.com/financial-information; printed March 2026, day not legible in the file): 2025 consolidated revenue NT$71,247,272 thousand, of which IT DataComm 42.4% = NT$30,210M; at NT$31.07 per US$ (BizLink's own translation in its 4Q25 results release of 6 March 2026, NT$19,779,964 thousand = US$636,638 thousand) = $0.97B. The annual report gives no split inside IT DataComm, which mixes data cables, power cords and busbars, connectors, loopback modules, liquid-cooling parts and optical modules, so the share of each part below is a judgement on that anchor. Excluded: Interplex Datacom (announced 10 June 2026, not yet owned) and XFS (fibre patch cords, completed January 2026, after the period). Optics: active optical cables and optical transceiver modules (40G to 400G, per the product list) judged at 6% of IT DataComm (range 1-15%) = $0.06B (0.01-0.15), divided by $20B = 0.29%."},"copper":{"low":2.86,"central":4.576,"high":6.291,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://drive.google.com/file/d/1xIqnEUK6t_Q4AXBaX7td7D-RPgrYiipy/view?usp=drive_link","title":"2025 BizLink Annual Report (English summary translation)","publisher":"BizLink Holding Inc.","publishedDate":"2026-03","accessedDate":"2026-10-23","tier":"T5","locator":"Chairperson letter, 'Financial Performance': 2025 consolidated revenue NT$71,247,272 thousand; Operation Overview, 'Proportion of revenue from main products': IT DataComm 42.4% (2024: 24.4%); 'Current product (service) the Company offers', IT DataComm line (power cords, active electrical cables, high-speed copper and optical cables, connectors, active optical cables and optical transceiver modules)"},"note":"Anchor (opened, BizLink's own 2025 annual report, https://www.bizlinktech.com/financial-information; printed March 2026, day not legible in the file): 2025 consolidated revenue NT$71,247,272 thousand, of which IT DataComm 42.4% = NT$30,210M; at NT$31.07 per US$ (BizLink's own translation in its 4Q25 results release of 6 March 2026, NT$19,779,964 thousand = US$636,638 thousand) = $0.97B. The annual report gives no split inside IT DataComm, which mixes data cables, power cords and busbars, connectors, loopback modules, liquid-cooling parts and optical modules, so the share of each part below is a judgement on that anchor. Excluded: Interplex Datacom (announced 10 June 2026, not yet owned) and XFS (fibre patch cords, completed January 2026, after the period). Copper: active electrical cables and high-speed copper cable assemblies judged at 40% of IT DataComm (range 25-55%; the rest is power cords, power whips and busbars, connectors and loopback or test modules, liquid-cooling parts, optical modules) = $0.39B (0.24-0.53), divided by $8.5B (this pass's copper total, inside the card's $4.5-10B) = 4.6%. This replaces an earlier 6% that rested on a revenue figure that was never opened."},"fibre":{"low":0.041,"central":0.243,"high":0.648,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://drive.google.com/file/d/1xIqnEUK6t_Q4AXBaX7td7D-RPgrYiipy/view?usp=drive_link","title":"2025 BizLink Annual Report (English summary translation)","publisher":"BizLink Holding Inc.","publishedDate":"2026-03","accessedDate":"2026-10-23","tier":"T5","locator":"Chairperson letter, 'Financial Performance': 2025 consolidated revenue NT$71,247,272 thousand; Operation Overview, 'Proportion of revenue from main products': IT DataComm 42.4% (2024: 24.4%); 'Current product (service) the Company offers', IT DataComm line (power cords, active electrical cables, high-speed copper and optical cables, connectors, active optical cables and optical transceiver modules)"},"note":"Anchor (opened, BizLink's own 2025 annual report, https://www.bizlinktech.com/financial-information; printed March 2026, day not legible in the file): 2025 consolidated revenue NT$71,247,272 thousand, of which IT DataComm 42.4% = NT$30,210M; at NT$31.07 per US$ (BizLink's own translation in its 4Q25 results release of 6 March 2026, NT$19,779,964 thousand = US$636,638 thousand) = $0.97B. The annual report gives no split inside IT DataComm, which mixes data cables, power cords and busbars, connectors, loopback modules, liquid-cooling parts and optical modules, so the share of each part below is a judgement on that anchor. Excluded: Interplex Datacom (announced 10 June 2026, not yet owned) and XFS (fibre patch cords, completed January 2026, after the period). Fibre: optical fibre components and fibre cable assemblies judged at 3% of IT DataComm (range 0.5-8%) = $0.03B (0.005-0.08), divided by $12.0B (this pass's fibre total) = 0.24%."}},"screening":{"optics":{"levelLow":1,"levelHigh":2},"copper":{"levelLow":1,"levelHigh":2},"fibre":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"8fb8489a27f152da45b11aea827bc01a2dc89ddfafb225e4f9d8c73a13c5764f"},"consistency":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"8fb8489a27f152da45b11aea827bc01a2dc89ddfafb225e4f9d8c73a13c5764f"}}},"delta-electronics":{"schema":"5lc-index-inputs/1","key":"infrastructure-networking","entityId":"delta-electronics","name":"Delta Electronics (Delta Networks)","kind":"public","commercialActivityVerified":false,"shares":{"switching":{"low":0.27,"central":0.935,"high":2.662,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.idc.com/resource-center/press-releases/worldwide-ethernet-switch-market-grew-35-2-in-the-third-quarter-of-2025-according-to-idcs-quarterly-ethernet-switch-tracker/","title":"Worldwide Ethernet Switch Market Grew 35.2% in the Third Quarter of 2025, according to IDC's Quarterly Ethernet Switch Tracker","publisher":"IDC","publishedDate":"2025-12-11","accessedDate":"2026-10-23","tier":"T5","locator":"ODM Direct sales rose 152.4% year on year in 3Q25, 30.2% of the datacenter segment's revenues; 2Q25 release (19.6%) and The Next Platform on IDC 1Q25 (ODM Direct $1.41B of $6.92B) used for the other quarters; see note"},"note":"Pool method (T5), full-year ODM-direct pool derived quarter by quarter. IDC puts 2025 datacentre Ethernet at $32.5B (https://www.idc.com/resource-center/blog/ethernet-switch-market-size-and-growth-datacenter-segment-surges-60-in-q4-as-ai-workloads-expand/, opened 23 Oct 2026), with 4Q25 at $9.9B. ODM Direct's share of the datacentre segment: 1Q25 20.4% ($1.41B of $6.92B; The Next Platform, reporting IDC), 2Q25 19.6% (IDC release of 11 Sep 2025, https://www.idc.com/resource-center/press-releases/worldwide-ethernet-switch-market-grew-42-1-in-the-second-quarter-of-2025-according-to-idcs-quarterly-ethernet-switch-tracker/) and 3Q25 30.2% (IDC release of 11 Dec 2025, the source above), both opened 23 Oct 2026; IDC publishes no 4Q25 ODM figure. IDC's releases give no dollar datacentre total for 2Q25 and 3Q25, so each is backed out from named vendors: 2Q25 NVIDIA $2.3B at 25.9% and Arista $1.8B x 90.7% datacentre at 18.9% give $8.9B and $8.6B, taken as $8.76B; 3Q25 NVIDIA $1.0B at 11.6% and Arista $1.9B x 90.7% at 19.2% give $8.6B and $9.0B, taken as $8.80B. These first-release quarters (1Q25 $6.92B, $8.76B, $8.80B) plus 4Q25 $9.9B add to $34.4B, above IDC's restated $32.5B full year, so 1Q-3Q are scaled by 0.923 ($22.6B / $24.5B) to make the four quarters add to $32.5B. ODM Direct by quarter = share x scaled total: 1Q25 $1.30B, 2Q25 $1.59B, 3Q25 $2.45B, and 4Q25 $2.99B with the share held at 3Q25's 30.2% (Celestica's 10-K says its 4Q switch programs were ramping, so a share not below 3Q25's is likely; low case 27%, high case 36%). Full year ODM Direct = $8.33B or 26% of the segment (low $8.01B: 4Q25 at 27%; high $9.35B: first-release quarters unscaled and 4Q25 at 36%); the Celestica file's own cross-check of about $8.9B sits inside that range. This sublayer's other files already assign Celestica 8.83% = $3.40B, Accton 5.98% = $2.30B and UfiSpace 0.6% = $0.23B, $5.93B together, which leaves $2.40B (range $2.08-3.42B) for the other nine or so ODM-direct makers, including Hon Hai, Delta, Quanta, Wistron and Inventec. Across all makers, the Ethernet switching dollars assigned in the other files leave $4.38B of the $38.5B switching total unassigned; $2.40B of it is that ODM remainder and about $1.98B belongs to branded and other makers (Dell, Lenovo, Supermicro and others). Delta Networks sells data-centre networking: Delta's own page (https://www.deltaww.com/en-US/solutions/data-center-networks, opened 23 Oct 2026) offers AI-network switches of up to 102.4 Tbps with co-packaged optics, and gives no sales figure. Taken as 15% of the ODM remainder (range 5% of the low case to 30% of the high case) = $0.36B ($0.10-1.02B), divided by $38.5B = 0.935%. The estimate covers Delta Networks only, not Delta's power and cooling business. Screening used $0.4B (1.0%)."},"optics":{"low":0,"central":0.134,"high":0.537,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.nextplatform.com/2025/06/23/nvidia-passes-cisco-and-rivals-arista-in-datacenter-ethernet-sales/","title":"Nvidia Passes Cisco And Rivals Arista In Datacenter Ethernet Sales","publisher":"The Next Platform, reporting IDC data","publishedDate":"2025-06-23","accessedDate":"2026-10-22","tier":"T5","locator":"ODM-direct group in IDC 1Q25 data"},"note":"Pool method (T5). No Delta sales of this part were found (Delta showed a 1.6T demo with Source Photonics at OFC 2026, with no sales). The shares assigned in this sublayer's other files leave $1.34B of the $20.0B optics total unassigned; Delta is judged at 2% of that pool (range 0-8%) = $0.027B ($0.000-0.107B), divided by $20.0B = 0.134%."},"copper":{"low":0,"central":0.131,"high":1.05,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.nextplatform.com/2025/06/23/nvidia-passes-cisco-and-rivals-arista-in-datacenter-ethernet-sales/","title":"Nvidia Passes Cisco And Rivals Arista In Datacenter Ethernet Sales","publisher":"The Next Platform, reporting IDC data","publishedDate":"2025-06-23","accessedDate":"2026-10-22","tier":"T5","locator":"ODM-direct group in IDC 1Q25 data"},"note":"Pool method (T5). No Delta sales of this part were found (Delta showed a 1.6T demo with Source Photonics at OFC 2026, with no sales). The shares assigned in this sublayer's other files leave $1.12B of the $8.5B copper total unassigned; Delta is judged at 1% of that pool (range 0-8%) = $0.011B ($0.000-0.089B), divided by $8.5B = 0.131%."},"fibre":{"low":0,"central":0.095,"high":0.762,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.nextplatform.com/2025/06/23/nvidia-passes-cisco-and-rivals-arista-in-datacenter-ethernet-sales/","title":"Nvidia Passes Cisco And Rivals Arista In Datacenter Ethernet Sales","publisher":"The Next Platform, reporting IDC data","publishedDate":"2025-06-23","accessedDate":"2026-10-22","tier":"T5","locator":"ODM-direct group in IDC 1Q25 data"},"note":"Pool method (T5). No Delta sales of this part were found (Delta showed a 1.6T demo with Source Photonics at OFC 2026, with no sales). The shares assigned in this sublayer's other files leave $1.14B of the $12.0B fibre total unassigned; Delta is judged at 1% of that pool (range 0-8%) = $0.011B ($0.000-0.091B), divided by $12.0B = 0.095%."}},"screening":{"switching":{"levelLow":1,"levelHigh":2},"optics":{"levelLow":1,"levelHigh":2},"copper":{"levelLow":1,"levelHigh":2},"fibre":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"a3274cbc5b90aae60b8c0d7f24c5559248e7671804cda8bb8dc8c6376f8a889f"},"consistency":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"a3274cbc5b90aae60b8c0d7f24c5559248e7671804cda8bb8dc8c6376f8a889f"}}},"furukawa-electric":{"schema":"5lc-index-inputs/1","key":"infrastructure-networking","entityId":"furukawa-electric","name":"Furukawa Electric (Lightera)","kind":"public","commercialActivityVerified":true,"shares":{"switching":{"participates":false,"evidence":{"url":"https://www.furukawaelectric.com/en/ir/achievements/highlight.html","title":"Financial Summary and Forecasts","publisher":"Furukawa Electric","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Segment menu: Communications Solutions, Energy Infrastructure; no switches."}},"optics":{"participates":false,"evidence":{"url":"https://www.furukawaelectric.com/en/ir/achievements/highlight.html","title":"Financial Summary and Forecasts","publisher":"Furukawa Electric","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Optical Solutions sells fibre, cable and connectivity; transceivers are not a data-centre line."}},"copper":{"participates":false,"evidence":{"url":"https://www.furukawaelectric.com/en/ir/achievements/highlight.html","title":"Financial Summary and Forecasts","publisher":"Furukawa Electric","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Segment menu: Communications Solutions, Energy Infrastructure; no data-centre copper cables."}},"fibre":{"low":1.85,"central":3,"high":4.06,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"FY2025 (year ended 31 March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.furukawaelectric.com/en/ir/library/briefing/pdf/2026/20260604_optosol.pdf","title":"Business Briefing: Optical Solutions (IR briefing of 5 June 2026)","publisher":"Furukawa Electric Co., Ltd.","publishedDate":"2026-06-05","accessedDate":"2026-10-23","tier":"T5","locator":"Slide 9 'Lightera 2030 Vision', Revenue Profile: DC 37% of Lightera revenue in FY25 (45% FY26 forecast, over 60% FY30); slide 5: Optical Solutions net sales FY25 results JPY 196.9 billion"},"note":"Method (T5 derivation from Furukawa's own figures). Furukawa's June 2026 business briefing says data-centre (DC) products were 37% of Lightera's FY25 revenue (year ended 31 March 2026; chart on slide 9, shown as a rounded whole percent), and gives Optical Solutions net sales of JPY 196.9B for FY25 (slide 5; also the restated segment table at https://www.furukawaelectric.com/en/ir/achievements/segment/index.html, which shows Optical Solutions JPY 196.9B). Optical Solutions holds Lightera (optical fibre and cable, connectors, assembly) and the Broadband Solutions business (domestic CATV and PON equipment); Furukawa gives no sales split between them, so Lightera is judged at 82% of the segment (range 70-100%; the briefing's slides 19-21 describe Broadband Solutions as a domestic cable-TV and carrier-equipment business, judged here the smaller part). Lightera DC revenue = 196.9 x 0.82 x 0.37 = JPY 59.7B. About 90% of it (range 65-100%) is taken as finished fibre, cable and connectivity in scope, leaving out mass fusion splicers and engineering and, at the low end, metro links between separate data centres: JPY 53.8B / 149.5686 (Fed G.5A 2025 average, https://www.federalreserve.gov/releases/g5a/current/default.htm, opened 23 Oct 2026, as for Fujikura and Sumitomo Electric) = $0.36B (range 0.22-0.49), divided by $12.0B = 3.0%. High end: the 37% applied to all of Optical Solutions with nothing excluded, JPY 72.9B = $0.49B = 4.1%. The earlier screening value (JPY 70B, $0.46B) was unsourced; Furukawa's own figure is slightly lower. Fiscal year to 31 March 2026, labelled as such. World total for fibre and passive connectivity about $12.0B (the pass total used for Fujikura, Sumitomo Electric and the other fibre makers)."}},"screening":{"fibre":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"513dd57f243b02519f44ca05fbc6ce24f11fe8bef0eea7a1937038fa44c00b15"},"consistency":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"513dd57f243b02519f44ca05fbc6ce24f11fe8bef0eea7a1937038fa44c00b15"}}},"lumentum":{"schema":"5lc-index-inputs/1","key":"infrastructure-networking","entityId":"lumentum","name":"Lumentum","kind":"public","commercialActivityVerified":true,"shares":{"switching":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/0001633978/000162828026055726/lite_ex991xq4fy26.htm","title":"Lumentum Announces Fourth Quarter and Full Fiscal Year 2026 Results (Form 8-K, Exhibit 99.1)","publisher":"Lumentum Holdings / U.S. SEC","publishedDate":"2026-08-11","accessedDate":"2026-10-22","tier":"T2","locator":"Revenue by product type: Components and Systems; no switch systems, copper cables or fibre cabling"}},"optics":{"low":0.65,"central":1.76,"high":3.36,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"FY2026 (year ended 27 June 2026)","periodEnd":"2026-06-27","source":{"url":"https://www.sec.gov/Archives/edgar/data/0001633978/000162828026055726/lite_ex991xq4fy26.htm","title":"Lumentum Announces Fourth Quarter and Full Fiscal Year 2026 Results (Form 8-K, Exhibit 99.1)","publisher":"Lumentum Holdings / U.S. SEC","publishedDate":"2026-08-11","accessedDate":"2026-10-22","tier":"T5","locator":"Revenue by product type: Systems $1,008.4M in fiscal 2026 (to 27 June 2026) vs $528.7M in fiscal 2025; Components $2,005.6M vs $1,116.3M"},"note":"Method (T5 judgement on a company figure). Lumentum reports Components (lasers and chips sold mostly to module makers, credited to them) and Systems, which is $1,008.4M in fiscal 2026 (year ended 27 June 2026; $528.7M in fiscal 2025; release of 11 August 2026, Revenue by product type). The release does not say what Systems holds: from the Cloud Light acquisition it is understood to hold datacom transceivers, plus optical circuit switches and telecom systems, so the own-brand datacom transceiver part is a judgement of about 35% of Systems (range 15-60%) = $0.353B, divided by $20B = 1.76%. Range: 15% over the top of the optics total ($23.4B) = 0.65% to 60% over its bottom ($18.0B) = 3.36%. Period: the numerator is fiscal 2026, ended 27 June 2026, so the observation is labelled that way. Systems grew about 91% on fiscal 2025 and the denominator is Yole's calendar-2025 total, so a calendar-2025 numerator would be lower (roughly the second half of fiscal 2025 plus the first half of fiscal 2026); the share is therefore on the high side and the low end of the range covers it. World total for optics about $20B (range 18.0-23.4) = Yole's $23B for 2025 less 10-15% telecom (the card's total; optics.org, 1 Jul 2026). Screening used $0.5B (2.5%) against a mirror copy of the 10-K. Cross-check: Omdia puts 9M 2025 datacom optical components at $12.9B (quoted in Accelink's 2025 annual report)."},"copper":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/0001633978/000162828026055726/lite_ex991xq4fy26.htm","title":"Lumentum Announces Fourth Quarter and Full Fiscal Year 2026 Results (Form 8-K, Exhibit 99.1)","publisher":"Lumentum Holdings / U.S. SEC","publishedDate":"2026-08-11","accessedDate":"2026-10-22","tier":"T2","locator":"Revenue by product type: Components and Systems; no switch systems, copper cables or fibre cabling"}},"fibre":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/0001633978/000162828026055726/lite_ex991xq4fy26.htm","title":"Lumentum Announces Fourth Quarter and Full Fiscal Year 2026 Results (Form 8-K, Exhibit 99.1)","publisher":"Lumentum Holdings / U.S. SEC","publishedDate":"2026-08-11","accessedDate":"2026-10-22","tier":"T2","locator":"Revenue by product type: Components and Systems; no switch systems, copper cables or fibre cabling"}}},"screening":{"optics":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"fe27314427fdede50a167c1e3a2db720eeaed894be45c0cafc5aa751a0fc8188"},"consistency":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"fe27314427fdede50a167c1e3a2db720eeaed894be45c0cafc5aa751a0fc8188"}},"baselineRevenueUsd":{"low":1008400000,"central":1008400000,"high":1008400000,"unit":"USD","basis":"Systems revenue (the product type that holds transceivers), fiscal year to late June, US dollars","period":"FY2026 (to 27 June 2026)","periodEnd":"2026-06-27","source":{"url":"https://www.sec.gov/Archives/edgar/data/0001633978/000162828026055726/lite_ex991xq4fy26.htm","title":"Lumentum Announces Fourth Quarter and Full Fiscal Year 2026 Results (Form 8-K, Exhibit 99.1)","publisher":"Lumentum Holdings / U.S. SEC","publishedDate":"2026-08-11","accessedDate":"2026-10-22","tier":"T2","locator":"Revenue by product type: Systems $1,008.4M"},"note":"Total revenue was $3,014.0M, mostly lasers and components sold to module makers (credited to them)."}},"dell":{"schema":"5lc-index-inputs/1","key":"infrastructure-networking","entityId":"dell","name":"Dell Technologies (PowerSwitch)","kind":"public","commercialActivityVerified":false,"shares":{"switching":{"low":0.154,"central":0.514,"high":1.285,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.idc.com/resource-center/blog/ethernet-switch-market-size-and-growth-datacenter-segment-surges-60-in-q4-as-ai-workloads-expand/","title":"Ethernet switch market size and growth: datacenter segment surges 60% in Q4 as AI workloads expand","publisher":"IDC","publishedDate":"2026-03-18","accessedDate":"2026-10-23","tier":"T5","locator":"Datacentre Ethernet switching full-year 2025 $32.5B (+53.5%); named vendors NVIDIA, Arista, Cisco, Huawei, HPE; Dell is not named"},"note":"Pool method (T5), full-year ODM-direct pool derived quarter by quarter. IDC puts 2025 datacentre Ethernet at $32.5B (https://www.idc.com/resource-center/blog/ethernet-switch-market-size-and-growth-datacenter-segment-surges-60-in-q4-as-ai-workloads-expand/, opened 23 Oct 2026), with 4Q25 at $9.9B. ODM Direct's share of the datacentre segment: 1Q25 20.4% ($1.41B of $6.92B; The Next Platform, reporting IDC), 2Q25 19.6% (IDC release of 11 Sep 2025, https://www.idc.com/resource-center/press-releases/worldwide-ethernet-switch-market-grew-42-1-in-the-second-quarter-of-2025-according-to-idcs-quarterly-ethernet-switch-tracker/) and 3Q25 30.2% (IDC release of 11 Dec 2025, the source above), both opened 23 Oct 2026; IDC publishes no 4Q25 ODM figure. IDC's releases give no dollar datacentre total for 2Q25 and 3Q25, so each is backed out from named vendors: 2Q25 NVIDIA $2.3B at 25.9% and Arista $1.8B x 90.7% datacentre at 18.9% give $8.9B and $8.6B, taken as $8.76B; 3Q25 NVIDIA $1.0B at 11.6% and Arista $1.9B x 90.7% at 19.2% give $8.6B and $9.0B, taken as $8.80B. These first-release quarters (1Q25 $6.92B, $8.76B, $8.80B) plus 4Q25 $9.9B add to $34.4B, above IDC's restated $32.5B full year, so 1Q-3Q are scaled by 0.923 ($22.6B / $24.5B) to make the four quarters add to $32.5B. ODM Direct by quarter = share x scaled total: 1Q25 $1.30B, 2Q25 $1.59B, 3Q25 $2.45B, and 4Q25 $2.99B with the share held at 3Q25's 30.2% (Celestica's 10-K says its 4Q switch programs were ramping, so a share not below 3Q25's is likely; low case 27%, high case 36%). Full year ODM Direct = $8.33B or 26% of the segment (low $8.01B: 4Q25 at 27%; high $9.35B: first-release quarters unscaled and 4Q25 at 36%); the Celestica file's own cross-check of about $8.9B sits inside that range. This sublayer's other files already assign Celestica 8.83% = $3.40B, Accton 5.98% = $2.30B and UfiSpace 0.6% = $0.23B, $5.93B together, which leaves $2.40B (range $2.08-3.42B) for the other nine or so ODM-direct makers, including Hon Hai, Delta, Quanta, Wistron and Inventec. Across all makers, the Ethernet switching dollars assigned in the other files leave $4.38B of the $38.5B switching total unassigned; $2.40B of it is that ODM remainder and about $1.98B belongs to branded and other makers (Dell, Lenovo, Supermicro and others). Dell's 10-K (https://www.sec.gov/Archives/edgar/data/1571996/000157199626000008/dell-20260130.htm, Item 1) lists 'data center and edge networking switches, and cables and optics' but does not report networking sales. Dell is taken as an average member of about ten branded and other makers sharing the $1.98B non-ODM pool: $1.98B / 10 = $0.20B (range 0.3x to 2.5x of that = $0.06-0.49B), divided by $38.5B = 0.514%. IDC does not name Dell among its top datacentre Ethernet vendors. Screening used $0.4B (1.0%)."},"optics":{"low":0.134,"central":0.537,"high":1.342,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1571996/000157199626000008/dell-20260130.htm","title":"Dell Technologies Inc. Form 10-K for fiscal year 2026","publisher":"Dell Technologies / U.S. SEC","publishedDate":"2026-03-16","accessedDate":"2026-10-22","tier":"T5","locator":"Item 1: networking portfolio includes 'cables and optics'"},"note":"Pool method (T5). Dell's 10-K, Item 1, lists 'cables and optics' in its networking portfolio but gives no sales. The shares assigned in this sublayer's other files leave $1.34B of the $20.0B optics total unassigned; Dell's branded optics sold with its switches and servers are judged at 8% of that pool (range 2-20%) = $0.107B ($0.027-0.268B), divided by $20.0B = 0.537%."},"copper":{"low":0.131,"central":0.525,"high":1.575,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1571996/000157199626000008/dell-20260130.htm","title":"Dell Technologies Inc. Form 10-K for fiscal year 2026","publisher":"Dell Technologies / U.S. SEC","publishedDate":"2026-03-16","accessedDate":"2026-10-22","tier":"T5","locator":"Item 1: networking portfolio includes 'cables and optics'"},"note":"Pool method (T5). Dell's 10-K, Item 1, lists 'cables and optics' in its networking portfolio but gives no sales. The shares assigned in this sublayer's other files leave $1.12B of the $8.5B copper total unassigned; Dell's branded cables sold with its switches and servers are judged at 4% of that pool (range 1-12%) = $0.045B ($0.011-0.134B), divided by $8.5B = 0.525%."},"fibre":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/1571996/000157199626000008/dell-20260130.htm","title":"Dell Technologies Inc. Form 10-K for fiscal year 2026","publisher":"Dell Technologies / U.S. SEC","publishedDate":"2026-03-16","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1: networking offerings are switches, WAN infrastructure, cables and optics; no fibre cabling."}}},"screening":{"switching":{"levelLow":1,"levelHigh":2},"optics":{"levelLow":1,"levelHigh":2},"copper":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"8e14e186ff5b11d511fda71ef33a6f10ef0d31ba8a57700666b281418a651062"},"consistency":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"8e14e186ff5b11d511fda71ef33a6f10ef0d31ba8a57700666b281418a651062"}}},"zte":{"schema":"5lc-index-inputs/1","key":"infrastructure-networking","entityId":"zte","name":"ZTE","kind":"public","commercialActivityVerified":false,"shares":{"switching":{"low":0.2,"central":0.7,"high":2,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.zte.com.cn/global/","title":"ZTE Corporation","publisher":"ZTE","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Product navigation lists IP Network, Core Network, Server and Storage; H1 2026 revenue RMB 78 billion with computing revenue share above 35% (banner link)"},"note":"No company-specific figure found. ZTE sells data-centre switches mainly in China and is not named among IDC's top Ethernet switch vendors (NVIDIA, Arista, Cisco, Huawei, HPE). Judged upper bound, wide range. Judged below HPE's share. World total for switching about $38.5B = IDC datacentre Ethernet $32.5B (2025) plus about $6B InfiniBand (the card's estimate)."},"optics":{"low":0,"central":0.1,"high":0.5,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.zte.com.cn/global/","title":"ZTE Corporation","publisher":"ZTE","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Product navigation lists Optical Network"},"note":"No company-specific figure found. ZTE sells optical transport equipment and some modules. Judged upper bound, wide range."},"copper":{"low":0,"central":0.1,"high":0.5,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.zte.com.cn/global/","title":"ZTE Corporation","publisher":"ZTE","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Product navigation"},"note":"No company-specific figure found. Branded cables sold with equipment. Judged upper bound, wide range."},"fibre":{"low":0,"central":0.079,"high":0.4,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.zte.com.cn/global/","title":"ZTE Corporation","publisher":"ZTE","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Product navigation"},"note":"No company-specific figure found. ZTE sells fibre mainly to telecom operators. Judged upper bound, wide range. Rescaled in the full pass from the $9.5B fibre total used in screening to $12.0B (x 0.79); the dollar judgement is unchanged."}},"screening":{"switching":{"levelLow":1,"levelHigh":2},"optics":{"levelLow":1,"levelHigh":2},"copper":{"levelLow":1,"levelHigh":2},"fibre":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"2eff7a55e65903fbd70ac446ff7b0721c8d20deffe9ee063b59e68b24e59c1c4"},"consistency":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"2eff7a55e65903fbd70ac446ff7b0721c8d20deffe9ee063b59e68b24e59c1c4"}}},"us-conec":{"schema":"5lc-index-inputs/1","key":"infrastructure-networking","entityId":"us-conec","name":"US Conec","kind":"private","commercialActivityVerified":true,"shares":{"switching":{"participates":false,"evidence":{"url":"https://www.usconec.com/","title":"US Conec","publisher":"US Conec","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Product list: MMC, MDC, MTP and simplex/duplex connectors, MT and PRIZM ferrules, cleaners and tools; no switches."}},"optics":{"participates":false,"evidence":{"url":"https://www.usconec.com/","title":"US Conec","publisher":"US Conec","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Product list: fibre connectors, ferrules, cleaners and tools; no transceivers."}},"copper":{"participates":false,"evidence":{"url":"https://www.usconec.com/","title":"US Conec","publisher":"US Conec","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Product list: fibre connectors, ferrules, cleaners and tools; no copper cables."}},"fibre":{"low":0.415,"central":1.555,"high":3.421,"unit":"percent","basis":"Share of worldwide data-centre sales of finished parts in the function by value, latest full year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.usconec.com/","title":"US Conec","publisher":"US Conec","publishedDate":"undated","accessedDate":"2026-10-23","tier":"T5","locator":"Product list: MT and PRIZM ferrules, MTP, MMC and MDC connectors, cleaners; In The News: multi-source framework with Corning, Fujikura and Sumitomo Electric Lightwave for PRIZM TMT ferrules and MMC connectors (March 2026); agreements with Hakusan and SANWA to multi-source MMC connectors and TMT ferrules (February 2026); MMC and MDC licence with Fujikura (October 2021)"},"note":"Pool method (T5); no revenue is published (private company; no opened source gives one). US Conec's own page (opened 23 Oct 2026) shows it sells MT and PRIZM ferrules and MTP, MMC and MDC connectors, that partners ship products on its interfaces (an 800G DR8 module with an MMC interface from HGGenuine, Legrand's MDC fibre solution) and that it licenses its connector designs to Corning, Fujikura, Sumitomo Electric Lightwave, Hakusan, SANWA and others, so much of the connector value sits in other makers' finished assemblies and is credited to them. Sizing: the fibre shares assigned in this sublayer's other files (every company except US Conec) leave $1.24B of the $12.0B fibre total unassigned. US Conec, the ferrule and connector specialist behind those multi-source frameworks, is judged at 15% of that pool (range 4-33%) = $0.19B ($0.050-0.41B), divided by $12.0B = 1.555%. Screening used $0.19B (2% of $9.5B), the same dollar judgement without a stated pool."}},"screening":{"fibre":{"levelLow":1,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"e25154b80de415252df3000ee0b7211782d3a197a47c4417aaf528a59e19d522"},"consistency":{"by":"Claude check pass, Claude Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"e25154b80de415252df3000ee0b7211782d3a197a47c4417aaf528a59e19d522"}}}},"ratings":{"nvidia-networking":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"nvidia-networking","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"switching":{"alternatives":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1045810/000104581026000021/nvda-20260125.htm","date":"2026-02-25","support":"The company says it offers 'end-to-end platforms for InfiniBand and Ethernet' (Item 1); no other InfiniBand switch maker is named. For InfiniBand there is no second supplier; at AI scale the Ethernet alternatives are few (Celestica, Arista, Cisco)."},{"url":"https://www.delloro.com/news/ethernet-more-than-doubles-size-of-infiniband-as-the-leading-fabric-for-ai-scale-out-networks-in-2025/","date":"2026-03-10","support":"Dell'Oro: in 2025 Celestica and NVIDIA led AI back-end Ethernet switching with a combined 50% share; Arista ranked third."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.nextplatform.com/2024/08/21/arista-banks-on-the-ai-network-double-whammy","date":"2024-08-21","support":"Arista's AI back-end business moved from trials (2023) to pilots (2024) to production (2025), per CEO Ullal."},{"url":"https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/anet-20251231.htm","date":"2026-02-17","support":"The company says large customers need considerable time to evaluate, test and qualify switches, with 'longer testing and qualification periods' in AI; no duration given."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://engineering.fb.com/2024/03/12/data-center-engineering/building-metas-genai-infrastructure/","date":"2024-03-12","support":"Meta built one 24k-GPU cluster on RoCE Ethernet (Arista 7800) and one on NVIDIA InfiniBand; both ran large GenAI jobs 'without any network bottlenecks'."},{"url":"https://www.delloro.com/news/ethernet-more-than-doubles-size-of-infiniband-as-the-leading-fabric-for-ai-scale-out-networks-in-2025/","date":"2026-03-10","support":"Dell'Oro: Ethernet made up over two-thirds of AI-cluster switch sales in 2025 and is growing faster than InfiniBand."}]}},"optics":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1045810/000104581026000021/nvda-20260125.htm","date":"2026-02-25","support":"The company's networking products include 'cable solutions (including optical modules)'; it names Lumentum, Broadcom and others as competitors."},{"url":"https://m.c114.com.cn/w5472-1311209.html","date":"2026-05-28","support":"LightCounting: Eoptolink is a key Amazon 400G/800G supplier and is qualified at other large US companies including NVIDIA. Module makers that build to NVIDIA's specification can supply directly."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.chinatalk.media/p/china-the-fcc-and-the-logic-of-transceivers","date":"2026-10-07","support":"New module suppliers take months to qualify; InnoLight calls qualification long and costly, with a higher bar at 1.6T."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://m.c114.com.cn/w5472-1311209.html","date":"2026-05-28","support":"LightCounting: InnoLight is the leading supplier to all major cloud companies; 1Q26 revenue up 207% on 1.6T shipments. The makers behind branded modules keep their capacity if the brand reseller is replaced."},{"url":"https://cignal.ai/2025/05/800gbe-optics-shipments-to-grow-60-in-2025/","date":"2025-05-07","support":"Cignal AI: 'Innolight, Coherent, and Eoptolink are the largest suppliers of Datacom modules.'"}]}},"copper":{"alternatives":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Primary competitors include Corning, Foxconn Interconnect, Glenair, HUBER+SUHNER, Luxshare, Molex, Rosenberger, TE Connectivity and others (Item 1). Many cable makers can supply NVIDIA-class direct-attach and active copper cables."},{"url":"https://www.sec.gov/Archives/edgar/data/1045810/000104581026000021/nvda-20260125.htm","date":"2026-02-25","support":"The company's networking products include 'cable solutions (including optical modules)'; it names Lumentum, Broadcom and others as competitors."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.fool.com/earnings/call-transcripts/2025/09/03/credo-crdo-q1-2026-earnings-call-transcript","date":"2025-09-03","support":"Credo management: a fifth hyperscaler passed qualification with first traction expected by fiscal year-end, i.e. a ramp of a few quarters."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"IT datacom was about 36% of 2025 net sales of $23.1B and rose about $4.6B on AI demand (Items 1 and 7). Large cable makers dwarf NVIDIA's roughly 4% branded-cable share."},{"url":"https://www.sec.gov/Archives/edgar/data/1385157/000110465925109150/tel-20250926x10k.htm","date":"2025-11-10","support":"Digital data networks were about 13% of fiscal 2025 net sales (28% of Industrial Solutions), about $2.2B; TE names Amphenol and Molex as rivals."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"nvidia-networking","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"switching":{"alternatives":{"level":3,"evidence":[{"url":"https://www.delloro.com/news/ethernet-extends-lead-in-ai-scale-out-networks-despite-strong-infiniband-rebound/","date":"2026-06-02","support":"Dell'Oro (full date shown): InfiniBand sales more than tripled in Q1 2026 on 800G switches with Blackwell Ultra, much of it brownfield upgrades; Ethernet vendors (Celestica, Arista, Cisco) can replace the Spectrum-X half but not InfiniBand."},{"url":"https://convergedigest.com/cornelis-debuts-cn5000-with-lossless-fabric-and-adaptive-routing-for-ai/","date":"undated","support":"Cornelis (company claims; page shows no date, so 'undated') launched CN5000, a 400G Omni-Path fabric it says beats InfiniBand NDR, with 800G and 1.6T successors planned: one partial InfiniBand-class alternative, no named hyperscale customer found."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/anet-20251231.htm","date":"2026-02-17","support":"Arista 10-K Item 1 (filing date shown): InfiniBand and NVLink, often sold with Nvidia GPUs, compete with Ethernet for back-end AI clusters; fabric choice follows the GPU platform."},{"url":"https://www.linuxfoundation.org/press/uec-launches-spec-1.0","date":"2025-06-11","support":"UEC Specification 1.0 only reached release on 11 Jun 2025, so open Ethernet-for-AI stacks are a recent new-build option; replacing installed InfiniBand needs a re-platforming cycle, which I judge at 1-2 years."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.delloro.com/news/ethernet-more-than-doubles-size-of-infiniband-as-the-leading-fabric-for-ai-scale-out-networks-in-2025/","date":"2026-03-10","support":"Dell'Oro (full date shown): Ethernet more than doubled InfiniBand's size in AI scale-out in 2025, so the Ethernet side has capable rivals; the InfiniBand side has no peer at scale."},{"url":"https://www.sdxcentral.com/news/nvidias-networking-arm-hits-31b-as-new-cornerstone-of-ai-dominance/","date":"2026-02-26","support":"SDxCentral (full date shown): Nvidia networking revenue was $11B in Q4 FY2026 and above $31B for the year, with Spectrum-X demand on par with InfiniBand in the prior quarter."}]}},"optics":{"alternatives":{"level":2,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20251208-12823.html","date":"2025-12-08","support":"TrendForce (full date shown): Nvidia pre-allocated a large portion of EML capacity at key suppliers, which reduces EML availability elsewhere; other module makers (InnoLight, Eoptolink, Coherent and others) exist but may lack laser supply."},{"url":"https://techblog.comsoc.org/2026/08/14/impact-of-optical-component-shortages-bottlenecks-explained-hyperscalers-capex/","date":"2026-08-14","support":"LightCounting via ComSoc (full date shown): cloud builders qualify 5-7 optical suppliers, so substitutes for Nvidia-branded modules exist."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://trendforce.com/news/2026/08/06/news-inp-shortage-emerges-as-ai-optical-interconnect-bottleneck/","date":"2026-08-06","support":"TrendForce (full date shown): Nvidia committed $2B each to two laser suppliers in March 2026 and signed long-term supply agreements; non-Nvidia buyers wait on remaining capacity."},{"url":"https://convergedigest.com/aoi-lands-200m-hyperscaler-order-for-transceivers/","date":"2026-03-09","support":"AOI (company statement, full date shown): a new supplier's 1.6T shipments start after qualification, about 4 months after order."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20260210-12919.html","date":"2026-02-10","support":"TrendForce (full date shown): InnoLight and Eoptolink serve 800G-plus at scale, so branded Nvidia modules can be replaced in capability; the limit is laser supply."},{"url":"https://www.trendforce.com/presscenter/news/20251208-12823.html","date":"2025-12-08","support":"TrendForce (full date shown): Nvidia's capacity pre-allocation leaves less EML supply for others."}]}},"copper":{"alternatives":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Amphenol 10-K Item 1 Competition (filing date shown) lists many cable makers; Nvidia-branded direct-attach cables are sold with switches and can be bought from them."},{"url":"https://www.sec.gov/Archives/edgar/data/1045810/000104581026000021/nvda-20260125.htm","date":"2026-02-25","support":"NVIDIA 10-K Item 1 Competition (filing date shown) describes rivals selling switches, adapters and cable solutions (including optical modules), so cable supply is contested."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/0001807794/000162828026043303/crdo-20260502.htm","date":"2026","support":"Credo 10-K Item 1A (year only shown): qualification of copper links takes several months or more; passive direct-attach cable is quicker, so I judge 3-12 months."},{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Amphenol 10-K p. 7 (filing date shown): customers consolidate qualified-supplier lists."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Amphenol 10-K Item 1 (filing date shown): comparable cable makers exist at the same speeds; no gap for a roughly 4% volume."},{"url":"https://www.sec.gov/Archives/edgar/data/0001807794/000162828026043303/crdo-20260502.htm","date":"2026","support":"Credo 10-K Item 1 (year only shown): active copper is available from several silicon-plus-cable suppliers."}]}}}}},"innolight":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"innolight","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"optics":{"alternatives":{"level":3,"evidence":[{"url":"https://m.c114.com.cn/w5472-1311209.html","date":"2026-05-28","support":"LightCounting's 2025 module ranking: InnoLight 1st, Eoptolink 2nd ahead of Coherent; Accelink 4th, Nazhen 6th, HG Genuine 7th, Source Photonics 8th, CIG 10th. Only Eoptolink and Coherent ship at comparable 800G/1.6T scale."},{"url":"https://cignal.ai/2025/05/800gbe-optics-shipments-to-grow-60-in-2025/","date":"2025-05-07","support":"Cignal AI: 'Innolight, Coherent, and Eoptolink are the largest suppliers of Datacom modules.'"}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sdxcentral.com/news/optical-supply-shortfall-threatens-next-gen-networking-mckinsey-warns/","date":"2025-07-04","support":"McKinsey (via SDxCentral): 800G transceiver output to run 40-60% below demand until 2027; 1.6T shortfalls of 30-40% through 2029."},{"url":"https://www.chinatalk.media/p/china-the-fcc-and-the-logic-of-transceivers","date":"2026-10-07","support":"InnoLight's overseas capacity was 2.8M modules a month in 1Q26 against an estimated 1M a month at most for Coherent; US supply 'will take years' to compensate."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.chinatalk.media/p/china-the-fcc-and-the-logic-of-transceivers","date":"2026-10-07","support":"InnoLight's overseas capacity was 2.8M modules a month in 1Q26 against an estimated 1M a month at most for Coherent; US supply 'will take years' to compensate."},{"url":"https://m.c114.com.cn/w5472-1311209.html","date":"2026-05-28","support":"LightCounting: InnoLight is the leading supplier to all major cloud companies; 1Q26 revenue up 207% on 1.6T shipments."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"innolight","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"optics":{"alternatives":{"level":3,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20260210-12919.html","date":"2026-02-10","support":"TrendForce (full date shown) expects InnoLight and Eoptolink to take nearly 80% of Google's 800G-plus module orders; few suppliers match hyperscale volume, so replacing InnoLight leaves few at parity."},{"url":"https://techblog.comsoc.org/2026/08/14/impact-of-optical-component-shortages-bottlenecks-explained-hyperscalers-capex/","date":"2026-08-14","support":"LightCounting via ComSoc (full date shown): cloud builders are widening optical supplier lists from 2-3 vendors to 5-7, a new qualification and management challenge; more suppliers exist, still few at scale."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://trendforce.com/news/2026/08/06/news-inp-shortage-emerges-as-ai-optical-interconnect-bottleneck/","date":"2026-08-06","support":"TrendForce (full date shown): the InP supply-demand gap is wider than DRAM or NAND, one laser supplier plans another expansion by end-2027 and another reaches mass production in 2028; re-sourcing InnoLight's volume waits on laser capacity (1-2 years, judgement)."},{"url":"https://techblog.comsoc.org/2026/08/14/impact-of-optical-component-shortages-bottlenecks-explained-hyperscalers-capex/","date":"2026-08-14","support":"ComSoc/LightCounting (full date shown): demand for high-speed datacom optics is about 30% above supply and MOCVD epitaxy equipment is heavily backordered."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20260210-12919.html","date":"2026-02-10","support":"TrendForce (full date shown): InnoLight leads Google's supply through its work on silicon photonics and 1.6T platforms; Eoptolink is second-tier."},{"url":"https://techblog.comsoc.org/2026/08/14/impact-of-optical-component-shortages-bottlenecks-explained-hyperscalers-capex/","date":"2026-08-14","support":"ComSoc/LightCounting (full date shown): demand is about 30% above supply, so the best alternatives (Eoptolink, Coherent) cannot absorb a quarter of the market's modules (judgement)."}]}}}}},"amphenol":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"amphenol","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"copper":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Primary competitors include Corning, Foxconn Interconnect, Glenair, HUBER+SUHNER, Luxshare, Molex, Rosenberger, TE Connectivity and others (Item 1). About five makers (TE, Molex, Luxshare, Foxconn Interconnect, BizLink) make comparable high-speed cable assemblies."},{"url":"https://www.sec.gov/Archives/edgar/data/1385157/000110465925109150/tel-20250926x10k.htm","date":"2025-11-10","support":"Digital data networks were about 13% of fiscal 2025 net sales (28% of Industrial Solutions), about $2.2B; TE names Amphenol and Molex as rivals."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.fool.com/earnings/call-transcripts/2026/01/28/amphenol-aph-q4-2025-earnings-call-transcript/","date":"2026-01-28","support":"Amphenol CEO (Q4 2025 call): the company has the broadest high-speed interconnect range, and these products 'require ... more automation'. Replacing about 44% of world volume needs new automated lines at rivals; evidence on exact time is thin."},{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"The company says customers 'have generally been consolidating their lists of qualified suppliers' (Item 1)."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1385157/000110465925109150/tel-20250926x10k.htm","date":"2025-11-10","support":"Digital data networks were about 13% of fiscal 2025 net sales (28% of Industrial Solutions), about $2.2B; TE names Amphenol and Molex as rivals. TE's whole data-network business (~$2.2B) is about a quarter of Amphenol's ~$8.3B IT datacom sales."},{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"IT datacom was about 36% of 2025 net sales of $23.1B and rose about $4.6B on AI demand (Items 1 and 7)."}]}},"fibre":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/24741/000002474126000124/glw-20251231.htm","date":"2026-02-12","support":"The company names Amphenol, Fujikura (incl. AFL), Sumitomo and Prysmian as its principal optical communications competitors (Item 1)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20261019-13275.html","date":"2026-10-19","support":"TrendForce: preform capacity expansion takes 18-24 months, and some leading fibre suppliers are booked into Q1 2027."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"The company says the CommScope CCS acquisition 'adds significant fiber optic interconnect capabilities' for IT datacom (Item 1). Corning and Fujikura are of similar size in this function and expanding."},{"url":"https://lightwaveonline.com/home/article/55353369/corning-inks-6b-fiber-data-center-deal-with-meta","date":"2026-01-27","support":"Meta signed for up to $6B of Corning fibre, cable and connectivity; Corning runs two of the world's largest fibre and cable plants."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"amphenol","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"copper":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Amphenol 10-K Item 1 Competition (filing date shown) names Aptiv, Belden, Corning, Foxconn Interconnect, Glenair, Huber+Suhner, Luxshare, Jonhon, Molex, Rosenberger, Sensata, TE and Yazaki; for high-speed cable assemblies the realistic alternatives are Luxshare, Molex, TE, BizLink and Foxconn Interconnect (judgement)."},{"url":"https://www.sec.gov/Archives/edgar/data/0001807794/000162828026043303/crdo-20260502.htm","date":"2026","support":"Credo 10-K Item 1 (year only shown): BizLink manufactures its AECs and the principal competitors are Broadcom, Marvell and Astera Labs, showing active copper has a few more makers."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Amphenol 10-K (filing date shown) p. 7 says customers have consolidated their qualified-supplier lists and p. 8 that design work often leads to approved-vendor status; replacing 44% of volume means requalification plus capacity build (judgement, 1-2 years)."},{"url":"https://www.sec.gov/Archives/edgar/data/0001807794/000162828026043303/crdo-20260502.htm","date":"2026","support":"Credo 10-K Item 1A (year only shown): customer evaluation can take several months to over a year, qualification several months more, then several months to volume."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Amphenol 10-K (filing date shown): 36% of 2025 sales were IT datacom, no customer above 10%; peers listed as primary competitors can match technology, but none matches its volume (thin evidence, judgement)."},{"url":"https://www.sec.gov/Archives/edgar/data/0001807794/000162828026043303/crdo-20260502.htm","date":"2026","support":"Credo 10-K Item 1 (year only shown): Credo's AECs are built by BizLink, a large cable assembler, so assembly capacity exists outside Amphenol (capacity at Amphenol's scale is not shown)."}]}},"fibre":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Amphenol 10-K Item 1 Competition (filing date shown) names Corning, Belden, Molex, TE, Huber+Suhner, Rosenberger and others; with CommScope's connectivity business folded in, several qualified suppliers exist."},{"url":"https://techblog.comsoc.org/2025/12/23/how-will-fiber-and-equipment-vendors-meet-the-increased-demand-for-fiber-in-2026-due-to-ai-data-center-buildouts/","date":"2025-12-23","support":"ComSoc (full date shown) lists CommScope, Corning, Prysmian, Fujikura, Sumitomo Electric and others among makers expanding fibre and preform output for AI."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.lightwaveonline.com/home/article/55353369/corning-inks-6b-fiber-data-center-deal-with-meta","date":"2026-01-27","support":"Lightwave (full date shown): ribbon fibre lead times exceed 60 weeks, so re-sourcing fibre-cable volume takes over a year."},{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Amphenol 10-K p. 7-8 (filing date shown): customers consolidate qualified-supplier lists and design work leads to approved-vendor status."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20261019-13275.html","date":"2026-10-19","support":"TrendForce (full date shown): the 2026 fibre shortfall caps substitutes' capacity; with a roughly 20% share the gap is small to material (thin evidence)."},{"url":"https://convergedigest.com/corning-delivers-record-2025-results-raises-springboard-growth-targets/","date":"2026-01-28","support":"Converge Digest (full date shown): Corning, the main alternative, sold over $3B of enterprise optical in 2025."}]}}}}},"arista":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"arista","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"switching":{"alternatives":{"level":2,"evidence":[{"url":"https://engineering.fb.com/2024/10/15/data-infrastructure/open-future-networking-hardware-ai-ocp-2024-meta/","date":"2024-10-15","support":"Meta's 51.2T AI switches: Minipack3 manufactured by Celestica and Cisco 8501, alongside Arista 7700R4 DSF; portfolio built 'with multiple vendors'."},{"url":"https://www.delloro.com/news/ethernet-more-than-doubles-size-of-infiniband-as-the-leading-fabric-for-ai-scale-out-networks-in-2025/","date":"2026-03-10","support":"Dell'Oro: in 2025 Celestica and NVIDIA led AI back-end Ethernet switching with a combined 50% share; Arista ranked third."},{"url":"https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/anet-20251231.htm","date":"2026-02-17","support":"Competition section names Cisco, Dell/EMC, Extreme, HPE, Huawei, Juniper, NVIDIA and white-box vendors using open-source operating systems."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.nextplatform.com/2026/02/13/the-current-ai-networking-wave-will-be-a-tsunami-of-money-by-2027/","date":"2026-02-13","support":"Hyperscalers run their own network operating systems rather than Arista EOS, and Cisco built 'special whiteboxes' (8000 series) to sell against Arista. Hyperscale buyers already run multi-vendor fabrics on their own OS, so shifting volume is months, not a redesign; exact duration not published."},{"url":"https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/anet-20251231.htm","date":"2026-02-17","support":"The company says large customers need considerable time to evaluate, test and qualify switches, with 'longer testing and qualification periods' in AI; no duration given."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://engineering.fb.com/2024/03/12/data-center-engineering/building-metas-genai-infrastructure/","date":"2024-03-12","support":"Meta built one 24k-GPU cluster on RoCE Ethernet (Arista 7800) and one on NVIDIA InfiniBand; both ran large GenAI jobs 'without any network bottlenecks'."},{"url":"https://www.idc.com/resource-center/blog/ethernet-switch-market-size-and-growth-datacenter-segment-surges-60-in-q4-as-ai-workloads-expand/","date":"2026-03-18","support":"IDC's 4Q25 vendor table lists Cisco ($4.5B), Arista ($2.0B), Huawei ($1.7B), NVIDIA ($1.5B) and HPE (6.7% share) as Ethernet switch vendors."}]}},"optics":{"alternatives":{"level":1,"evidence":[{"url":"https://m.c114.com.cn/w5472-1311209.html","date":"2026-05-28","support":"LightCounting ranks ten module sellers by 2025 sales, seven of them Chinese, so many qualified makers ship data-centre modules."},{"url":"https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/anet-20251231.htm","date":"2026-02-17","support":"The company says its products incorporate EOS and 'accessories such as cables and optics' (revenue recognition), i.e. resold optics."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.chinatalk.media/p/china-the-fcc-and-the-logic-of-transceivers","date":"2026-10-07","support":"New module suppliers take months to qualify; InnoLight calls qualification long and costly, with a higher bar at 1.6T."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/anet-20251231.htm","date":"2026-02-17","support":"The company says its products incorporate EOS and 'accessories such as cables and optics' (revenue recognition), i.e. resold optics. Resold modules come from makers whose capacity stays if the reseller is replaced."},{"url":"https://cignal.ai/2025/05/800gbe-optics-shipments-to-grow-60-in-2025/","date":"2025-05-07","support":"Cignal AI: 'Innolight, Coherent, and Eoptolink are the largest suppliers of Datacom modules.'"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"arista","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"switching":{"alternatives":{"level":2,"evidence":[{"url":"https://www.delloro.com/news/ethernet-extends-lead-in-ai-scale-out-networks-despite-strong-infiniband-rebound/","date":"2026-06-02","support":"Dell'Oro (full date shown): Arista ranks third in Q1 2026 AI back-end Ethernet behind Celestica and NVIDIA, with Cisco fourth; at least four vendors operate at comparable scale."},{"url":"https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/anet-20251231.htm","date":"2026-02-17","support":"Arista 10-K Item 1 Competition names Cisco, Dell, Extreme, HPE, Huawei, Juniper and Nvidia plus white-box vendors (filing date shown, 2026-02-17)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/anet-20251231.htm","date":"2026-02-17","support":"Arista 10-K Item 1A says large customers take time to evaluate, test, qualify and accept products (no duration given); two customers were 26% and 16% of 2025 revenue (Item 1)."},{"url":"https://www.sdxcentral.com/news/ai-hyperscale-and-agentic-demands-helped-cisco-smash-revenue-records/","date":"2026-08-13","support":"SDxCentral (full date shown): Cisco's hyperscaler AI orders reached $9.3B in FY2026, about 4.5 times FY2025, so an incumbent rival can scale within about a year."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.idc.com/resource-center/blog/nvidia-becomes-1-in-datacenter-ethernet-switching-as-1q26-market-surges-39-8-to-15-4-billion/","date":"2026-06-17","support":"IDC 1Q26 (full date shown): NVIDIA overtook Arista as the largest datacentre Ethernet vendor (21.5% vs 20.7%), and Dell'Oro has Celestica first in AI back-end; Arista has no capability lead the best alternative lacks."},{"url":"https://engineering.fb.com/2025/10/13/data-infrastructure/ocp-summit-2025-the-open-future-of-networking-hardware-for-ai/","date":"2025-10-13","support":"Meta (full date shown) uses Broadcom, Cisco and NVIDIA silicon switches alongside Arista in its AI fabrics."}]}},"optics":{"alternatives":{"level":1,"evidence":[{"url":"https://techblog.comsoc.org/2026/08/14/impact-of-optical-component-shortages-bottlenecks-explained-hyperscalers-capex/","date":"2026-08-14","support":"LightCounting via ComSoc (full date shown): cloud builders qualify 5-7 module suppliers; Arista's roughly 1.5% is branded optics sold with switches, which buyers can source from many makers."},{"url":"https://www.trendforce.com/presscenter/news/20260505-13031.html","date":"2026-05-05","support":"TrendForce (full date shown): InnoLight and Eoptolink supply volume pluggables at low cost."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://newsroom.ao-inc.com/blog/from-800g-to-1-6t-managing-the-transition-in-high-density-ai-clusters/","date":"2026-06-04","support":"AOI executive blog (vendor view, full date shown): modules are qualified per switch and NIC pairing, so third-party modules need revalidation (months)."},{"url":"https://convergedigest.com/aoi-lands-200m-hyperscaler-order-for-transceivers/","date":"2026-03-09","support":"AOI (company statement, full date shown): shipments start after qualification, about 4 months after the order."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20260210-12919.html","date":"2026-02-10","support":"TrendForce (full date shown): InnoLight and Eoptolink serve 800G-plus at scale; no capability shortfall for a roughly 1.5% volume."},{"url":"https://techblog.comsoc.org/2026/08/14/impact-of-optical-component-shortages-bottlenecks-explained-hyperscalers-capex/","date":"2026-08-14","support":"ComSoc/LightCounting (full date shown): demand is about 30% above supply, small against 1.5%."}]}}}}},"eoptolink":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"eoptolink","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"optics":{"alternatives":{"level":3,"evidence":[{"url":"https://m.c114.com.cn/w5472-1311209.html","date":"2026-05-28","support":"LightCounting: Eoptolink is a key Amazon 400G/800G supplier and is qualified at other large US companies including NVIDIA."},{"url":"https://cignal.ai/2025/05/800gbe-optics-shipments-to-grow-60-in-2025/","date":"2025-05-07","support":"Cignal AI: 'Innolight, Coherent, and Eoptolink are the largest suppliers of Datacom modules.'"}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sdxcentral.com/news/optical-supply-shortfall-threatens-next-gen-networking-mckinsey-warns/","date":"2025-07-04","support":"McKinsey (via SDxCentral): 800G transceiver output to run 40-60% below demand until 2027; 1.6T shortfalls of 30-40% through 2029."},{"url":"https://www.chinatalk.media/p/china-the-fcc-and-the-logic-of-transceivers","date":"2026-10-07","support":"New module suppliers take months to qualify; InnoLight calls qualification long and costly, with a higher bar at 1.6T."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://m.c114.com.cn/w5472-1311209.html","date":"2026-05-28","support":"LightCounting: InnoLight is the leading supplier to all major cloud companies; 1Q26 revenue up 207% on 1.6T shipments. InnoLight, the larger maker, already supplies all major clouds."},{"url":"https://www.chinatalk.media/p/china-the-fcc-and-the-logic-of-transceivers","date":"2026-10-07","support":"InnoLight's overseas capacity was 2.8M modules a month in 1Q26 against an estimated 1M a month at most for Coherent; US supply 'will take years' to compensate."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"eoptolink","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"optics":{"alternatives":{"level":3,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20260210-12919.html","date":"2026-02-10","support":"TrendForce (full date shown) expects InnoLight and Eoptolink to take nearly 80% of Google's 800G-plus module orders; few suppliers match hyperscale volume, so replacing Eoptolink leaves few at parity."},{"url":"https://techblog.comsoc.org/2026/08/14/impact-of-optical-component-shortages-bottlenecks-explained-hyperscalers-capex/","date":"2026-08-14","support":"LightCounting via ComSoc (full date shown): cloud builders are widening optical supplier lists from 2-3 vendors to 5-7, a new qualification and management challenge; more suppliers exist, still few at scale."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://trendforce.com/news/2026/08/06/news-inp-shortage-emerges-as-ai-optical-interconnect-bottleneck/","date":"2026-08-06","support":"TrendForce (full date shown): the InP supply-demand gap is wider than DRAM or NAND, one laser supplier plans another expansion by end-2027 and another reaches mass production in 2028; re-sourcing Eoptolink's volume waits on laser capacity (1-2 years, judgement)."},{"url":"https://techblog.comsoc.org/2026/08/14/impact-of-optical-component-shortages-bottlenecks-explained-hyperscalers-capex/","date":"2026-08-14","support":"ComSoc/LightCounting (full date shown): demand for high-speed datacom optics is about 30% above supply and MOCVD epitaxy equipment is heavily backordered."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20260210-12919.html","date":"2026-02-10","support":"TrendForce (full date shown): InnoLight and Eoptolink are the two suppliers expected to cover nearly 80% of Google's 800G-plus orders, so InnoLight and Coherent could absorb part of Eoptolink's share."},{"url":"https://techblog.comsoc.org/2026/08/14/impact-of-optical-component-shortages-bottlenecks-explained-hyperscalers-capex/","date":"2026-08-14","support":"ComSoc/LightCounting (full date shown): market demand is about 30% above supply, so the alternatives fall materially short for a roughly 16% share (judgement)."}]}}}}},"cisco":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"cisco","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"switching":{"alternatives":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/858877/000085887726000132/csco-20260725.htm","date":"2026-09-02","support":"The company lists Arista, Broadcom, Dell, HPE, Huawei, Nokia, NVIDIA and others as competitors and says 'Barriers to entry are relatively low' (Item 1)."},{"url":"https://www.idc.com/resource-center/blog/ethernet-switch-market-size-and-growth-datacenter-segment-surges-60-in-q4-as-ai-workloads-expand/","date":"2026-03-18","support":"IDC's 4Q25 vendor table lists Cisco ($4.5B), Arista ($2.0B), Huawei ($1.7B), NVIDIA ($1.5B) and HPE (6.7% share) as Ethernet switch vendors."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/anet-20251231.htm","date":"2026-02-17","support":"The company says large customers need considerable time to evaluate, test and qualify switches, with 'longer testing and qualification periods' in AI; no duration given. Rival's statement of buyer qualification effort; months-scale, evidence thin on exact time."},{"url":"https://www.nextplatform.com/2026/02/13/the-current-ai-networking-wave-will-be-a-tsunami-of-money-by-2027/","date":"2026-02-13","support":"Hyperscalers run their own network operating systems rather than Arista EOS, and Cisco built 'special whiteboxes' (8000 series) to sell against Arista."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.idc.com/resource-center/blog/ethernet-switch-market-size-and-growth-datacenter-segment-surges-60-in-q4-as-ai-workloads-expand/","date":"2026-03-18","support":"IDC's 4Q25 vendor table lists Cisco ($4.5B), Arista ($2.0B), Huawei ($1.7B), NVIDIA ($1.5B) and HPE (6.7% share) as Ethernet switch vendors."},{"url":"https://www.delloro.com/news/ethernet-more-than-doubles-size-of-infiniband-as-the-leading-fabric-for-ai-scale-out-networks-in-2025/","date":"2026-03-10","support":"Dell'Oro: Cisco is accelerating shipments to hyperscalers, HPE/Juniper won new accounts and new entrants are pursuing AI back-end switching."}]}},"optics":{"alternatives":{"level":1,"evidence":[{"url":"https://m.c114.com.cn/w5472-1311209.html","date":"2026-05-28","support":"LightCounting ranks ten module sellers by 2025 sales, seven of them Chinese, so many qualified makers ship data-centre modules."},{"url":"https://cignal.ai/2025/05/800gbe-optics-shipments-to-grow-60-in-2025/","date":"2025-05-07","support":"Cignal AI: 'Innolight, Coherent, and Eoptolink are the largest suppliers of Datacom modules.'"}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.chinatalk.media/p/china-the-fcc-and-the-logic-of-transceivers","date":"2026-10-07","support":"New module suppliers take months to qualify; InnoLight calls qualification long and costly, with a higher bar at 1.6T."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://cignal.ai/2025/05/800gbe-optics-shipments-to-grow-60-in-2025/","date":"2025-05-07","support":"Cignal AI: 'Innolight, Coherent, and Eoptolink are the largest suppliers of Datacom modules.' Cisco is not among the largest module makers, so larger makers' output covers its volume."},{"url":"https://www.sdxcentral.com/news/ai-hyperscale-and-agentic-demands-helped-cisco-smash-revenue-records/","date":"2026-08-13","support":"Cisco's fiscal 2026 hyperscaler AI orders were $9.3B, about 40% optics, per CEO Robbins."}]}},"copper":{"alternatives":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Primary competitors include Corning, Foxconn Interconnect, Glenair, HUBER+SUHNER, Luxshare, Molex, Rosenberger, TE Connectivity and others (Item 1). Many makers supply direct-attach cables of the kind Cisco resells."},{"url":"https://www.sec.gov/Archives/edgar/data/1807794/000162828026043303/crdo-20260502.htm","date":"2026-06-15","support":"Principal competitors are Broadcom, Marvell and Astera Labs 'as well as various cable and optical transceiver suppliers' (Item 1, Competition)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.fool.com/earnings/call-transcripts/2025/09/03/credo-crdo-q1-2026-earnings-call-transcript","date":"2025-09-03","support":"Credo management: a fifth hyperscaler passed qualification with first traction expected by fiscal year-end, i.e. a ramp of a few quarters."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"IT datacom was about 36% of 2025 net sales of $23.1B and rose about $4.6B on AI demand (Items 1 and 7). The cable makers are far larger than Cisco's roughly 1% resale share."},{"url":"https://www.sec.gov/Archives/edgar/data/1385157/000110465925109150/tel-20250926x10k.htm","date":"2025-11-10","support":"Digital data networks were about 13% of fiscal 2025 net sales (28% of Industrial Solutions), about $2.2B; TE names Amphenol and Molex as rivals."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"cisco","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"switching":{"alternatives":{"level":2,"evidence":[{"url":"https://www.delloro.com/news/ethernet-extends-lead-in-ai-scale-out-networks-despite-strong-infiniband-rebound/","date":"2026-06-02","support":"Dell'Oro (full date shown): Cisco ranks fourth in Q1 2026 AI back-end Ethernet with the largest share gain; Celestica, NVIDIA and Arista are ahead of it."},{"url":"https://www.idc.com/resource-center/blog/ethernet-switch-market-size-and-growth-datacenter-segment-surges-60-in-q4-as-ai-workloads-expand/","date":"2026-03-18","support":"IDC 4Q25 (full date shown): Cisco $4.5B total Ethernet revenue with datacentre 36.1% of it (non-datacentre 63.9%); the enterprise datacentre part is also served by Arista, HPE/Juniper, Huawei and others."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sdxcentral.com/news/ai-hyperscale-and-agentic-demands-helped-cisco-smash-revenue-records/","date":"2026-08-13","support":"SDxCentral (full date shown): Cisco's own hyperscaler AI orders jumped to $9.3B in FY2026, about 4.5 times FY2025, evidence that a rival's switch position can be built in about a year."},{"url":"https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/anet-20251231.htm","date":"2026-02-17","support":"Arista 10-K Item 1 (filing date shown) calls Cisco the historical datacentre and campus leader; moving an enterprise estate off Cisco takes a refresh cycle, so I judge 3-12 months for the volume replaced (thin evidence)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.idc.com/resource-center/blog/nvidia-becomes-1-in-datacenter-ethernet-switching-as-1q26-market-surges-39-8-to-15-4-billion/","date":"2026-06-17","support":"IDC 1Q26 (full date shown): NVIDIA and Arista each hold about a fifth of datacentre Ethernet, so alternatives to Cisco's switches are at parity."},{"url":"https://engineering.fb.com/2025/10/13/data-infrastructure/ocp-summit-2025-the-open-future-of-networking-hardware-for-ai/","date":"2025-10-13","support":"Meta (full date shown) runs a Cisco Silicon One switch beside Broadcom- and NVIDIA-based ones, showing peer capability."}]}},"optics":{"alternatives":{"level":1,"evidence":[{"url":"https://www.sdxcentral.com/news/ai-hyperscale-and-agentic-demands-helped-cisco-smash-revenue-records/","date":"2026-08-13","support":"SDxCentral (full date shown): about 40% of Cisco's $9.3B FY2026 hyperscaler AI orders were optics, shipped mainly as 400G and 800G coherent pluggables; coherent links between sites are outside this card's scope, so the in-scope optics volume is a small part (judgement)."},{"url":"https://techblog.comsoc.org/2026/08/14/impact-of-optical-component-shortages-bottlenecks-explained-hyperscalers-capex/","date":"2026-08-14","support":"LightCounting via ComSoc (full date shown): cloud builders qualify 5-7 module suppliers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://convergedigest.com/aoi-lands-200m-hyperscaler-order-for-transceivers/","date":"2026-03-09","support":"AOI (company statement, full date shown): new-supplier 1.6T shipments start after qualification, about 4 months after order."},{"url":"https://newsroom.ao-inc.com/blog/from-800g-to-1-6t-managing-the-transition-in-high-density-ai-clusters/","date":"2026-06-04","support":"AOI executive blog (vendor view, full date shown): modules are qualified per switch and NIC pairing, so a change needs revalidation."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20260505-13031.html","date":"2026-05-05","support":"TrendForce (full date shown): InnoLight and Eoptolink are cost-competitive in volume pluggables; a roughly 3% volume has no capability gap."},{"url":"https://techblog.comsoc.org/2026/08/14/impact-of-optical-component-shortages-bottlenecks-explained-hyperscalers-capex/","date":"2026-08-14","support":"ComSoc/LightCounting (full date shown): demand is about 30% above supply, small against a 3% volume."}]}},"copper":{"alternatives":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Amphenol 10-K Item 1 Competition (filing date shown) lists many cable makers; Cisco's roughly 1% branded direct-attach cable can be bought from them."},{"url":"https://www.sec.gov/Archives/edgar/data/0001807794/000162828026043303/crdo-20260502.htm","date":"2026","support":"Credo 10-K (year only shown) lists Broadcom, Marvell, Astera Labs and various cable suppliers."}]},"switchingTime":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/0001807794/000162828026043303/crdo-20260502.htm","date":"2026","support":"Credo 10-K Item 1A (year only shown): qualification may take months; passive direct-attach cable bought as a commodity can be switched within weeks to a quarter (judgement)."},{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Amphenol 10-K p. 7 (filing date shown): customers use qualified supplier lists, which already include many makers."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Amphenol 10-K Item 1 (filing date shown): many cable makers at equal technology; no gap for a 1% volume."},{"url":"https://www.sec.gov/Archives/edgar/data/0001807794/000162828026043303/crdo-20260502.htm","date":"2026","support":"Credo 10-K (year only shown): copper alternatives are broad."}]}}}}},"coherent":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"coherent","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"optics":{"alternatives":{"level":3,"evidence":[{"url":"https://m.c114.com.cn/w5472-1311209.html","date":"2026-05-28","support":"LightCounting's 2025 module ranking: InnoLight 1st, Eoptolink 2nd ahead of Coherent; Accelink 4th, Nazhen 6th, HG Genuine 7th, Source Photonics 8th, CIG 10th."},{"url":"https://cignal.ai/2025/05/800gbe-optics-shipments-to-grow-60-in-2025/","date":"2025-05-07","support":"Cignal AI: 'Innolight, Coherent, and Eoptolink are the largest suppliers of Datacom modules.'"}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.fool.com/earnings/call-transcripts/2025/11/06/coherent-cohr-q1-2026-earnings-call-transcript","date":"2025-11-06","support":"Coherent CEO (5 Nov 2025 call): data-centre growth 'was constrained by the supply of indium phosphide lasers'; its EMLs and CWs are for internal use."},{"url":"https://www.sdxcentral.com/news/optical-supply-shortfall-threatens-next-gen-networking-mckinsey-warns/","date":"2025-07-04","support":"McKinsey (via SDxCentral): 800G transceiver output to run 40-60% below demand until 2027; 1.6T shortfalls of 30-40% through 2029."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm","date":"2026-08-14","support":"The company says its vertically integrated platform includes in-house design and manufacture of transceivers and critical components, including lasers (Item 1)."},{"url":"https://investor.nvidia.com/news/press-release-details/2026/NVIDIA-and-Coherent-Announce-Strategic-Partnership-to-Develop-Optics-Technology-to-Scale-Next-Generation-Data-Center-Architecture/default.aspx","date":"2026-03-02","support":"NVIDIA made a multibillion-dollar purchase commitment for 'future access and capacity rights' to Coherent's lasers and optical products."},{"url":"https://trendforce.com/news/2026/08/06/news-inp-shortage-emerges-as-ai-optical-interconnect-bottleneck/","date":"2026-08-06","support":"Lumentum's CEO says the InP supply-demand gap now exceeds DRAM and NAND; analysts expect the imbalance to persist beyond 2027."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"coherent","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"optics":{"alternatives":{"level":3,"evidence":[{"url":"https://convergedigest.com/aoi-lands-200m-hyperscaler-order-for-transceivers/","date":"2026-03-09","support":"AOI (company statement, full date shown) names Coherent and Lumentum as fellow suppliers in the early 1.6T production wave; with InnoLight and Eoptolink that is a handful of 1.6T-ready makers (judgement: 2-3 at parity)."},{"url":"https://www.trendforce.com/presscenter/news/20260505-13031.html","date":"2026-05-05","support":"TrendForce (full date shown): US vendors focus on higher-value segments, leaving standardized pluggables largely to Chinese suppliers, with InnoLight and Eoptolink named as cost-competitive."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/0000820318/000082031826000020/iivi-20260630.htm","date":"2026-08-14","support":"Coherent 10-K Item 1 (filing date shown): the datacom platform is vertically integrated, with in-house lasers, and expands 6-inch InP capacity in the US and Europe; two customers each exceeded 10% of FY2026 revenue and a multi-year NVIDIA supply agreement is cited."},{"url":"https://trendforce.com/news/2026/08/06/news-inp-shortage-emerges-as-ai-optical-interconnect-bottleneck/","date":"2026-08-06","support":"TrendForce (full date shown): InP shortage persists beyond 2027, so a buyer replacing Coherent's laser-backed modules waits on capacity."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20260210-12919.html","date":"2026-02-10","support":"TrendForce (full date shown): InnoLight and Eoptolink lead Google's 800G-plus orders, so peers can supply 800G and 1.6T at scale."},{"url":"https://www.trendforce.com/presscenter/news/20260603-13077.html","date":"2026-06-03","support":"TrendForce (full date shown): EML supply is concentrated, top three (Lumentum, Broadcom, Mitsubishi) about 72%, with CW-DFB led by Broadcom and Sumitomo then Coherent; Coherent's in-house lasers are an edge but not unique."}]}}}}},"celestica":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"celestica","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"switching":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1030894/000103089426000011/cls-20251231.htm","date":"2026-02-27","support":"The company names Quanta, Wiwynn and Accton as ODM competitors and Arista and Cisco as OEM competitors in data-centre switching (Item 1)."},{"url":"https://engineering.fb.com/2025/10/13/data-infrastructure/ocp-summit-2025-the-open-future-of-networking-hardware-for-ai/","date":"2025-10-13","support":"Meta added Minipack3N, designed by Meta and manufactured by Accton on NVIDIA Spectrum-4, to its multi-vendor switch fleet."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1030894/000103089426000011/cls-20251231.htm","date":"2026-02-27","support":"The company says ramping new programs 'can range from several months to over a year' before production starts (risk factors)."},{"url":"https://engineering.fb.com/2025/10/13/data-infrastructure/ocp-summit-2025-the-open-future-of-networking-hardware-for-ai/","date":"2025-10-13","support":"Meta added Minipack3N, designed by Meta and manufactured by Accton on NVIDIA Spectrum-4, to its multi-vendor switch fleet. Hyperscaler-owned designs can move to another ODM, as Meta did with Accton."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.delloro.com/news/ethernet-more-than-doubles-size-of-infiniband-as-the-leading-fabric-for-ai-scale-out-networks-in-2025/","date":"2026-03-10","support":"Dell'Oro: in 2025 Celestica and NVIDIA led AI back-end Ethernet switching with a combined 50% share; Arista ranked third."},{"url":"https://www.idc.com/resource-center/press-releases/worldwide-ethernet-switch-market-grew-35-2-in-the-third-quarter-of-2025-according-to-idcs-quarterly-ethernet-switch-tracker/","date":"2025-12-11","support":"IDC: ODM-direct makers took 30.2% of datacenter-segment switch revenue in 3Q25, up 152.4% year on year."},{"url":"https://www.sec.gov/Archives/edgar/data/1030894/000103089426000011/cls-20251231.htm","date":"2026-02-27","support":"The company says 2025 HPS revenue rose 81% on ramping networking switch programs with hyperscaler customers (MD&A)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"celestica","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"switching":{"alternatives":{"level":2,"evidence":[{"url":"https://www.delloro.com/news/ethernet-extends-lead-in-ai-scale-out-networks-despite-strong-infiniband-rebound/","date":"2026-06-02","support":"Dell'Oro (full date shown): Celestica regained first place in Q1 2026 AI back-end Ethernet, with NVIDIA, Arista and Cisco behind it; its 8.8% central share can be partly taken by those and by other ODMs."},{"url":"https://www.nextplatform.com/2025/06/23/nvidia-passes-cisco-and-rivals-arista-in-datacenter-ethernet-sales/","date":"2025-06-23","support":"IDC 1Q25 via Next Platform (full date shown): an ODM-direct group made $1.41B of datacentre switches, so other ODMs exist at scale."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1030894/000103089426000011/cls-20251231.htm","date":"2026-02-27","support":"Celestica 10-K Item 1 (filing date shown): top three customers were 32%, 14% and 12% of 2025 revenue; HPS (its ODM line) was 41% of revenue and is engineering-led around customer product roadmaps, so a customer can move a build to another maker in months (judgement)."},{"url":"https://engineering.fb.com/2025/10/13/data-infrastructure/ocp-summit-2025-the-open-future-of-networking-hardware-for-ai/","date":"2025-10-13","support":"Meta (full date shown) designed Minipack3N and Accton manufactures it, showing that customer-owned switch designs are built by interchangeable ODMs."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.delloro.com/news/ethernet-more-than-doubles-size-of-infiniband-as-the-leading-fabric-for-ai-scale-out-networks-in-2025/","date":"2026-03-10","support":"Dell'Oro (full date shown): Celestica and NVIDIA led 2025 AI back-end Ethernet with about 50% between them; Arista, Cisco and Accton-built designs ship the same class of switch."},{"url":"https://engineering.fb.com/2025/10/13/data-infrastructure/ocp-summit-2025-the-open-future-of-networking-hardware-for-ai/","date":"2025-10-13","support":"Meta (full date shown) runs Broadcom, Cisco and NVIDIA silicon in comparable 51.2T switches."}]}}}}},"corning":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"corning","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"fibre":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/24741/000002474126000124/glw-20251231.htm","date":"2026-02-12","support":"The company names Amphenol, Fujikura (incl. AFL), Sumitomo and Prysmian as its principal optical communications competitors (Item 1)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20261019-13275.html","date":"2026-10-19","support":"TrendForce: preform capacity expansion takes 18-24 months, and some leading fibre suppliers are booked into Q1 2027."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20261019-13275.html","date":"2026-10-19","support":"TrendForce: 2026 fibre shortfall of 180M fibre-km at 92% utilisation; shortage expected until at least 2028."},{"url":"https://lightwaveonline.com/home/article/55353369/corning-inks-6b-fiber-data-center-deal-with-meta","date":"2026-01-27","support":"Meta signed for up to $6B of Corning fibre, cable and connectivity; Corning runs two of the world's largest fibre and cable plants."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"corning","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"fibre":{"alternatives":{"level":2,"evidence":[{"url":"https://techblog.comsoc.org/2025/12/23/how-will-fiber-and-equipment-vendors-meet-the-increased-demand-for-fiber-in-2026-due-to-ai-data-center-buildouts/","date":"2025-12-23","support":"ComSoc (full date shown) names Corning, Prysmian, Sumitomo Electric, Fujikura, CommScope, STL and YOFC as the main fibre and cable makers expanding for AI; one unnamed maker had reportedly sold all fibre through 2026."},{"url":"https://convergedigest.com/corning-delivers-record-2025-results-raises-springboard-growth-targets/","date":"2026-01-28","support":"Converge Digest (full date shown): Corning's enterprise optical sales were a little over $3B in 2025, about two-thirds from hyperscalers; the company describes tightness in its newer high-density products."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20261019-13275.html","date":"2026-10-19","support":"TrendForce (full date shown): preform capacity takes 18-24 months to add, utilisation is 92%, and some major makers are booked through Q1 2027, so replacing Corning's volume waits on new capacity."},{"url":"https://www.lightwaveonline.com/home/article/55353369/corning-inks-6b-fiber-data-center-deal-with-meta","date":"2026-01-27","support":"Lightwave (full date shown): ribbon fibre lead times exceed 60 weeks, loose-tube is backordered into Q3 2026, and Meta anchors a Corning plant expansion in a deal of up to $6B."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20261019-13275.html","date":"2026-10-19","support":"TrendForce (full date shown): a 180M fibre-km shortfall in 2026 means the best alternatives cannot absorb Corning's roughly 21% of data-centre fibre now."},{"url":"https://lightwaveonline.com/home/article/55354067/cornings-ceo-says-theres-enough-fiber-in-the-world-to-meet-demand","date":"2026-01-29","support":"Lightwave (full date shown): Corning's CEO says there is enough fibre in the world for demand (company claim), while ribbon lead times exceed 60 weeks."}]}}}}},"fujikura":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"fujikura","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"fibre":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/24741/000002474126000124/glw-20251231.htm","date":"2026-02-12","support":"The company names Amphenol, Fujikura (incl. AFL), Sumitomo and Prysmian as its principal optical communications competitors (Item 1)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20261019-13275.html","date":"2026-10-19","support":"TrendForce: preform capacity expansion takes 18-24 months, and some leading fibre suppliers are booked into Q1 2027."},{"url":"https://w.media/fujikura-to-triple-fiber-capacity-with-%C2%A5300bn-ai-push/","date":"2026-03-19","support":"Fujikura plans to raise Spider Web Ribbon and Wrapping Tube Cable output up to three times, spending up to JPY 300B, citing AI data centres."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20261019-13275.html","date":"2026-10-19","support":"TrendForce: 2026 fibre shortfall of 180M fibre-km at 92% utilisation; shortage expected until at least 2028."},{"url":"https://w.media/fujikura-to-triple-fiber-capacity-with-%C2%A5300bn-ai-push/","date":"2026-03-19","support":"Fujikura plans to raise Spider Web Ribbon and Wrapping Tube Cable output up to three times, spending up to JPY 300B, citing AI data centres."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"fujikura","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"fibre":{"alternatives":{"level":2,"evidence":[{"url":"https://techblog.comsoc.org/2025/12/23/how-will-fiber-and-equipment-vendors-meet-the-increased-demand-for-fiber-in-2026-due-to-ai-data-center-buildouts/","date":"2025-12-23","support":"ComSoc (full date shown): Corning, Prysmian, Sumitomo Electric, Fujikura, CommScope, STL and YOFC are the named fibre and cable makers; how many have qualified high-density hyperscale cable is not shown, so I count four to five (judgement)."},{"url":"https://w.media/fujikura-to-triple-fiber-capacity-with-%c2%a5300bn-ai-push/","date":"2026-03-19","support":"W.Media (full date shown): Fujikura's board approved up to about tripling output of its SWR and WTC high-density cables, capped at JPY 300B, with a new Sakura plant under construction; no competitor is named (so the count of equals rests on ComSoc)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20261019-13275.html","date":"2026-10-19","support":"TrendForce (full date shown): adding preform capacity takes 18-24 months and some makers are booked through Q1 2027, so re-sourcing Fujikura's volume takes 1-2 years (judgement)."},{"url":"https://www.lightwaveonline.com/home/article/55353369/corning-inks-6b-fiber-data-center-deal-with-meta","date":"2026-01-27","support":"Lightwave (full date shown): ribbon fibre lead times exceed 60 weeks."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://w.media/fujikura-to-triple-fiber-capacity-with-%c2%a5300bn-ai-push/","date":"2026-03-19","support":"W.Media (full date shown): Fujikura is scaling SWR/WTC high-density cable specifically for US AI data centres, up to about 3x current output."},{"url":"https://xenospectrum.com/en/fiber-shortage-contracts-capacity-timeline/","date":"2026-10-19","support":"Xenospectrum (full date shown) reports Furukawa is adding rollable-ribbon capacity, a similar product, with mass production only from the second half of fiscal 2028; so the gap is small to material (secondary report, thin evidence)."},{"url":"https://www.trendforce.com/presscenter/news/20261019-13275.html","date":"2026-10-19","support":"TrendForce (full date shown): the whole market is short 180M fibre-km in 2026, which limits how much of a 20% share alternatives can absorb."}]}}}}},"huawei":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"huawei","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"switching":{"alternatives":{"level":2,"evidence":[{"url":"https://www.h3c.com/en/d_202309/1931546_294554_0.htm","date":"2023-09-19","support":"The company says IDC ranked it No.1 in China's 100G-400G data-centre switch market in H1 2023 with a 36.7% share. Domestic alternatives include H3C, Ruijie and ZTE; foreign vendors also compete outside China."},{"url":"https://www.ruijie.com/en-global/about","date":"undated","support":"The company says IDC (2025 Q3) ranks it #1 in 200G/400G data-centre switching in China and #6 worldwide. (page shows no publication date; cited as undated.)"},{"url":"https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/anet-20251231.htm","date":"2026-02-17","support":"Competition section names Cisco, Dell/EMC, Extreme, HPE, Huawei, Juniper, NVIDIA and white-box vendors using open-source operating systems."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/anet-20251231.htm","date":"2026-02-17","support":"The company says large customers need considerable time to evaluate, test and qualify switches, with 'longer testing and qualification periods' in AI; no duration given. Months-scale qualification; evidence thin on exact time, none Huawei-specific."},{"url":"https://www.sec.gov/Archives/edgar/data/1030894/000103089426000011/cls-20251231.htm","date":"2026-02-27","support":"The company says ramping new programs 'can range from several months to over a year' before production starts (risk factors)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.ruijie.com/en-global/about","date":"undated","support":"The company says IDC (2025 Q3) ranks it #1 in 200G/400G data-centre switching in China and #6 worldwide. (page shows no publication date; cited as undated.) Domestic rivals already lead high-speed data-centre switching in China."},{"url":"https://www.h3c.com/en/d_202309/1931546_294554_0.htm","date":"2023-09-19","support":"The company says IDC ranked it No.1 in China's 100G-400G data-centre switch market in H1 2023 with a 36.7% share."}]}},"optics":{"alternatives":{"level":1,"evidence":[{"url":"https://m.c114.com.cn/w5472-1311209.html","date":"2026-05-28","support":"LightCounting ranks ten module sellers by 2025 sales, seven of them Chinese, so many qualified makers ship data-centre modules. Seven Chinese makers are in the top ten, giving Huawei's buyers many alternatives."},{"url":"https://www.sec.gov/Archives/edgar/data/1045810/000104581026000021/nvda-20260125.htm","date":"2026-02-25","support":"The company's networking products include 'cable solutions (including optical modules)'; it names Lumentum, Broadcom and others as competitors."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.chinatalk.media/p/china-the-fcc-and-the-logic-of-transceivers","date":"2026-10-07","support":"New module suppliers take months to qualify; InnoLight calls qualification long and costly, with a higher bar at 1.6T."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://cignal.ai/2025/05/800gbe-optics-shipments-to-grow-60-in-2025/","date":"2025-05-07","support":"Cignal AI: 'Innolight, Coherent, and Eoptolink are the largest suppliers of Datacom modules.' The largest makers are others, with capacity well above Huawei's roughly 2% share."},{"url":"https://m.c114.com.cn/w5472-1311209.html","date":"2026-05-28","support":"LightCounting's 2025 module ranking: InnoLight 1st, Eoptolink 2nd ahead of Coherent; Accelink 4th, Nazhen 6th, HG Genuine 7th, Source Photonics 8th, CIG 10th."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"huawei","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"switching":{"alternatives":{"level":2,"evidence":[{"url":"https://www.idc.com/resource-center/blog/ethernet-switch-market-size-and-growth-datacenter-segment-surges-60-in-q4-as-ai-workloads-expand/","date":"2026-03-18","support":"IDC 4Q25 (full date shown): Huawei $1.7B total Ethernet revenue, 10.6% of the market; no datacentre split is given. In China the nearest alternatives are domestic vendors (H3C, Ruijie, ZTE) plus ODMs (judgement; no China-specific source opened)."},{"url":"https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/anet-20251231.htm","date":"2026-02-17","support":"Arista 10-K Item 1 Competition (filing date shown) lists Huawei among rivals, so outside China many vendors compete with it."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.nextplatform.com/2025/06/23/nvidia-passes-cisco-and-rivals-arista-in-datacenter-ethernet-sales/","date":"2025-06-23","support":"IDC 1Q25 via Next Platform (full date shown): Huawei $704M total Ethernet switches, up 15.4%; a dozen or so companies make switches in volume, so a buyer's re-sourcing is a 3-12 month ramp (judgement)."},{"url":"https://www.idc.com/resource-center/blog/nvidia-becomes-1-in-datacenter-ethernet-switching-as-1q26-market-surges-39-8-to-15-4-billion/","date":"2026-06-17","support":"IDC 1Q26 (full date shown) names Huawei among the vendors in datacentre Ethernet next to NVIDIA, Arista, Cisco and HPE."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1045810/000104581026000021/nvda-20260125.htm","date":"2026-02-25","support":"NVIDIA 10-K Item 1 (filing date shown) names Huawei as a networking competitor beside Arista, Broadcom, Cisco and HPE; Chinese buyers' domestic options may lag on the newest silicon (thin evidence, judgement)."},{"url":"https://www.idc.com/resource-center/blog/ethernet-switch-market-size-and-growth-datacenter-segment-surges-60-in-q4-as-ai-workloads-expand/","date":"2026-03-18","support":"IDC 4Q25 (full date shown) shows Huawei at 10.6% of all Ethernet revenue, so alternatives must match a large installed base."}]}},"optics":{"alternatives":{"level":1,"evidence":[{"url":"https://techblog.comsoc.org/2026/08/14/impact-of-optical-component-shortages-bottlenecks-explained-hyperscalers-capex/","date":"2026-08-14","support":"LightCounting via ComSoc (full date shown): cloud builders qualify 5-7 optical suppliers, and TrendForce says Chinese suppliers dominate standardized pluggables; a buyer of Huawei-branded modules can switch to many makers."},{"url":"https://www.trendforce.com/presscenter/news/20260505-13031.html","date":"2026-05-05","support":"TrendForce (full date shown): standardized pluggables are largely left to Chinese suppliers such as InnoLight and Eoptolink."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://convergedigest.com/aoi-lands-200m-hyperscaler-order-for-transceivers/","date":"2026-03-09","support":"AOI (company statement, full date shown) expects first 1.6T shipments in early Q3 2026 after qualification of an order placed in March 2026, about 4 months; compatible modules from other makers can replace branded ones within months."},{"url":"https://newsroom.ao-inc.com/blog/from-800g-to-1-6t-managing-the-transition-in-high-density-ai-clusters/","date":"2026-06-04","support":"AOI executive blog (vendor view, full date shown): modules are qualified per switch and NIC pairing, so a change needs revalidation."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20260505-13031.html","date":"2026-05-05","support":"TrendForce (full date shown): InnoLight and Eoptolink are cost-competitive at volume for standard pluggables, so Huawei's roughly 2% share has no capability gap to cover."},{"url":"https://techblog.comsoc.org/2026/08/14/impact-of-optical-component-shortages-bottlenecks-explained-hyperscalers-capex/","date":"2026-08-14","support":"ComSoc/LightCounting (full date shown): the market-wide shortfall is about 30% of demand, but a 2% volume is small against it."}]}}}}},"accton":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"accton","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"switching":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1030894/000103089426000011/cls-20251231.htm","date":"2026-02-27","support":"The company names Quanta, Wiwynn and Accton as ODM competitors and Arista and Cisco as OEM competitors in data-centre switching (Item 1)."},{"url":"https://www.nextplatform.com/2025/06/23/nvidia-passes-cisco-and-rivals-arista-in-datacenter-ethernet-sales/","date":"2025-06-23","support":"IDC's ODM-direct group holds 'a dozen or so companies' making networking gear in volume; $1.41B of datacentre Ethernet sales in 1Q25."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1030894/000103089426000011/cls-20251231.htm","date":"2026-02-27","support":"The company says ramping new programs 'can range from several months to over a year' before production starts (risk factors). A peer ODM's statement of program ramp time."},{"url":"https://engineering.fb.com/2025/10/13/data-infrastructure/ocp-summit-2025-the-open-future-of-networking-hardware-for-ai/","date":"2025-10-13","support":"Meta added Minipack3N, designed by Meta and manufactured by Accton on NVIDIA Spectrum-4, to its multi-vendor switch fleet."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.delloro.com/news/ethernet-more-than-doubles-size-of-infiniband-as-the-leading-fabric-for-ai-scale-out-networks-in-2025/","date":"2026-03-10","support":"Dell'Oro: in 2025 Celestica and NVIDIA led AI back-end Ethernet switching with a combined 50% share; Arista ranked third. Celestica, a larger white-box maker, co-leads AI back-end switching."},{"url":"https://engineering.fb.com/2024/10/15/data-infrastructure/open-future-networking-hardware-ai-ocp-2024-meta/","date":"2024-10-15","support":"Meta's 51.2T AI switches: Minipack3 manufactured by Celestica and Cisco 8501, alongside Arista 7700R4 DSF; portfolio built 'with multiple vendors'."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"accton","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"switching":{"alternatives":{"level":1,"evidence":[{"url":"https://www.idc.com/resource-center/blog/ethernet-switch-market-size-and-growth-datacenter-segment-surges-60-in-q4-as-ai-workloads-expand/","date":"2026-03-18","support":"IDC 4Q25 vendor highlights (full date shown): Arista 19% and NVIDIA 15.2% of datacentre Ethernet, Cisco $4.5B and Huawei $1.7B in total switch revenue, HPE incl. Juniper 6.7% of total; many vendors are at scale, so Accton's small share leaves well over six qualified suppliers (judgement)."},{"url":"https://www.nextplatform.com/2025/06/23/nvidia-passes-cisco-and-rivals-arista-in-datacenter-ethernet-sales/","date":"2025-06-23","support":"IDC 1Q25 datacentre table via Next Platform (full date shown): Arista $1.48B, Nvidia $1.46B, Cisco $1.25B and an ODM-direct group $1.41B; the article says a dozen or so companies make networking gear in appreciable volume."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://engineering.fb.com/2025/10/13/data-infrastructure/ocp-summit-2025-the-open-future-of-networking-hardware-for-ai/","date":"2025-10-13","support":"Meta (full date shown) designed Minipack3N and Accton manufactures it; the design belongs to the customer, so moving the build to another ODM is a 3-12 month ramp (judgement)."},{"url":"https://www.nextplatform.com/2025/06/23/nvidia-passes-cisco-and-rivals-arista-in-datacenter-ethernet-sales/","date":"2025-06-23","support":"Next Platform on IDC (full date shown): a dozen or so companies, including an ODM-direct group worth $1.41B in 1Q25, build switches in volume."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.idc.com/resource-center/blog/nvidia-becomes-1-in-datacenter-ethernet-switching-as-1q26-market-surges-39-8-to-15-4-billion/","date":"2026-06-17","support":"IDC 1Q26 (full date shown) puts NVIDIA first (21.5%) and Arista second (20.7%), while Dell'Oro puts Celestica first in AI back-end Ethernet; no single vendor leads on capability, so the best alternative to Accton shows no clear gap."},{"url":"https://engineering.fb.com/2025/10/13/data-infrastructure/ocp-summit-2025-the-open-future-of-networking-hardware-for-ai/","date":"2025-10-13","support":"Meta (full date shown) deploys Broadcom-, Cisco- and NVIDIA-silicon switches side by side, which indicates comparable capability across vendors at 51.2T."}]}}}}},"credo":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"credo","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"copper":{"alternatives":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1807794/000162828026043303/crdo-20260502.htm","date":"2026-06-15","support":"Principal competitors are Broadcom, Marvell and Astera Labs 'as well as various cable and optical transceiver suppliers' (Item 1, Competition)."},{"url":"https://www.sec.gov/Archives/edgar/data/1807794/000162828026043303/crdo-20260502.htm","date":"2026-06-15","support":"The company says it pioneered the AEC market, 'establishing a new product category' (Item 1)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.fool.com/earnings/call-transcripts/2025/09/03/credo-crdo-q1-2026-earnings-call-transcript","date":"2025-09-03","support":"Credo management: a fifth hyperscaler passed qualification with first traction expected by fiscal year-end, i.e. a ramp of a few quarters."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.fool.com/earnings/call-transcripts/2025/09/03/credo-crdo-q1-2026-earnings-call-transcript","date":"2025-09-03","support":"Credo management says the AEC market is large enough for several suppliers; it settled patent disputes with two cable vendors."},{"url":"https://www.sec.gov/Archives/edgar/data/1807794/000162828026043303/crdo-20260502.htm","date":"2026-06-15","support":"Principal competitors are Broadcom, Marvell and Astera Labs 'as well as various cable and optical transceiver suppliers' (Item 1, Competition). Rival chipmakers supply DSPs for other makers' active cables."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"credo","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"copper":{"alternatives":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/0001807794/000162828026043303/crdo-20260502.htm","date":"2026","support":"Credo 10-K Item 1 Competition (year only shown): principal competitors are Broadcom, Marvell and Astera Labs, plus various cable and optical suppliers; the company says it is the only one with a complete suite (company claim)."},{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Amphenol 10-K (filing date shown) lists many cable makers, but does not show which have AECs qualified at hyperscalers, so I count few (judgement)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/0001807794/000162828026043303/crdo-20260502.htm","date":"2026","support":"Credo 10-K Item 1A pp. 22-23 (year only shown): design cycle from engagement to volume shipment typically two to three years; evaluation several months to over a year; qualification several months more."},{"url":"https://www.sec.gov/Archives/edgar/data/0001807794/000162828026043303/crdo-20260502.htm","date":"2026","support":"Same filing p. 13: BizLink manufactures Credo's AEC products and the top 10 customers were about 90% of FY2026 revenue, so customers rely on its qualified supply chain."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/0001807794/000162828026043303/crdo-20260502.htm","date":"2026","support":"Credo says its AECs use up to 50% less power than optical solutions (company claim, Item 1) and that it pioneered 100G-1.6T AECs."},{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Amphenol 10-K Item 1 (filing date shown): rival cable makers exist at comparable technology, so the gap is small to material for AECs specifically (thin evidence, judgement)."}]}}}}},"accelink":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"accelink","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"optics":{"alternatives":{"level":1,"evidence":[{"url":"https://m.c114.com.cn/w5472-1311209.html","date":"2026-05-28","support":"LightCounting's 2025 module ranking: InnoLight 1st, Eoptolink 2nd ahead of Coherent; Accelink 4th, Nazhen 6th, HG Genuine 7th, Source Photonics 8th, CIG 10th."},{"url":"https://m.c114.com.cn/w5472-1311209.html","date":"2026-05-28","support":"LightCounting ranks ten module sellers by 2025 sales, seven of them Chinese, so many qualified makers ship data-centre modules."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.chinatalk.media/p/china-the-fcc-and-the-logic-of-transceivers","date":"2026-10-07","support":"New module suppliers take months to qualify; InnoLight calls qualification long and costly, with a higher bar at 1.6T."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.sdxcentral.com/news/optical-supply-shortfall-threatens-next-gen-networking-mckinsey-warns/","date":"2025-07-04","support":"McKinsey (via SDxCentral): 800G transceiver output to run 40-60% below demand until 2027; 1.6T shortfalls of 30-40% through 2029. In a supply shortfall even a 4-5% share is not absorbed at once."},{"url":"https://cignal.ai/2025/05/800gbe-optics-shipments-to-grow-60-in-2025/","date":"2025-05-07","support":"Cignal AI: 'Innolight, Coherent, and Eoptolink are the largest suppliers of Datacom modules.'"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"accelink","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"optics":{"alternatives":{"level":2,"evidence":[{"url":"https://techblog.comsoc.org/2026/08/14/impact-of-optical-component-shortages-bottlenecks-explained-hyperscalers-capex/","date":"2026-08-14","support":"LightCounting via ComSoc (full date shown): cloud builders qualify 5-7 optical suppliers; losing Accelink's roughly 4.7% leaves several qualified makers (InnoLight, Eoptolink, Coherent and others)."},{"url":"https://www.trendforce.com/presscenter/news/20260505-13031.html","date":"2026-05-05","support":"TrendForce (full date shown): standardized pluggables are largely left to Chinese suppliers, InnoLight and Eoptolink named as cost-competitive."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://convergedigest.com/aoi-lands-200m-hyperscaler-order-for-transceivers/","date":"2026-03-09","support":"AOI (company statement, full date shown): first 1.6T shipments follow qualification, about 4 months after the March 2026 order; a mid-size volume can be re-sourced in months."},{"url":"https://newsroom.ao-inc.com/blog/from-800g-to-1-6t-managing-the-transition-in-high-density-ai-clusters/","date":"2026-06-04","support":"AOI executive blog (vendor view, full date shown): modules are qualified per switch and NIC pairing, so a switch needs revalidation."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20260210-12919.html","date":"2026-02-10","support":"TrendForce (full date shown): InnoLight and Eoptolink are the lead suppliers and can serve 800G-plus at scale; no capability shortfall for a mid-size share."},{"url":"https://techblog.comsoc.org/2026/08/14/impact-of-optical-component-shortages-bottlenecks-explained-hyperscalers-capex/","date":"2026-08-14","support":"ComSoc/LightCounting (full date shown): market demand is about 30% above supply, a capacity not capability limit for a roughly mid-single-digit share."}]}}}}},"ruijie":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"ruijie","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"switching":{"alternatives":{"level":2,"evidence":[{"url":"https://www.h3c.com/en/d_202309/1931546_294554_0.htm","date":"2023-09-19","support":"The company says IDC ranked it No.1 in China's 100G-400G data-centre switch market in H1 2023 with a 36.7% share. H3C, Huawei and ZTE are domestic alternatives."},{"url":"https://www.idc.com/resource-center/blog/ethernet-switch-market-size-and-growth-datacenter-segment-surges-60-in-q4-as-ai-workloads-expand/","date":"2026-03-18","support":"IDC's 4Q25 vendor table lists Cisco ($4.5B), Arista ($2.0B), Huawei ($1.7B), NVIDIA ($1.5B) and HPE (6.7% share) as Ethernet switch vendors."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/anet-20251231.htm","date":"2026-02-17","support":"The company says large customers need considerable time to evaluate, test and qualify switches, with 'longer testing and qualification periods' in AI; no duration given. Months-scale qualification; evidence thin on exact time, none Ruijie-specific."},{"url":"https://www.sec.gov/Archives/edgar/data/1030894/000103089426000011/cls-20251231.htm","date":"2026-02-27","support":"The company says ramping new programs 'can range from several months to over a year' before production starts (risk factors)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.h3c.com/en/d_202309/1931546_294554_0.htm","date":"2023-09-19","support":"The company says IDC ranked it No.1 in China's 100G-400G data-centre switch market in H1 2023 with a 36.7% share. H3C claims a larger China data-centre share."},{"url":"https://www.idc.com/resource-center/blog/ethernet-switch-market-size-and-growth-datacenter-segment-surges-60-in-q4-as-ai-workloads-expand/","date":"2026-03-18","support":"IDC's 4Q25 vendor table lists Cisco ($4.5B), Arista ($2.0B), Huawei ($1.7B), NVIDIA ($1.5B) and HPE (6.7% share) as Ethernet switch vendors."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"ruijie","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"switching":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/anet-20251231.htm","date":"2026-02-17","support":"Arista 10-K Item 1 Competition (filing date shown) lists Huawei, HPE/Juniper, Dell and Extreme among rivals; in China alternatives are Huawei, H3C, ZTE and ODMs (judgement; no China-specific source opened, so evidence is thin)."},{"url":"https://www.nextplatform.com/2025/06/23/nvidia-passes-cisco-and-rivals-arista-in-datacenter-ethernet-sales/","date":"2025-06-23","support":"Next Platform on IDC (full date shown): a dozen or so companies make switches in appreciable volume, and an ODM-direct group already sold $1.41B of datacentre switches in 1Q25."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sdxcentral.com/news/ai-hyperscale-and-agentic-demands-helped-cisco-smash-revenue-records/","date":"2026-08-13","support":"SDxCentral (full date shown): Cisco booked $9.3B of hyperscaler AI orders in FY2026, about 4.5 times FY2025, showing a qualified vendor can scale a hyperscale position inside roughly a year."},{"url":"https://www.delloro.com/news/ethernet-more-than-doubles-size-of-infiniband-as-the-leading-fabric-for-ai-scale-out-networks-in-2025/","date":"2026-03-10","support":"Dell'Oro (full date shown): Celestica and NVIDIA reached about 50% of 2025 AI back-end Ethernet between them, Cisco accelerated and HPE/Juniper won accounts; share moves within a year, so replacing Ruijie is a 3-12 month ramp (judgement)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.idc.com/resource-center/blog/nvidia-becomes-1-in-datacenter-ethernet-switching-as-1q26-market-surges-39-8-to-15-4-billion/","date":"2026-06-17","support":"IDC 1Q26 (full date shown) puts NVIDIA first (21.5%) and Arista second (20.7%), while Dell'Oro puts Celestica first in AI back-end Ethernet; no single vendor leads on capability, so the best alternative to Ruijie shows no clear gap."},{"url":"https://engineering.fb.com/2025/10/13/data-infrastructure/ocp-summit-2025-the-open-future-of-networking-hardware-for-ai/","date":"2025-10-13","support":"Meta (full date shown) deploys Broadcom-, Cisco- and NVIDIA-silicon switches side by side, which indicates comparable capability across vendors at 51.2T."}]}}}}},"h3c":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"h3c","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"switching":{"alternatives":{"level":2,"evidence":[{"url":"https://www.ruijie.com/en-global/about","date":"undated","support":"The company says IDC (2025 Q3) ranks it #1 in 200G/400G data-centre switching in China and #6 worldwide. (page shows no publication date; cited as undated.) Ruijie, Huawei and ZTE are domestic alternatives."},{"url":"https://www.idc.com/resource-center/blog/ethernet-switch-market-size-and-growth-datacenter-segment-surges-60-in-q4-as-ai-workloads-expand/","date":"2026-03-18","support":"IDC's 4Q25 vendor table lists Cisco ($4.5B), Arista ($2.0B), Huawei ($1.7B), NVIDIA ($1.5B) and HPE (6.7% share) as Ethernet switch vendors."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/anet-20251231.htm","date":"2026-02-17","support":"The company says large customers need considerable time to evaluate, test and qualify switches, with 'longer testing and qualification periods' in AI; no duration given. Months-scale qualification; evidence thin on exact time, none H3C-specific."},{"url":"https://www.sec.gov/Archives/edgar/data/1030894/000103089426000011/cls-20251231.htm","date":"2026-02-27","support":"The company says ramping new programs 'can range from several months to over a year' before production starts (risk factors)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.ruijie.com/en-global/about","date":"undated","support":"The company says IDC (2025 Q3) ranks it #1 in 200G/400G data-centre switching in China and #6 worldwide. (page shows no publication date; cited as undated.) A domestic rival claims the lead in 200G/400G data-centre switching."},{"url":"https://www.idc.com/resource-center/blog/ethernet-switch-market-size-and-growth-datacenter-segment-surges-60-in-q4-as-ai-workloads-expand/","date":"2026-03-18","support":"IDC's 4Q25 vendor table lists Cisco ($4.5B), Arista ($2.0B), Huawei ($1.7B), NVIDIA ($1.5B) and HPE (6.7% share) as Ethernet switch vendors."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"h3c","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"switching":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/anet-20251231.htm","date":"2026-02-17","support":"Arista 10-K Item 1 Competition (filing date shown) lists Huawei, HPE/Juniper, Dell and Extreme among rivals; in China the nearest alternatives are Huawei, Ruijie, ZTE and ODMs (judgement; no China-specific source opened, so evidence is thin)."},{"url":"https://www.idc.com/resource-center/blog/ethernet-switch-market-size-and-growth-datacenter-segment-surges-60-in-q4-as-ai-workloads-expand/","date":"2026-03-18","support":"IDC 4Q25 (full date shown) does not break out H3C; Huawei had $1.7B total, 10.6% of the market."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sdxcentral.com/news/ai-hyperscale-and-agentic-demands-helped-cisco-smash-revenue-records/","date":"2026-08-13","support":"SDxCentral (full date shown): Cisco booked $9.3B of hyperscaler AI orders in FY2026, about 4.5 times FY2025, showing a qualified vendor can scale a hyperscale position inside roughly a year."},{"url":"https://www.delloro.com/news/ethernet-more-than-doubles-size-of-infiniband-as-the-leading-fabric-for-ai-scale-out-networks-in-2025/","date":"2026-03-10","support":"Dell'Oro (full date shown): Celestica and NVIDIA reached about 50% of 2025 AI back-end Ethernet between them, Cisco accelerated and HPE/Juniper won accounts; share moves within a year, so replacing H3C is a 3-12 month ramp (judgement)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.idc.com/resource-center/blog/nvidia-becomes-1-in-datacenter-ethernet-switching-as-1q26-market-surges-39-8-to-15-4-billion/","date":"2026-06-17","support":"IDC 1Q26 (full date shown) puts NVIDIA first (21.5%) and Arista second (20.7%), while Dell'Oro puts Celestica first in AI back-end Ethernet; no single vendor leads on capability, so the best alternative to H3C shows no clear gap."},{"url":"https://engineering.fb.com/2025/10/13/data-infrastructure/ocp-summit-2025-the-open-future-of-networking-hardware-for-ai/","date":"2025-10-13","support":"Meta (full date shown) deploys Broadcom-, Cisco- and NVIDIA-silicon switches side by side, which indicates comparable capability across vendors at 51.2T."}]}}}}},"hpe":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"hpe","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"switching":{"alternatives":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1645590/000164559025000130/hpe-20251031.htm","date":"2025-12-18","support":"The company names Cisco, Arista, Nokia, Huawei, Ciena, NVIDIA, Extreme and others as networking competitors in a market with price competition (Item 1)."},{"url":"https://www.idc.com/resource-center/blog/ethernet-switch-market-size-and-growth-datacenter-segment-surges-60-in-q4-as-ai-workloads-expand/","date":"2026-03-18","support":"IDC's 4Q25 vendor table lists Cisco ($4.5B), Arista ($2.0B), Huawei ($1.7B), NVIDIA ($1.5B) and HPE (6.7% share) as Ethernet switch vendors."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/anet-20251231.htm","date":"2026-02-17","support":"The company says large customers need considerable time to evaluate, test and qualify switches, with 'longer testing and qualification periods' in AI; no duration given. Months-scale qualification; evidence thin on exact time."},{"url":"https://www.sec.gov/Archives/edgar/data/1030894/000103089426000011/cls-20251231.htm","date":"2026-02-27","support":"The company says ramping new programs 'can range from several months to over a year' before production starts (risk factors)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.idc.com/resource-center/press-releases/worldwide-ethernet-switch-market-grew-35-2-in-the-third-quarter-of-2025-according-to-idcs-quarterly-ethernet-switch-tracker/","date":"2025-12-11","support":"IDC 3Q25: HPE now includes Juniper; 70.9% of HPE's switch revenue is non-datacenter, so its datacenter base is small."},{"url":"https://www.idc.com/resource-center/blog/ethernet-switch-market-size-and-growth-datacenter-segment-surges-60-in-q4-as-ai-workloads-expand/","date":"2026-03-18","support":"IDC's 4Q25 vendor table lists Cisco ($4.5B), Arista ($2.0B), Huawei ($1.7B), NVIDIA ($1.5B) and HPE (6.7% share) as Ethernet switch vendors."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"hpe","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"switching":{"alternatives":{"level":1,"evidence":[{"url":"https://www.idc.com/resource-center/blog/ethernet-switch-market-size-and-growth-datacenter-segment-surges-60-in-q4-as-ai-workloads-expand/","date":"2026-03-18","support":"IDC 4Q25 vendor highlights (full date shown): Arista 19% and NVIDIA 15.2% of datacentre Ethernet, Cisco $4.5B and Huawei $1.7B in total switch revenue, HPE incl. Juniper 6.7% of total; many vendors are at scale, so HPE (incl. Juniper)'s small share leaves well over six qualified suppliers (judgement)."},{"url":"https://www.nextplatform.com/2025/06/23/nvidia-passes-cisco-and-rivals-arista-in-datacenter-ethernet-sales/","date":"2025-06-23","support":"IDC 1Q25 datacentre table via Next Platform (full date shown): Arista $1.48B, Nvidia $1.46B, Cisco $1.25B and an ODM-direct group $1.41B; the article says a dozen or so companies make networking gear in appreciable volume."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sdxcentral.com/news/ai-hyperscale-and-agentic-demands-helped-cisco-smash-revenue-records/","date":"2026-08-13","support":"SDxCentral (full date shown): Cisco booked $9.3B of hyperscaler AI orders in FY2026, about 4.5 times FY2025, showing a qualified vendor can scale a hyperscale position inside roughly a year."},{"url":"https://www.delloro.com/news/ethernet-more-than-doubles-size-of-infiniband-as-the-leading-fabric-for-ai-scale-out-networks-in-2025/","date":"2026-03-10","support":"Dell'Oro (full date shown): Celestica and NVIDIA reached about 50% of 2025 AI back-end Ethernet between them, Cisco accelerated and HPE/Juniper won accounts; share moves within a year, so replacing HPE (incl. Juniper) is a 3-12 month ramp (judgement)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.idc.com/resource-center/blog/nvidia-becomes-1-in-datacenter-ethernet-switching-as-1q26-market-surges-39-8-to-15-4-billion/","date":"2026-06-17","support":"IDC 1Q26 (full date shown) puts NVIDIA first (21.5%) and Arista second (20.7%), while Dell'Oro puts Celestica first in AI back-end Ethernet; no single vendor leads on capability, so the best alternative to HPE (incl. Juniper) shows no clear gap."},{"url":"https://engineering.fb.com/2025/10/13/data-infrastructure/ocp-summit-2025-the-open-future-of-networking-hardware-for-ai/","date":"2025-10-13","support":"Meta (full date shown) deploys Broadcom-, Cisco- and NVIDIA-silicon switches side by side, which indicates comparable capability across vendors at 51.2T."}]}}}}},"hisense-broadband":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"hisense-broadband","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"optics":{"alternatives":{"level":1,"evidence":[{"url":"https://m.c114.com.cn/w5472-1311209.html","date":"2026-05-28","support":"LightCounting's 2025 module ranking: InnoLight 1st, Eoptolink 2nd ahead of Coherent; Accelink 4th, Nazhen 6th, HG Genuine 7th, Source Photonics 8th, CIG 10th."},{"url":"https://m.c114.com.cn/w5472-1311209.html","date":"2026-05-28","support":"LightCounting ranks ten module sellers by 2025 sales, seven of them Chinese, so many qualified makers ship data-centre modules."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.chinatalk.media/p/china-the-fcc-and-the-logic-of-transceivers","date":"2026-10-07","support":"New module suppliers take months to qualify; InnoLight calls qualification long and costly, with a higher bar at 1.6T."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.sdxcentral.com/news/optical-supply-shortfall-threatens-next-gen-networking-mckinsey-warns/","date":"2025-07-04","support":"McKinsey (via SDxCentral): 800G transceiver output to run 40-60% below demand until 2027; 1.6T shortfalls of 30-40% through 2029. In a supply shortfall a roughly 4% share is not absorbed at once."},{"url":"https://www.trendforce.com/news/?p=64525","date":"2026-09-24","support":"Ligent (formerly Hisense Broadband): datacom transceivers were 69.4% of H1 2026 revenue; it raised $723M to scale transceiver and chip capacity."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"hisense-broadband","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"optics":{"alternatives":{"level":2,"evidence":[{"url":"https://techblog.comsoc.org/2026/08/14/impact-of-optical-component-shortages-bottlenecks-explained-hyperscalers-capex/","date":"2026-08-14","support":"LightCounting via ComSoc (full date shown): cloud builders qualify 5-7 optical suppliers; losing Hisense Broadband's roughly 3.8% leaves several qualified makers (InnoLight, Eoptolink, Coherent and others)."},{"url":"https://www.trendforce.com/presscenter/news/20260505-13031.html","date":"2026-05-05","support":"TrendForce (full date shown): standardized pluggables are largely left to Chinese suppliers, InnoLight and Eoptolink named as cost-competitive."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://convergedigest.com/aoi-lands-200m-hyperscaler-order-for-transceivers/","date":"2026-03-09","support":"AOI (company statement, full date shown): first 1.6T shipments follow qualification, about 4 months after the March 2026 order; a mid-size volume can be re-sourced in months."},{"url":"https://newsroom.ao-inc.com/blog/from-800g-to-1-6t-managing-the-transition-in-high-density-ai-clusters/","date":"2026-06-04","support":"AOI executive blog (vendor view, full date shown): modules are qualified per switch and NIC pairing, so a switch needs revalidation."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20260210-12919.html","date":"2026-02-10","support":"TrendForce (full date shown): InnoLight and Eoptolink are the lead suppliers and can serve 800G-plus at scale; no capability shortfall for a mid-size share."},{"url":"https://techblog.comsoc.org/2026/08/14/impact-of-optical-component-shortages-bottlenecks-explained-hyperscalers-capex/","date":"2026-08-14","support":"ComSoc/LightCounting (full date shown): market demand is about 30% above supply, a capacity not capability limit for a roughly mid-single-digit share."}]}}}}},"hon-hai":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"hon-hai","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"switching":{"alternatives":{"level":1,"evidence":[{"url":"https://www.nextplatform.com/2025/06/23/nvidia-passes-cisco-and-rivals-arista-in-datacenter-ethernet-sales/","date":"2025-06-23","support":"IDC's ODM-direct group holds 'a dozen or so companies' making networking gear in volume; $1.41B of datacentre Ethernet sales in 1Q25. Hon Hai builds white-box switches for cloud companies as one of these ODMs."},{"url":"https://www.sec.gov/Archives/edgar/data/1030894/000103089426000011/cls-20251231.htm","date":"2026-02-27","support":"The company names Quanta, Wiwynn and Accton as ODM competitors and Arista and Cisco as OEM competitors in data-centre switching (Item 1)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1030894/000103089426000011/cls-20251231.htm","date":"2026-02-27","support":"The company says ramping new programs 'can range from several months to over a year' before production starts (risk factors)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.delloro.com/news/ethernet-more-than-doubles-size-of-infiniband-as-the-leading-fabric-for-ai-scale-out-networks-in-2025/","date":"2026-03-10","support":"Dell'Oro: in 2025 Celestica and NVIDIA led AI back-end Ethernet switching with a combined 50% share; Arista ranked third. Larger white-box ODMs lead; Hon Hai's ODM switch share for cloud companies is about 1.25%."},{"url":"https://www.honhai.com/en-us/press-center/press-releases/latest-news/1978","date":"2026-03-16","support":"The company says cloud and networking products became its largest category in 4Q25."}]}},"optics":{"alternatives":{"level":1,"evidence":[{"url":"https://m.c114.com.cn/w5472-1311209.html","date":"2026-05-28","support":"LightCounting ranks ten module sellers by 2025 sales, seven of them Chinese, so many qualified makers ship data-centre modules."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.chinatalk.media/p/china-the-fcc-and-the-logic-of-transceivers","date":"2026-10-07","support":"New module suppliers take months to qualify; InnoLight calls qualification long and costly, with a higher bar at 1.6T."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://cignal.ai/2025/05/800gbe-optics-shipments-to-grow-60-in-2025/","date":"2025-05-07","support":"Cignal AI: 'Innolight, Coherent, and Eoptolink are the largest suppliers of Datacom modules.' The largest module makers' capacity far exceeds Hon Hai's roughly 1% share."},{"url":"https://m.c114.com.cn/w5472-1311209.html","date":"2026-05-28","support":"LightCounting: InnoLight is the leading supplier to all major cloud companies; 1Q26 revenue up 207% on 1.6T shipments."}]}},"copper":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Primary competitors include Corning, Foxconn Interconnect, Glenair, HUBER+SUHNER, Luxshare, Molex, Rosenberger, TE Connectivity and others (Item 1). Foxconn Interconnect is one of about six high-speed cable makers named here with TE, Molex, Luxshare and others."},{"url":"https://www.sec.gov/Archives/edgar/data/1385157/000110465925109150/tel-20250926x10k.htm","date":"2025-11-10","support":"Digital data networks were about 13% of fiscal 2025 net sales (28% of Industrial Solutions), about $2.2B; TE names Amphenol and Molex as rivals."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.fool.com/earnings/call-transcripts/2025/09/03/credo-crdo-q1-2026-earnings-call-transcript","date":"2025-09-03","support":"Credo management: a fifth hyperscaler passed qualification with first traction expected by fiscal year-end, i.e. a ramp of a few quarters."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"IT datacom was about 36% of 2025 net sales of $23.1B and rose about $4.6B on AI demand (Items 1 and 7). Amphenol alone is far larger in AI interconnect."},{"url":"https://www.sec.gov/Archives/edgar/data/1385157/000110465925109150/tel-20250926x10k.htm","date":"2025-11-10","support":"Digital data networks were about 13% of fiscal 2025 net sales (28% of Industrial Solutions), about $2.2B; TE names Amphenol and Molex as rivals."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"hon-hai","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"switching":{"alternatives":{"level":1,"evidence":[{"url":"https://www.nextplatform.com/2025/06/23/nvidia-passes-cisco-and-rivals-arista-in-datacenter-ethernet-sales/","date":"2025-06-23","support":"IDC 1Q25 table via Next Platform (full date shown): an ODM-direct group sold $1.41B of datacentre switches and the article says a dozen or so companies make switches in appreciable volume; Hon Hai (Fii) is one of many white-box builders (judgement)."},{"url":"https://www.delloro.com/news/ethernet-extends-lead-in-ai-scale-out-networks-despite-strong-infiniband-rebound/","date":"2026-06-02","support":"Dell'Oro Q1 2026 (full date shown): Celestica leads AI back-end Ethernet with NVIDIA, Arista and Cisco behind it, so branded and white-box rivals beyond Hon Hai are at scale; replacing its roughly 1.25% needs no scarce supplier."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://engineering.fb.com/2025/10/13/data-infrastructure/ocp-summit-2025-the-open-future-of-networking-hardware-for-ai/","date":"2025-10-13","support":"Meta (full date shown) designed Minipack3N and Accton builds it: a cloud company owns the switch design and the build can sit with interchangeable ODMs, so moving a build is a 3-12 month ramp (judgement)."},{"url":"https://www.sec.gov/Archives/edgar/data/1030894/000103089426000011/cls-20251231.htm","date":"2026-02-27","support":"Celestica 10-K Item 1 (filing date shown): its HPS ODM line grew 81% to 41% of 2025 revenue and is built around customer product roadmaps; a rival ODM already ramping hyperscale switch programmes can absorb volume in months (judgement)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.idc.com/resource-center/press-releases/worldwide-ethernet-switch-market-grew-35-2-in-the-third-quarter-of-2025-according-to-idcs-quarterly-ethernet-switch-tracker/","date":"2025-12-11","support":"IDC 3Q25 release (full date shown): ODM-direct sales were 30.2% of the datacentre segment, up 152.4% year over year, so white-box capacity at scale sits with several builders, not Hon Hai alone."},{"url":"https://engineering.fb.com/2025/10/13/data-infrastructure/ocp-summit-2025-the-open-future-of-networking-hardware-for-ai/","date":"2025-10-13","support":"Meta (full date shown) runs Broadcom-, Cisco- and NVIDIA-silicon switches side by side at 51.2T; white-box builders use the same merchant silicon, so the best alternative to Hon Hai shows no clear gap."}]}},"optics":{"alternatives":{"level":1,"evidence":[{"url":"https://techblog.comsoc.org/2026/08/14/impact-of-optical-component-shortages-bottlenecks-explained-hyperscalers-capex/","date":"2026-08-14","support":"LightCounting via ComSoc (full date shown): cloud builders qualify 5-7 module suppliers; Hon Hai's roughly 1% volume has many substitutes."},{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Amphenol 10-K Item 1 (filing date shown) lists Foxconn Interconnect Technology among many interconnect competitors."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://convergedigest.com/aoi-lands-200m-hyperscaler-order-for-transceivers/","date":"2026-03-09","support":"AOI (company statement, full date shown): first 1.6T shipments follow qualification, about 4 months after the March 2026 order; a small volume can be re-sourced within months."},{"url":"https://newsroom.ao-inc.com/blog/from-800g-to-1-6t-managing-the-transition-in-high-density-ai-clusters/","date":"2026-06-04","support":"AOI executive blog (vendor view, full date shown): modules are qualified per switch and NIC pairing."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20260505-13031.html","date":"2026-05-05","support":"TrendForce (full date shown): InnoLight and Eoptolink are cost-competitive in high-volume pluggables, so there is no capability shortfall for a roughly 1% volume."},{"url":"https://techblog.comsoc.org/2026/08/14/impact-of-optical-component-shortages-bottlenecks-explained-hyperscalers-capex/","date":"2026-08-14","support":"ComSoc/LightCounting (full date shown): market demand is about 30% above supply, but a 1% volume is small against it."}]}},"copper":{"alternatives":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Amphenol 10-K Item 1 Competition (filing date shown) names Aptiv, Belden, Corning, Foxconn Interconnect, Glenair, Huber+Suhner, Luxshare, Jonhon, Molex, Rosenberger, Sensata, TE and Yazaki; a 2.5% volume has many substitutes."},{"url":"https://www.sec.gov/Archives/edgar/data/0001807794/000162828026043303/crdo-20260502.htm","date":"2026","support":"Credo 10-K (year only shown) names Broadcom, Marvell and Astera Labs plus various cable suppliers as competitors in active copper."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/0001807794/000162828026043303/crdo-20260502.htm","date":"2026","support":"Credo 10-K Item 1A (year only shown): customer evaluation can take several months to over a year and qualification several months more; passive cable is quicker, so I judge 3-12 months."},{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Amphenol 10-K p. 7 (filing date shown): customers consolidate their lists of qualified suppliers."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Amphenol 10-K Item 1 (filing date shown): a dozen-plus named competitors at comparable technology level, so no capability gap for a small volume."},{"url":"https://www.sec.gov/Archives/edgar/data/0001807794/000162828026043303/crdo-20260502.htm","date":"2026","support":"Credo 10-K (year only shown) names Broadcom, Marvell and Astera Labs as competitors in active copper; no shortfall is noted for a small volume (thin evidence)."}]}}}}},"luxshare":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"luxshare","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"optics":{"alternatives":{"level":1,"evidence":[{"url":"https://m.c114.com.cn/w5472-1311209.html","date":"2026-05-28","support":"LightCounting ranks ten module sellers by 2025 sales, seven of them Chinese, so many qualified makers ship data-centre modules."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.chinatalk.media/p/china-the-fcc-and-the-logic-of-transceivers","date":"2026-10-07","support":"New module suppliers take months to qualify; InnoLight calls qualification long and costly, with a higher bar at 1.6T."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://cignal.ai/2025/05/800gbe-optics-shipments-to-grow-60-in-2025/","date":"2025-05-07","support":"Cignal AI: 'Innolight, Coherent, and Eoptolink are the largest suppliers of Datacom modules.' The largest module makers' capacity far exceeds Luxshare's roughly 1% share."},{"url":"https://m.c114.com.cn/w5472-1311209.html","date":"2026-05-28","support":"LightCounting: InnoLight is the leading supplier to all major cloud companies; 1Q26 revenue up 207% on 1.6T shipments."}]}},"copper":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Primary competitors include Corning, Foxconn Interconnect, Glenair, HUBER+SUHNER, Luxshare, Molex, Rosenberger, TE Connectivity and others (Item 1). Luxshare is one of about six makers of comparable high-speed cable assemblies."},{"url":"https://www.sec.gov/Archives/edgar/data/1385157/000110465925109150/tel-20250926x10k.htm","date":"2025-11-10","support":"Digital data networks were about 13% of fiscal 2025 net sales (28% of Industrial Solutions), about $2.2B; TE names Amphenol and Molex as rivals."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.fool.com/earnings/call-transcripts/2025/09/03/credo-crdo-q1-2026-earnings-call-transcript","date":"2025-09-03","support":"Credo management: a fifth hyperscaler passed qualification with first traction expected by fiscal year-end, i.e. a ramp of a few quarters."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"IT datacom was about 36% of 2025 net sales of $23.1B and rose about $4.6B on AI demand (Items 1 and 7). Amphenol's AI interconnect business is several times Luxshare's cable sales."},{"url":"https://www.sec.gov/Archives/edgar/data/1385157/000110465925109150/tel-20250926x10k.htm","date":"2025-11-10","support":"Digital data networks were about 13% of fiscal 2025 net sales (28% of Industrial Solutions), about $2.2B; TE names Amphenol and Molex as rivals."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"luxshare","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"optics":{"alternatives":{"level":1,"evidence":[{"url":"https://techblog.comsoc.org/2026/08/14/impact-of-optical-component-shortages-bottlenecks-explained-hyperscalers-capex/","date":"2026-08-14","support":"LightCounting via ComSoc (full date shown): cloud builders qualify 5-7 module suppliers; Luxshare's roughly 1% has many substitutes."},{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Amphenol 10-K Item 1 (filing date shown) lists ICT Luxshare among many interconnect competitors."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://convergedigest.com/aoi-lands-200m-hyperscaler-order-for-transceivers/","date":"2026-03-09","support":"AOI (company statement, full date shown): new supplier shipments follow qualification, about 4 months after order."},{"url":"https://newsroom.ao-inc.com/blog/from-800g-to-1-6t-managing-the-transition-in-high-density-ai-clusters/","date":"2026-06-04","support":"AOI executive blog (vendor view, full date shown): modules are qualified per switch and NIC pairing."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20260210-12919.html","date":"2026-02-10","support":"TrendForce (full date shown): InnoLight and Eoptolink serve 800G-plus at scale; no capability shortfall for 1%."},{"url":"https://techblog.comsoc.org/2026/08/14/impact-of-optical-component-shortages-bottlenecks-explained-hyperscalers-capex/","date":"2026-08-14","support":"ComSoc/LightCounting (full date shown): demand about 30% above supply, small against 1%."}]}},"copper":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Amphenol 10-K Item 1 Competition (filing date shown) names a dozen-plus competitors incl. Luxshare, Molex, TE and Foxconn Interconnect; losing Luxshare's roughly 6.8% leaves several alternatives."},{"url":"https://www.sec.gov/Archives/edgar/data/0001807794/000162828026043303/crdo-20260502.htm","date":"2026","support":"Credo 10-K (year only shown) names Broadcom, Marvell and Astera Labs plus various cable suppliers in active copper."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/0001807794/000162828026043303/crdo-20260502.htm","date":"2026","support":"Credo 10-K Item 1A (year only shown): customer evaluation takes several months to over a year, qualification several more; passive cable is quicker, so I judge 3-12 months."},{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Amphenol 10-K p. 7 (filing date shown): customers consolidate their qualified-supplier lists."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Amphenol 10-K Item 1 (filing date shown): many comparable cable makers, so the best alternative shows no clear capability gap at a mid-single-digit share."},{"url":"https://www.sec.gov/Archives/edgar/data/0001807794/000162828026043303/crdo-20260502.htm","date":"2026","support":"Credo 10-K Item 1 (year only shown): the cable side is supplied by many cable assemblers (BizLink makes Credo's AECs)."}]}}}}},"sumitomo-electric":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"sumitomo-electric","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"fibre":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/24741/000002474126000124/glw-20251231.htm","date":"2026-02-12","support":"The company names Amphenol, Fujikura (incl. AFL), Sumitomo and Prysmian as its principal optical communications competitors (Item 1)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20261019-13275.html","date":"2026-10-19","support":"TrendForce: global fibre capacity utilisation is 92% with inventory down to one month, leaving limited headroom. Replacing a roughly 6% share draws on rivals' remaining headroom and expansions."},{"url":"https://w.media/fujikura-to-triple-fiber-capacity-with-%C2%A5300bn-ai-push/","date":"2026-03-19","support":"Fujikura plans to raise Spider Web Ribbon and Wrapping Tube Cable output up to three times, spending up to JPY 300B, citing AI data centres."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20261019-13275.html","date":"2026-10-19","support":"TrendForce: 2026 fibre shortfall of 180M fibre-km at 92% utilisation; shortage expected until at least 2028."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"sumitomo-electric","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"fibre":{"alternatives":{"level":2,"evidence":[{"url":"https://techblog.comsoc.org/2025/12/23/how-will-fiber-and-equipment-vendors-meet-the-increased-demand-for-fiber-in-2026-due-to-ai-data-center-buildouts/","date":"2025-12-23","support":"ComSoc (full date shown) names Corning, Prysmian, Sumitomo Electric, Fujikura, CommScope, STL and YOFC as the main makers; replacing Sumitomo Electric's roughly 6% leaves several."},{"url":"https://w.media/fujikura-to-triple-fiber-capacity-with-%c2%a5300bn-ai-push/","date":"2026-03-19","support":"W.Media (full date shown): Fujikura's board approved raising high-density cable output up to about 3x, a peer able to take volume once built (timing not stated)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20261019-13275.html","date":"2026-10-19","support":"TrendForce (full date shown): preform capacity needs 18-24 months, utilisation is 92% and some makers are booked through Q1 2027."},{"url":"https://www.lightwaveonline.com/home/article/55353369/corning-inks-6b-fiber-data-center-deal-with-meta","date":"2026-01-27","support":"Lightwave (full date shown): ribbon fibre lead times exceed 60 weeks, so replacing volume takes over a year."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20261019-13275.html","date":"2026-10-19","support":"TrendForce (full date shown): a 180M fibre-km shortfall in 2026 caps what alternatives can absorb, but a roughly 6% share is modest against the market (judgement)."},{"url":"https://techblog.comsoc.org/2025/12/23/how-will-fiber-and-equipment-vendors-meet-the-increased-demand-for-fiber-in-2026-due-to-ai-data-center-buildouts/","date":"2025-12-23","support":"ComSoc (full date shown): several makers are expanding fibre and preform output."}]}}}}},"source-photonics":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"source-photonics","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"optics":{"alternatives":{"level":1,"evidence":[{"url":"https://m.c114.com.cn/w5472-1311209.html","date":"2026-05-28","support":"LightCounting's 2025 module ranking: InnoLight 1st, Eoptolink 2nd ahead of Coherent; Accelink 4th, Nazhen 6th, HG Genuine 7th, Source Photonics 8th, CIG 10th."},{"url":"https://m.c114.com.cn/w5472-1311209.html","date":"2026-05-28","support":"LightCounting ranks ten module sellers by 2025 sales, seven of them Chinese, so many qualified makers ship data-centre modules."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.chinatalk.media/p/china-the-fcc-and-the-logic-of-transceivers","date":"2026-10-07","support":"New module suppliers take months to qualify; InnoLight calls qualification long and costly, with a higher bar at 1.6T."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.nbd.com.cn/articles/2026-04-21/4350509.html","date":"2026-04-22","support":"Source Photonics is described as one of few vertically integrated optical chip and module makers, producing 100G/200G PAM4 EML chips."},{"url":"https://trendforce.com/news/2026/08/06/news-inp-shortage-emerges-as-ai-optical-interconnect-bottleneck/","date":"2026-08-06","support":"Lumentum's CEO says the InP supply-demand gap now exceeds DRAM and NAND; analysts expect the imbalance to persist beyond 2027. Own EML chips matter while InP lasers are short."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"source-photonics","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"optics":{"alternatives":{"level":2,"evidence":[{"url":"https://techblog.comsoc.org/2026/08/14/impact-of-optical-component-shortages-bottlenecks-explained-hyperscalers-capex/","date":"2026-08-14","support":"LightCounting via ComSoc (full date shown): cloud builders qualify 5-7 optical suppliers; losing Source Photonics's roughly 3.1% leaves several qualified makers (InnoLight, Eoptolink, Coherent and others)."},{"url":"https://www.trendforce.com/presscenter/news/20260505-13031.html","date":"2026-05-05","support":"TrendForce (full date shown): standardized pluggables are largely left to Chinese suppliers, InnoLight and Eoptolink named as cost-competitive."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://convergedigest.com/aoi-lands-200m-hyperscaler-order-for-transceivers/","date":"2026-03-09","support":"AOI (company statement, full date shown): first 1.6T shipments follow qualification, about 4 months after the March 2026 order; a mid-size volume can be re-sourced in months."},{"url":"https://newsroom.ao-inc.com/blog/from-800g-to-1-6t-managing-the-transition-in-high-density-ai-clusters/","date":"2026-06-04","support":"AOI executive blog (vendor view, full date shown): modules are qualified per switch and NIC pairing, so a switch needs revalidation."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20260210-12919.html","date":"2026-02-10","support":"TrendForce (full date shown): InnoLight and Eoptolink are the lead suppliers and can serve 800G-plus at scale; no capability shortfall for a mid-size share."},{"url":"https://techblog.comsoc.org/2026/08/14/impact-of-optical-component-shortages-bottlenecks-explained-hyperscalers-capex/","date":"2026-08-14","support":"ComSoc/LightCounting (full date shown): market demand is about 30% above supply, a capacity not capability limit for a roughly mid-single-digit share."}]}}}}},"te-connectivity":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"te-connectivity","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"copper":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Primary competitors include Corning, Foxconn Interconnect, Glenair, HUBER+SUHNER, Luxshare, Molex, Rosenberger, TE Connectivity and others (Item 1). TE Connectivity is one of about six makers of comparable high-speed cable assemblies."},{"url":"https://www.sec.gov/Archives/edgar/data/1385157/000110465925109150/tel-20250926x10k.htm","date":"2025-11-10","support":"Digital data networks were about 13% of fiscal 2025 net sales (28% of Industrial Solutions), about $2.2B; TE names Amphenol and Molex as rivals."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.fool.com/earnings/call-transcripts/2025/09/03/credo-crdo-q1-2026-earnings-call-transcript","date":"2025-09-03","support":"Credo management: a fifth hyperscaler passed qualification with first traction expected by fiscal year-end, i.e. a ramp of a few quarters."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"IT datacom was about 36% of 2025 net sales of $23.1B and rose about $4.6B on AI demand (Items 1 and 7). Amphenol's AI interconnect business is several times TE Connectivity's cable sales."},{"url":"https://www.sec.gov/Archives/edgar/data/1385157/000110465925109150/tel-20250926x10k.htm","date":"2025-11-10","support":"Digital data networks were about 13% of fiscal 2025 net sales (28% of Industrial Solutions), about $2.2B; TE names Amphenol and Molex as rivals."}]}},"fibre":{"alternatives":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/24741/000002474126000124/glw-20251231.htm","date":"2026-02-12","support":"The company names Amphenol, Fujikura (incl. AFL), Sumitomo and Prysmian as its principal optical communications competitors (Item 1)."},{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Primary competitors include Corning, Foxconn Interconnect, Glenair, HUBER+SUHNER, Luxshare, Molex, Rosenberger, TE Connectivity and others (Item 1)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20261019-13275.html","date":"2026-10-19","support":"TrendForce: global fibre capacity utilisation is 92% with inventory down to one month, leaving limited headroom."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"The company says the CommScope CCS acquisition 'adds significant fiber optic interconnect capabilities' for IT datacom (Item 1). Large connectivity makers far exceed TE's roughly 1.2% share."},{"url":"https://lightwaveonline.com/home/article/55353369/corning-inks-6b-fiber-data-center-deal-with-meta","date":"2026-01-27","support":"Meta signed for up to $6B of Corning fibre, cable and connectivity; Corning runs two of the world's largest fibre and cable plants."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"te-connectivity","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"copper":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Amphenol 10-K Item 1 Competition (filing date shown) names a dozen-plus competitors incl. Luxshare, Molex, TE and Foxconn Interconnect; losing TE Connectivity's roughly 6.5% leaves several alternatives."},{"url":"https://www.sec.gov/Archives/edgar/data/0001807794/000162828026043303/crdo-20260502.htm","date":"2026","support":"Credo 10-K (year only shown) names Broadcom, Marvell and Astera Labs plus various cable suppliers in active copper."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/0001807794/000162828026043303/crdo-20260502.htm","date":"2026","support":"Credo 10-K Item 1A (year only shown): customer evaluation takes several months to over a year, qualification several more; passive cable is quicker, so I judge 3-12 months."},{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Amphenol 10-K p. 7 (filing date shown): customers consolidate their qualified-supplier lists."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Amphenol 10-K Item 1 (filing date shown): many comparable cable makers, so the best alternative shows no clear capability gap at a mid-single-digit share."},{"url":"https://www.sec.gov/Archives/edgar/data/0001807794/000162828026043303/crdo-20260502.htm","date":"2026","support":"Credo 10-K Item 1 (year only shown): the cable side is supplied by many cable assemblers (BizLink makes Credo's AECs)."}]}},"fibre":{"alternatives":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Amphenol 10-K Item 1 Competition (filing date shown) lists Corning, Belden, Molex, Huber+Suhner, Amphenol and others; TE's roughly 1.2% has many substitutes."},{"url":"https://techblog.comsoc.org/2025/12/23/how-will-fiber-and-equipment-vendors-meet-the-increased-demand-for-fiber-in-2026-due-to-ai-data-center-buildouts/","date":"2025-12-23","support":"ComSoc (full date shown): many named makers are expanding fibre and connectivity output."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Amphenol 10-K p. 7 (filing date shown): customers consolidate qualified-supplier lists; a small volume of passive connectivity can move in months (judgement)."},{"url":"https://www.lightwaveonline.com/home/article/55353369/corning-inks-6b-fiber-data-center-deal-with-meta","date":"2026-01-27","support":"Lightwave (full date shown): ribbon fibre lead times exceed 60 weeks; small connectivity volumes should move sooner than fibre cable (judgement, thin evidence)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Amphenol 10-K Item 1 (filing date shown): comparable makers; no capability gap for about 1%."},{"url":"https://www.trendforce.com/presscenter/news/20261019-13275.html","date":"2026-10-19","support":"TrendForce (full date shown): shortfall is in fibre, small against a 1.2% connectivity volume."}]}}}}},"hgtech":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"hgtech","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"optics":{"alternatives":{"level":1,"evidence":[{"url":"https://m.c114.com.cn/w5472-1311209.html","date":"2026-05-28","support":"LightCounting's 2025 module ranking: InnoLight 1st, Eoptolink 2nd ahead of Coherent; Accelink 4th, Nazhen 6th, HG Genuine 7th, Source Photonics 8th, CIG 10th."},{"url":"https://m.c114.com.cn/w5472-1311209.html","date":"2026-05-28","support":"LightCounting ranks ten module sellers by 2025 sales, seven of them Chinese, so many qualified makers ship data-centre modules."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.chinatalk.media/p/china-the-fcc-and-the-logic-of-transceivers","date":"2026-10-07","support":"New module suppliers take months to qualify; InnoLight calls qualification long and costly, with a higher bar at 1.6T."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.sdxcentral.com/news/optical-supply-shortfall-threatens-next-gen-networking-mckinsey-warns/","date":"2025-07-04","support":"McKinsey (via SDxCentral): 800G transceiver output to run 40-60% below demand until 2027; 1.6T shortfalls of 30-40% through 2029. In a supply shortfall a roughly 3% share is not absorbed at once."},{"url":"https://www.nbd.com.cn/articles/2026-03-25/4308694.html","date":"2026-03-25","support":"HGTech says it delivered 800G LPO and 1.6T modules at first-tier scale; connectivity revenue RMB 6.1B in 2025, up 53%."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"hgtech","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"optics":{"alternatives":{"level":1,"evidence":[{"url":"https://techblog.comsoc.org/2026/08/14/impact-of-optical-component-shortages-bottlenecks-explained-hyperscalers-capex/","date":"2026-08-14","support":"LightCounting via ComSoc (full date shown): cloud builders qualify 5-7 optical suppliers; HG Genuine's roughly 2.8% has many substitutes."},{"url":"https://www.trendforce.com/presscenter/news/20260505-13031.html","date":"2026-05-05","support":"TrendForce (full date shown): InnoLight and Eoptolink are cost-competitive in volume pluggables."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://convergedigest.com/aoi-lands-200m-hyperscaler-order-for-transceivers/","date":"2026-03-09","support":"AOI (company statement, full date shown): 1.6T shipments follow qualification, about 4 months after the March 2026 order."},{"url":"https://newsroom.ao-inc.com/blog/from-800g-to-1-6t-managing-the-transition-in-high-density-ai-clusters/","date":"2026-06-04","support":"AOI executive blog (vendor view, full date shown): modules are qualified per switch and NIC pairing."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20260210-12919.html","date":"2026-02-10","support":"TrendForce (full date shown): InnoLight and Eoptolink serve 800G-plus at scale, so a small share has no capability gap."},{"url":"https://techblog.comsoc.org/2026/08/14/impact-of-optical-component-shortages-bottlenecks-explained-hyperscalers-capex/","date":"2026-08-14","support":"ComSoc/LightCounting (full date shown): demand is about 30% above supply, small against a 2.8% volume."}]}}}}},"molex":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"molex","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"copper":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Primary competitors include Corning, Foxconn Interconnect, Glenair, HUBER+SUHNER, Luxshare, Molex, Rosenberger, TE Connectivity and others (Item 1). Molex is one of about six makers of comparable high-speed cable assemblies."},{"url":"https://www.sec.gov/Archives/edgar/data/1385157/000110465925109150/tel-20250926x10k.htm","date":"2025-11-10","support":"Digital data networks were about 13% of fiscal 2025 net sales (28% of Industrial Solutions), about $2.2B; TE names Amphenol and Molex as rivals."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.fool.com/earnings/call-transcripts/2025/09/03/credo-crdo-q1-2026-earnings-call-transcript","date":"2025-09-03","support":"Credo management: a fifth hyperscaler passed qualification with first traction expected by fiscal year-end, i.e. a ramp of a few quarters."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"IT datacom was about 36% of 2025 net sales of $23.1B and rose about $4.6B on AI demand (Items 1 and 7). Amphenol's AI interconnect business is several times Molex's cable sales."},{"url":"https://www.sec.gov/Archives/edgar/data/1385157/000110465925109150/tel-20250926x10k.htm","date":"2025-11-10","support":"Digital data networks were about 13% of fiscal 2025 net sales (28% of Industrial Solutions), about $2.2B; TE names Amphenol and Molex as rivals."}]}},"fibre":{"alternatives":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/24741/000002474126000124/glw-20251231.htm","date":"2026-02-12","support":"The company names Amphenol, Fujikura (incl. AFL), Sumitomo and Prysmian as its principal optical communications competitors (Item 1)."},{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Primary competitors include Corning, Foxconn Interconnect, Glenair, HUBER+SUHNER, Luxshare, Molex, Rosenberger, TE Connectivity and others (Item 1)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20261019-13275.html","date":"2026-10-19","support":"TrendForce: global fibre capacity utilisation is 92% with inventory down to one month, leaving limited headroom."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"The company says the CommScope CCS acquisition 'adds significant fiber optic interconnect capabilities' for IT datacom (Item 1). Large connectivity makers far exceed Molex's roughly 1.6% share."},{"url":"https://lightwaveonline.com/home/article/55353369/corning-inks-6b-fiber-data-center-deal-with-meta","date":"2026-01-27","support":"Meta signed for up to $6B of Corning fibre, cable and connectivity; Corning runs two of the world's largest fibre and cable plants."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"molex","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"copper":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Amphenol 10-K Item 1 Competition (filing date shown) names a dozen-plus competitors incl. Luxshare, Molex, TE and Foxconn Interconnect; losing Molex's roughly 5% leaves several alternatives."},{"url":"https://www.sec.gov/Archives/edgar/data/0001807794/000162828026043303/crdo-20260502.htm","date":"2026","support":"Credo 10-K (year only shown) names Broadcom, Marvell and Astera Labs plus various cable suppliers in active copper."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/0001807794/000162828026043303/crdo-20260502.htm","date":"2026","support":"Credo 10-K Item 1A (year only shown): customer evaluation takes several months to over a year, qualification several more; passive cable is quicker, so I judge 3-12 months."},{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Amphenol 10-K p. 7 (filing date shown): customers consolidate their qualified-supplier lists."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Amphenol 10-K Item 1 (filing date shown): many comparable cable makers, so the best alternative shows no clear capability gap at a mid-single-digit share."},{"url":"https://www.sec.gov/Archives/edgar/data/0001807794/000162828026043303/crdo-20260502.htm","date":"2026","support":"Credo 10-K Item 1 (year only shown): the cable side is supplied by many cable assemblers (BizLink makes Credo's AECs)."}]}},"fibre":{"alternatives":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Amphenol 10-K Item 1 Competition (filing date shown) lists Corning, Belden, TE, Huber+Suhner and others; Molex's roughly 1.6% has many substitutes."},{"url":"https://techblog.comsoc.org/2025/12/23/how-will-fiber-and-equipment-vendors-meet-the-increased-demand-for-fiber-in-2026-due-to-ai-data-center-buildouts/","date":"2025-12-23","support":"ComSoc (full date shown): many named makers expanding fibre and connectivity output."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Amphenol 10-K p. 7 (filing date shown): customers consolidate qualified-supplier lists; small passive volumes can move in months (judgement)."},{"url":"https://www.lightwaveonline.com/home/article/55353369/corning-inks-6b-fiber-data-center-deal-with-meta","date":"2026-01-27","support":"Lightwave (full date shown): ribbon fibre lead times exceed 60 weeks; small connectivity volumes should move sooner than fibre cable (judgement, thin evidence)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Amphenol 10-K Item 1 (filing date shown): comparable makers; no capability gap for about 1.6%."},{"url":"https://www.trendforce.com/presscenter/news/20261019-13275.html","date":"2026-10-19","support":"TrendForce (full date shown): shortfall is in glass fibre, small against Molex's connectivity volume."}]}}}}},"bizlink":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"bizlink","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"copper":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Primary competitors include Corning, Foxconn Interconnect, Glenair, HUBER+SUHNER, Luxshare, Molex, Rosenberger, TE Connectivity and others (Item 1). BizLink is one of about six makers of comparable high-speed cable assemblies."},{"url":"https://www.bizlinktech.com/news/bizlink-expands-global-market-presence-and-deepens-customer-partnerships-by-acquiring-interplex-datacom","date":"2026-06-10","support":"The company calls itself a leading data-centre infrastructure partner, lists DAC cables, and has 50+ sites and 20,000+ staff."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.fool.com/earnings/call-transcripts/2025/09/03/credo-crdo-q1-2026-earnings-call-transcript","date":"2025-09-03","support":"Credo management: a fifth hyperscaler passed qualification with first traction expected by fiscal year-end, i.e. a ramp of a few quarters."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"IT datacom was about 36% of 2025 net sales of $23.1B and rose about $4.6B on AI demand (Items 1 and 7). Amphenol's AI interconnect business is several times BizLink's cable sales."},{"url":"https://www.sec.gov/Archives/edgar/data/1385157/000110465925109150/tel-20250926x10k.htm","date":"2025-11-10","support":"Digital data networks were about 13% of fiscal 2025 net sales (28% of Industrial Solutions), about $2.2B; TE names Amphenol and Molex as rivals."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"bizlink","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"copper":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Amphenol 10-K Item 1 Competition (filing date shown) names a dozen-plus competitors incl. Luxshare, Molex, TE and Foxconn Interconnect; losing BizLink's roughly 6% leaves several alternatives."},{"url":"https://www.sec.gov/Archives/edgar/data/0001807794/000162828026043303/crdo-20260502.htm","date":"2026","support":"Credo 10-K (year only shown) names Broadcom, Marvell and Astera Labs plus various cable suppliers in active copper."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/0001807794/000162828026043303/crdo-20260502.htm","date":"2026","support":"Credo 10-K p. 13 (year only shown): BizLink manufactures Credo's AECs; re-qualifying another assembler is a 3-12 month job (judgement), with evaluation several months to over a year (Item 1A)."},{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Amphenol 10-K p. 7 (filing date shown): customers consolidate their qualified-supplier lists."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Amphenol 10-K Item 1 (filing date shown): many comparable cable makers, so the best alternative shows no clear capability gap at a mid-single-digit share."},{"url":"https://www.sec.gov/Archives/edgar/data/0001807794/000162828026043303/crdo-20260502.htm","date":"2026","support":"Credo 10-K Item 1 (year only shown): the cable side is supplied by many cable assemblers (BizLink makes Credo's AECs)."}]}}}}},"delta-electronics":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"delta-electronics","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"switching":{"alternatives":{"level":1,"evidence":[{"url":"https://www.nextplatform.com/2025/06/23/nvidia-passes-cisco-and-rivals-arista-in-datacenter-ethernet-sales/","date":"2025-06-23","support":"IDC's ODM-direct group holds 'a dozen or so companies' making networking gear in volume; $1.41B of datacentre Ethernet sales in 1Q25."},{"url":"https://www.sec.gov/Archives/edgar/data/1030894/000103089426000011/cls-20251231.htm","date":"2026-02-27","support":"The company names Quanta, Wiwynn and Accton as ODM competitors and Arista and Cisco as OEM competitors in data-centre switching (Item 1)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1030894/000103089426000011/cls-20251231.htm","date":"2026-02-27","support":"The company says ramping new programs 'can range from several months to over a year' before production starts (risk factors)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.idc.com/resource-center/press-releases/worldwide-ethernet-switch-market-grew-35-2-in-the-third-quarter-of-2025-according-to-idcs-quarterly-ethernet-switch-tracker/","date":"2025-12-11","support":"IDC: ODM-direct makers took 30.2% of datacenter-segment switch revenue in 3Q25, up 152.4% year on year. Larger ODMs such as Celestica and Accton carry most ODM-direct volume."},{"url":"https://www.delloro.com/news/ethernet-more-than-doubles-size-of-infiniband-as-the-leading-fabric-for-ai-scale-out-networks-in-2025/","date":"2026-03-10","support":"Dell'Oro: in 2025 Celestica and NVIDIA led AI back-end Ethernet switching with a combined 50% share; Arista ranked third."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"delta-electronics","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"switching":{"alternatives":{"level":1,"evidence":[{"url":"https://www.idc.com/resource-center/blog/ethernet-switch-market-size-and-growth-datacenter-segment-surges-60-in-q4-as-ai-workloads-expand/","date":"2026-03-18","support":"IDC 4Q25 vendor highlights (full date shown): Arista 19% and NVIDIA 15.2% of datacentre Ethernet, Cisco $4.5B and Huawei $1.7B in total switch revenue, HPE incl. Juniper 6.7% of total; many vendors are at scale, so Delta's small share leaves well over six qualified suppliers (judgement)."},{"url":"https://www.nextplatform.com/2025/06/23/nvidia-passes-cisco-and-rivals-arista-in-datacenter-ethernet-sales/","date":"2025-06-23","support":"IDC 1Q25 datacentre table via Next Platform (full date shown): Arista $1.48B, Nvidia $1.46B, Cisco $1.25B and an ODM-direct group $1.41B; the article says a dozen or so companies make networking gear in appreciable volume."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sdxcentral.com/news/ai-hyperscale-and-agentic-demands-helped-cisco-smash-revenue-records/","date":"2026-08-13","support":"SDxCentral (full date shown): Cisco booked $9.3B of hyperscaler AI orders in FY2026, about 4.5 times FY2025, showing a qualified vendor can scale a hyperscale position inside roughly a year."},{"url":"https://www.delloro.com/news/ethernet-more-than-doubles-size-of-infiniband-as-the-leading-fabric-for-ai-scale-out-networks-in-2025/","date":"2026-03-10","support":"Dell'Oro (full date shown): Celestica and NVIDIA reached about 50% of 2025 AI back-end Ethernet between them, Cisco accelerated and HPE/Juniper won accounts; share moves within a year, so replacing Delta is a 3-12 month ramp (judgement)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.idc.com/resource-center/blog/nvidia-becomes-1-in-datacenter-ethernet-switching-as-1q26-market-surges-39-8-to-15-4-billion/","date":"2026-06-17","support":"IDC 1Q26 (full date shown) puts NVIDIA first (21.5%) and Arista second (20.7%), while Dell'Oro puts Celestica first in AI back-end Ethernet; no single vendor leads on capability, so the best alternative to Delta shows no clear gap."},{"url":"https://engineering.fb.com/2025/10/13/data-infrastructure/ocp-summit-2025-the-open-future-of-networking-hardware-for-ai/","date":"2025-10-13","support":"Meta (full date shown) deploys Broadcom-, Cisco- and NVIDIA-silicon switches side by side, which indicates comparable capability across vendors at 51.2T."}]}}}}},"furukawa-electric":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"furukawa-electric","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"fibre":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/24741/000002474126000124/glw-20251231.htm","date":"2026-02-12","support":"The company names Amphenol, Fujikura (incl. AFL), Sumitomo and Prysmian as its principal optical communications competitors (Item 1). Corning, Fujikura, Sumitomo, Prysmian and Amphenol are larger rivals."},{"url":"https://www.furukawaelectric.com/en/ir/achievements/highlight.html","date":"undated","support":"The company raised its forecast on 6 Aug 2026 on 'stronger demand for data center-related products' in Optical Solutions. (page shows no publication date; cited as undated.)"}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20261019-13275.html","date":"2026-10-19","support":"TrendForce: global fibre capacity utilisation is 92% with inventory down to one month, leaving limited headroom."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://w.media/fujikura-to-triple-fiber-capacity-with-%C2%A5300bn-ai-push/","date":"2026-03-19","support":"Fujikura plans to raise Spider Web Ribbon and Wrapping Tube Cable output up to three times, spending up to JPY 300B, citing AI data centres. Larger rivals are adding capacity well beyond Furukawa's roughly 4% share."},{"url":"https://lightwaveonline.com/home/article/55353369/corning-inks-6b-fiber-data-center-deal-with-meta","date":"2026-01-27","support":"Meta signed for up to $6B of Corning fibre, cable and connectivity; Corning runs two of the world's largest fibre and cable plants."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"furukawa-electric","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"fibre":{"alternatives":{"level":2,"evidence":[{"url":"https://techblog.comsoc.org/2025/12/23/how-will-fiber-and-equipment-vendors-meet-the-increased-demand-for-fiber-in-2026-due-to-ai-data-center-buildouts/","date":"2025-12-23","support":"ComSoc (full date shown) names Corning, Prysmian, Sumitomo Electric, Fujikura, CommScope, STL and YOFC; a roughly 4% share leaves several alternatives."},{"url":"https://xenospectrum.com/en/fiber-shortage-contracts-capacity-timeline/","date":"2026-10-19","support":"Xenospectrum (full date shown) reports Furukawa is spending about JPY 100B to expand fibre and rollable-ribbon output in the US, Brazil, Japan and India, with confirmed customer commitments (secondary report)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20261019-13275.html","date":"2026-10-19","support":"TrendForce (full date shown): preform capacity takes 18-24 months to add and some makers are booked through Q1 2027."},{"url":"https://xenospectrum.com/en/fiber-shortage-contracts-capacity-timeline/","date":"2026-10-19","support":"Xenospectrum (full date shown) reports Furukawa's phased mass production starts in the second half of fiscal 2028, illustrating long build times (secondary report)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20261019-13275.html","date":"2026-10-19","support":"TrendForce (full date shown): the market is short 180M fibre-km in 2026; a roughly 4% share is a small part of that."},{"url":"https://xenospectrum.com/en/fiber-shortage-contracts-capacity-timeline/","date":"2026-10-19","support":"Xenospectrum (full date shown): Furukawa's new capacity comes late, so near-term alternatives are those already built (secondary report)."}]}}}}},"lumentum":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"lumentum","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"optics":{"alternatives":{"level":1,"evidence":[{"url":"https://m.c114.com.cn/w5472-1311209.html","date":"2026-05-28","support":"LightCounting notes that its module-only ranking explains why Coherent and Lumentum rank relatively low, i.e. Lumentum is a small module seller."},{"url":"https://m.c114.com.cn/w5472-1311209.html","date":"2026-05-28","support":"LightCounting ranks ten module sellers by 2025 sales, seven of them Chinese, so many qualified makers ship data-centre modules."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.chinatalk.media/p/china-the-fcc-and-the-logic-of-transceivers","date":"2026-10-07","support":"New module suppliers take months to qualify; InnoLight calls qualification long and costly, with a higher bar at 1.6T."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1633978/000162828026055726/lite_ex991xq4fy26.htm","date":"2026-08-11","support":"The company says its cloud module business, where it is advancing 1.6T adoption, is only 'beginning to layer in' (CEO quote)."},{"url":"https://cignal.ai/2025/05/800gbe-optics-shipments-to-grow-60-in-2025/","date":"2025-05-07","support":"Cignal AI: 'Innolight, Coherent, and Eoptolink are the largest suppliers of Datacom modules.' The largest module makers are others."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"lumentum","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"optics":{"alternatives":{"level":1,"evidence":[{"url":"https://techblog.comsoc.org/2026/08/14/impact-of-optical-component-shortages-bottlenecks-explained-hyperscalers-capex/","date":"2026-08-14","support":"LightCounting via ComSoc (full date shown): cloud builders qualify 5-7 module suppliers, so Lumentum's 1.75% of module sales (cloud module line, via Cloud Light) has many substitutes."},{"url":"https://www.sec.gov/Archives/edgar/data/0001633978/000162828026055726/lite_ex991xq4fy26.htm","date":"2026-08-11","support":"Lumentum Q4 FY2026 release (full date shown): the Systems segment, which includes its cloud module line, was $356.9M of $1,006.3M quarterly revenue (35.5%)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://convergedigest.com/aoi-lands-200m-hyperscaler-order-for-transceivers/","date":"2026-03-09","support":"AOI (company statement, full date shown): 1.6T shipments begin after qualification, about 4 months after the March 2026 order; a small module volume can be re-sourced within months."},{"url":"https://www.trendforce.com/presscenter/news/20251208-12823.html","date":"2025-12-08","support":"TrendForce (full date shown): module makers and cloud providers are seeking secondary suppliers, and laser lead times extend beyond 2027, so re-sourcing is not instant."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20260505-13031.html","date":"2026-05-05","support":"TrendForce (full date shown): InnoLight and Eoptolink are cost-competitive in volume pluggables, so no capability shortfall at a 1.75% volume."},{"url":"https://techblog.comsoc.org/2026/08/14/impact-of-optical-component-shortages-bottlenecks-explained-hyperscalers-capex/","date":"2026-08-14","support":"ComSoc/LightCounting (full date shown): market demand is about 30% above supply, but this is small against it."}]}}}}},"dell":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"dell","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"switching":{"alternatives":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/anet-20251231.htm","date":"2026-02-17","support":"Competition section names Cisco, Dell/EMC, Extreme, HPE, Huawei, Juniper, NVIDIA and white-box vendors using open-source operating systems."},{"url":"https://www.sec.gov/Archives/edgar/data/858877/000085887726000132/csco-20260725.htm","date":"2026-09-02","support":"The company lists Arista, Broadcom, Dell, HPE, Huawei, Nokia, NVIDIA and others as competitors and says 'Barriers to entry are relatively low' (Item 1)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/anet-20251231.htm","date":"2026-02-17","support":"The company says large customers need considerable time to evaluate, test and qualify switches, with 'longer testing and qualification periods' in AI; no duration given. Months-scale qualification; evidence thin on exact time."},{"url":"https://www.sec.gov/Archives/edgar/data/1030894/000103089426000011/cls-20251231.htm","date":"2026-02-27","support":"The company says ramping new programs 'can range from several months to over a year' before production starts (risk factors)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1571996/000157199626000008/dell-20260130.htm","date":"2026-03-16","support":"The company says its networking portfolio (switches, cables and optics) complements its servers; networking is not reported separately (Item 7)."},{"url":"https://www.idc.com/resource-center/blog/ethernet-switch-market-size-and-growth-datacenter-segment-surges-60-in-q4-as-ai-workloads-expand/","date":"2026-03-18","support":"IDC's 4Q25 vendor table lists Cisco ($4.5B), Arista ($2.0B), Huawei ($1.7B), NVIDIA ($1.5B) and HPE (6.7% share) as Ethernet switch vendors. Dell is not among the vendors IDC names."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"dell","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"switching":{"alternatives":{"level":1,"evidence":[{"url":"https://www.idc.com/resource-center/blog/ethernet-switch-market-size-and-growth-datacenter-segment-surges-60-in-q4-as-ai-workloads-expand/","date":"2026-03-18","support":"IDC 4Q25 vendor highlights (full date shown): Arista 19% and NVIDIA 15.2% of datacentre Ethernet, Cisco $4.5B and Huawei $1.7B in total switch revenue, HPE incl. Juniper 6.7% of total; many vendors are at scale, so Dell's small share leaves well over six qualified suppliers (judgement)."},{"url":"https://www.nextplatform.com/2025/06/23/nvidia-passes-cisco-and-rivals-arista-in-datacenter-ethernet-sales/","date":"2025-06-23","support":"IDC 1Q25 datacentre table via Next Platform (full date shown): Arista $1.48B, Nvidia $1.46B, Cisco $1.25B and an ODM-direct group $1.41B; the article says a dozen or so companies make networking gear in appreciable volume."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sdxcentral.com/news/ai-hyperscale-and-agentic-demands-helped-cisco-smash-revenue-records/","date":"2026-08-13","support":"SDxCentral (full date shown): Cisco booked $9.3B of hyperscaler AI orders in FY2026, about 4.5 times FY2025, showing a qualified vendor can scale a hyperscale position inside roughly a year."},{"url":"https://www.delloro.com/news/ethernet-more-than-doubles-size-of-infiniband-as-the-leading-fabric-for-ai-scale-out-networks-in-2025/","date":"2026-03-10","support":"Dell'Oro (full date shown): Celestica and NVIDIA reached about 50% of 2025 AI back-end Ethernet between them, Cisco accelerated and HPE/Juniper won accounts; share moves within a year, so replacing Dell is a 3-12 month ramp (judgement)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.idc.com/resource-center/blog/nvidia-becomes-1-in-datacenter-ethernet-switching-as-1q26-market-surges-39-8-to-15-4-billion/","date":"2026-06-17","support":"IDC 1Q26 (full date shown) puts NVIDIA first (21.5%) and Arista second (20.7%), while Dell'Oro puts Celestica first in AI back-end Ethernet; no single vendor leads on capability, so the best alternative to Dell shows no clear gap."},{"url":"https://engineering.fb.com/2025/10/13/data-infrastructure/ocp-summit-2025-the-open-future-of-networking-hardware-for-ai/","date":"2025-10-13","support":"Meta (full date shown) deploys Broadcom-, Cisco- and NVIDIA-silicon switches side by side, which indicates comparable capability across vendors at 51.2T."}]}}}}},"zte":{},"us-conec":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"us-conec","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"fibre":{"alternatives":{"level":3,"evidence":[{"url":"https://www.lightwaveonline.com/business/companies/article/14288812/senko-alleges-vsff-fiber-connector-patent-infringement-in-suit-against-us-conec","date":"2023-01-26","support":"Senko's SN-MT multi-fibre connector competes with US Conec's MMC; customers choose one or the other (Senko complaint, Jan 2023)."},{"url":"https://cablinginstall.com/data-center/press-release/55358203/us-conec-bolsters-supply-of-mmc-connectors-tmt-ferrules","date":"2026-02-17","support":"US Conec, Sanwa and Hakusan agreed to multi-source MMC connectors and TMT ferrules (Hakusan makes ferrules) to expand supply quickly."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://cablinginstall.com/data-center/press-release/55358203/us-conec-bolsters-supply-of-mmc-connectors-tmt-ferrules","date":"2026-02-17","support":"US Conec, Sanwa and Hakusan agreed to multi-source MMC connectors and TMT ferrules (Hakusan makes ferrules) to expand supply quickly."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.fibre-systems.com/webcast/live-webinar-14-march-future-proofed-cabling-how-leverage-sn-sn-mt-connectivity-800g","date":"2024","support":"MT ferrule supply shortages 'have been having a knock-on effect on the deployment of 800G' (source shows the year only.)"},{"url":"https://cablinginstall.com/data-center/press-release/55358203/us-conec-bolsters-supply-of-mmc-connectors-tmt-ferrules","date":"2026-02-17","support":"US Conec, Sanwa and Hakusan agreed to multi-source MMC connectors and TMT ferrules (Hakusan makes ferrules) to expand supply quickly."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-networking","entityId":"us-conec","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"fibre":{"alternatives":{"level":2,"evidence":[{"url":"https://cablinginstall.com/data-center/press-release/55358203/us-conec-bolsters-supply-of-mmc-connectors-tmt-ferrules","date":"2026-02-17","support":"Cablinginstall (full date shown): US Conec, Sanwa and Hakusan agreed to expand MMC connector and 12/16-fibre TMT ferrule supply, Hakusan making the ferrule: a second ferrule source is being added."},{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Amphenol 10-K Item 1 (filing date shown) lists many connectivity makers; MT/MPO-class ferrule makers beyond US Conec exist but I found no share data (thin evidence)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://cablinginstall.com/data-center/press-release/55358203/us-conec-bolsters-supply-of-mmc-connectors-tmt-ferrules","date":"2026-02-17","support":"Cablinginstall (full date shown): Sanwa's partner says the three companies will work to rapidly expand the supply capacity, implying a few quarters to ramp a second source (judgement)."},{"url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","date":"2026-02-11","support":"Amphenol 10-K p. 7 (filing date shown): customers consolidate qualified-supplier lists, so a new ferrule source needs qualification."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://cablinginstall.com/data-center/press-release/55358203/us-conec-bolsters-supply-of-mmc-connectors-tmt-ferrules","date":"2026-02-17","support":"Cablinginstall (full date shown): the release says hyperscale designs have migrated away from traditional MPO cabling toward MMC, a connector US Conec licenses to Sanwa; alternatives are close but not identical (one source only, thin evidence)."}]}}}}}},"validation":[]}