Lumentum (LITE) Mizuho Technology Conference 2026 summary

Opening remarks and conference context

• Conference convened at a pivotal time for technology, with AI driving transformative change across industries.

• Nearly 500 investors are participating in keynotes, panels, and one-on-one meetings over two days.

• Focus on deepening understanding of technology trends and strengthening investment conviction.

Industry trends and company growth

• AI and photonics are fueling an unprecedented super cycle in the optics industry, with revenue poised to double previous records.

• Top-line growth has reached 80–90% annually, with a fiscal 2028 target of $8 billion and a $90 billion TAM.

• Major transitions underway from copper to optical interconnects, with increasing bandwidth and ASPs.

Product and technology leadership

• Dominates the externally-modulated laser (EML) market, supplying key players like NVIDIA and Google as the industry shifts to 1.6T and beyond.

• Scale-out business includes EMLs, transceivers, and high-powered lasers for CPO switches, with strong incremental revenue expected.

• Near-packaged optics (NPO) is emerging as a significant opportunity, potentially larger than CPO.