{"slug":"lumentum","name":"Lumentum","name_en":"Lumentum","ticker":"LITE","updated_at":"2026-07-12T04:21:24.86+00:00","canonical":"https://valuechain.wiki/lumentum","same_as":["https://finance.yahoo.com/quote/LITE","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1633978"],"citable":"밸류체인 그래프 기준 Lumentum의 직접 연결 기업은 6곳(관계 기준 공급 3·매출 3)이고, 사슬을 2차까지 넓히면 43곳에 닿는다. 링크의 근거 출처는 13건이며 그중 1차공시가 3건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Lumentum is directly linked to 6 companies (3 supply, 3 revenue relationships) and reaches 43 companies within two hops; the links are backed by 13 dated sources, 3 of them primary filings (as of 2026-07-12).","kicker":"나스닥 · AI 광부품 · EML 레이저(50-60%)","kicker_en":"NASDAQ · AI optics · EML lasers (50-60%)","lead":"AI 데이터센터 광네트워킹의 핵심 부품 기업. 800G·1.6T 트랜시버의 심장인 EML(전계흡수변조 레이저)에서 50~60% 점유로, 200G/레인 EML을 유일하게 양산한다. 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Industries","tier":3,"returns_yearly":{"2021":-5.7,"2022":-5.4,"2023":27.5,"2024":6.6,"2025":81.6,"2026":47.2}},{"slug":"smc","name":"SMC Corporation","name_en":"SMC Corporation","tier":3,"returns_yearly":{"2021":0.9,"2022":4.5,"2023":28.6,"2024":-28,"2025":4.2,"2026":26.6}},{"slug":"tck","name":"티씨케이","name_en":"TCK (Tokai Carbon Korea)","tier":3,"returns_yearly":{"2021":-10.1,"2022":-16.9,"2023":2.8,"2024":-28.7,"2025":225.7,"2026":-2.5}}],"analysis":"투자 논점은 AI 데이터센터 광연결의 '심장'인 EML 레이저를 사실상 과점한 지위다. 800G·1.6T 트랜시버의 핵심 광원인 EML에서 세계 50~60%를 쥐고 200G/레인 EML을 유일하게 양산해, 광트랜시버 시장이 커질수록(2025년 광트랜시버 238억 달러 +55%) 그 상류 부품 수요를 독점적으로 흡수한다 — 이노라이트·이오플링크 같은 세계 1위 트랜시버사조차 EML은 루멘텀 등 해외 소수 공급사에 의존한다(중국 광칩 국산화율 15% 미만). 엔비디아가 2026년 $20억을 투자하고 수십억 달러 구매를 약정하며 핵심 고객임을 확인했고, 조달 자본으로 InP 팹·캐파를 늘린다. 위험은 매출이 하이퍼스케일러 광네트워킹 capex 사이클에 크게 연동되고, 800G→1.6T 전환기에 스펙·경쟁 구도가 바뀔 수 있다는 점이다.","analysis_en":"The thesis is an effective oligopoly in EML lasers, the 'heart' of AI-datacenter optical links. Holding world 50-60% of EMLs — the core light source of 800G/1.6T transceivers — and the only volume supplier of 200G/lane, it absorbs upstream-component demand almost exclusively as the transceiver market grows (optical transceivers $23.8B, +55% in 2025) — even world No.1 transceiver makers like InnoLight and Eoptolink depend on Lumentum and a few overseas suppliers for EMLs (China's optical-chip localization under 15%). NVIDIA's 2026 $2B investment and multi-billion purchase commitment confirmed it as a key customer, and it uses that capital to expand InP fabs and capacity. Risks are heavy linkage to the hyperscaler optical-networking capex cycle and possible spec/competitive shifts across the 800G-to-1.6T transition.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"NVIDIA","counterparty_slug":"nvidia","confidence":"high","metric":null,"note":"엔비디아에 EML·레이저 공급(엔비디아 $20억 투자·구매 약정).","note_en":"Supplies EMLs/lasers to NVIDIA ($2B investment + purchase commitment).","sources":[{"stance":"confirms","publisher":"MLQ.ai","publisher_en":"MLQ.ai","kind":"research","lang":"en","published_at":"2026-03-15","url":"https://mlq.ai/research/lumentum-ai-optical-laser-supercycle/","title":"Lumentum Holdings: The Laser Engine Powering the AI Optical Supercycle","title_en":"Lumentum Holdings: The Laser Engine Powering the AI Optical Supercycle","excerpt":"2026년 3월 2일 엔비디아가 루멘텀에 20억 달러(전환우선주, 주당 $695.31)를 투자하고 첨단 레이저 부품에 수십억 달러 구매를 약정했다. 엔비디아가 루멘텀의 대형 고객임을 확인한다.","excerpt_en":"On March 2, 2026 NVIDIA made a $2B equity investment in Lumentum (convertible preferred at $695.31) plus multibillion-dollar purchase commitments for advanced laser components, confirming NVIDIA as a major Lumentum customer."},{"stance":"confirms","publisher":"NVIDIA","publisher_en":"NVIDIA","kind":"news","lang":"en","published_at":"2026-03-02","url":"https://nvidianews.nvidia.com/news/nvidia-announces-strategic-partnership-with-lumentum-to-develop-state-of-the-art-optics-technology","title":"엔비디아, 루멘텀과 광기술 전략 파트너십($20억 투자)","title_en":"NVIDIA strategic partnership with Lumentum ($2B investment)","excerpt":"엔비디아가 루멘텀에 $20억 투자, 고급 레이저 수십억 구매 약정.","excerpt_en":"NVIDIA invests $2B in Lumentum with multi-billion laser purchase commitments."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-19","url":"https://www.sec.gov/Archives/edgar/data/0001633978/000162828025039896/lite_ex991xq4fy25.htm","title":"Lumentum FY2025 실적(8-K)","title_en":"Lumentum FY2025 results (8-K)","excerpt":"엔비디아가 루멘텀에 $20억 투자, 고급 레이저 수십억 구매 약정.","excerpt_en":"NVIDIA invests $2B in Lumentum with multi-billion laser purchase commitments."}]},{"direction":"cost","counterparty":"Fabrinet","counterparty_slug":"fabrinet","confidence":"high","metric":null,"note":"광모듈·트랜시버 제조를 Fabrinet에 위탁.","note_en":"Outsources optical-module manufacturing to Fabrinet.","sources":[{"stance":"confirms","publisher":"MatrixBCG","publisher_en":"MatrixBCG","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://matrixbcg.com/blogs/how-it-works/fabrinet","title":"Fabrinet, NVIDIA·Cisco·AWS·Lumentum 광모듈 위탁생산","title_en":"Fabrinet contract-manufactures optics for NVIDIA, Cisco, AWS, Lumentum","excerpt":"광모듈·트랜시버 제조를 Fabrinet에 위탁.","excerpt_en":"Outsources optical-module manufacturing to Fabrinet."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-18","url":"https://www.sec.gov/Archives/edgar/data/0001408710/000140871025000036/fn-2025818xex991q425.htm","title":"Fabrinet FY2025 실적(8-K)","title_en":"Fabrinet FY2025 results (8-K)","excerpt":"광모듈·트랜시버 제조를 Fabrinet에 위탁.","excerpt_en":"Outsources optical-module manufacturing to Fabrinet."}]},{"direction":"revenue","counterparty":"InnoLight","counterparty_slug":"innolight","confidence":"high","metric":null,"note":"InnoLight 트랜시버에 EML 레이저 공급.","note_en":"Supplies EML lasers to InnoLight transceivers.","sources":[{"stance":"mentions","publisher":"포톤캐피털","publisher_en":"Photon Capital","kind":"news","lang":"en","published_at":"2026-04-18","url":"https://photoncap.net/p/chinese-optical-modules-own-7-of","title":"EML 5사 과점: 루멘텀 선두","title_en":"Five companies dominate the EML market","excerpt":"같은 구조로, 이노라이트 등 중국 상위 모듈업체도 고속 EML을 루멘텀 등 해외 5대 공급사에서 조달해야 한다(중국 광칩 국산화율 15% 미만).","excerpt_en":"By the same structure, top Chinese module makers such as InnoLight must source high-speed EMLs from the five overseas suppliers including Lumentum, given sub-15% chip localization."},{"stance":"confirms","publisher":"IP-Fiber","publisher_en":"IP-Fiber (Baudcom)","kind":"news","lang":"en","published_at":"2025-11-11","url":"https://ip-fiber.com/blogs/news/nvidia-orders-surge-innolight-and-eoptolink-dominate-60-of-800g-sfp-optical-modules-supply","title":"엔비디아 주문 급증: 이노라이트·이옵토링크가 800G 공급 60% 장악","title_en":"Nvidia Orders Surge: InnoLight and Eoptolink Dominate 60% of 800G Supply","excerpt":"InnoLight 트랜시버에 EML 레이저 공급.","excerpt_en":"Supplies EML lasers to InnoLight transceivers."}]},{"direction":"revenue","counterparty":"Eoptolink","counterparty_slug":"eoptolink","confidence":"high","metric":null,"note":"이오플링크 트랜시버에 EML 공급.","note_en":"Supplies EMLs to Eoptolink.","sources":[{"stance":"mentions","publisher":"포톤캐피털","publisher_en":"Photon Capital","kind":"news","lang":"en","published_at":"2026-04-18","url":"https://photoncap.net/p/chinese-optical-modules-own-7-of","title":"EML 5사 과점: 루멘텀 선두","title_en":"Five companies dominate the EML market","excerpt":"EML 시장을 지배하는 5개사에 루멘텀이 포함되며, 중국의 25G 이상 고속 광칩 국산화율이 15% 미만이라 이오플링크 등 중국 모듈업체가 루멘텀 등 해외 EML 공급사에 의존함을 시사한다.","excerpt_en":"Lumentum is among the five firms dominating the EML market, and with China's high-speed optical-chip localization below 15%, Chinese module makers like Eoptolink depend on overseas EML suppliers including Lumentum."},{"stance":"confirms","publisher":"Eoptolink/SZSE","publisher_en":"Eoptolink/SZSE","kind":"filing","lang":"en","published_at":"2026-03-01","url":"https://www.eoptolink.com","title":"Eoptolink 회사·IR(선전거래소)","title_en":"Eoptolink company/IR (SZSE)","excerpt":"이오플링크 트랜시버에 EML 공급.","excerpt_en":"Supplies EMLs to Eoptolink."}]},{"direction":"revenue","counterparty":"하이퍼스케일러·데이터컴 (트랜시버)","counterparty_slug":null,"confidence":"mid","metric":{"type":"revenue","unit":"USD","basis":"FY2025 매출","value":1650000000,"period":"2025","basis_en":"FY2025 revenue","qualifier":"approx"},"note":"구글·메타·MS 등에 1.6T 트랜시버 공급.","note_en":"Supplies 1.6T transceivers to Google/Meta/Microsoft.","sources":[{"stance":"confirms","publisher":"라이트카운팅","publisher_en":"LightCounting","kind":"research","lang":"en","published_at":"2026-03-01","url":"https://www.lightcounting.com/newsletter/en/march-2026-quarterly-market-update-380","title":"Sales of optical transceivers reached $23.8 billion in 2025","title_en":"Sales of optical transceivers reached $23.8 billion in 2025","excerpt":"광트랜시버 시장이 2025년 238억 달러(+55%), 이더넷 트랜시버는 약 180억 달러(+70%)로 커졌고 루멘텀은 사상 최고 매출과 두 자릿수 고성장을 기록했다. 하이퍼스케일러의 2026년 투자 확대가 데이터컴 트랜시버 수요로 이어짐을 확인한다.","excerpt_en":"The transceiver market reached $23.8B in 2025 (+55%), Ethernet optics near $18B (+70%), and Lumentum reported record revenues with high double-digit growth, confirming hyperscaler capex feeding datacom transceiver demand."},{"stance":"confirms","publisher":"FindIC","publisher_en":"FindIC","kind":"news","lang":"ko","published_at":"2026-01-01","url":"https://www.findic.us/manufacturer/lumentum-operations-DnRKb1qbe.html","title":"루멘텀(Lumentum) 한국 유통·광부품","title_en":"Lumentum Korea distribution / optics","excerpt":null,"excerpt_en":null},{"stance":"mentions","publisher":"FPX 리서치","publisher_en":"FPX Research","kind":"research","lang":"en","published_at":"2025-12-09","url":"https://research.fpx.world/p/part-2-beyond-power-the-networking","title":"Part 2: Beyond Power, The Networking Bottleneck Starting to Take Shape","title_en":"Part 2: Beyond Power, The Networking Bottleneck Starting to Take Shape","excerpt":"루멘텀이 완성 모듈과 InP 레이저·EML·드라이버·리시버를 함께 공급하며, 고속 400/800G 모듈 시장이 2024년 약 90억 달러에서 2026년 약 160억 달러로 확대된다고 본다. 데이터컴 트랜시버 수요가 매출 동력임을 뒷받침한다.","excerpt_en":"Lumentum supplies finished modules alongside InP lasers/EMLs, drivers and receivers, and the article sees the 400/800G module market climbing from ~$9B in 2024 toward ~$16B by 2026, supporting datacom transceiver demand as a revenue driver."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-19","url":"https://www.sec.gov/Archives/edgar/data/0001633978/000162828025039896/lite_ex991xq4fy25.htm","title":"Lumentum FY2025 실적(8-K)","title_en":"Lumentum FY2025 results (8-K)","excerpt":"800G→1.6T 전환이 매출 견인.","excerpt_en":"800G to 1.6T transition drives revenue."}]},{"direction":"cost","counterparty":"Tower Semiconductor","counterparty_slug":"tower-semiconductor","confidence":"mid","metric":null,"note":"광부품용 SiPho·SiGe를 Tower에서 조달.","note_en":"Sources SiPho/SiGe from Tower for optics.","sources":[{"stance":"confirms","publisher":"TipRanks","publisher_en":"TipRanks","kind":"research","lang":"en","published_at":"2025-11-10","url":"https://www.tipranks.com/news/company-announcements/tower-semiconductor-bets-big-on-photonics-growth","title":"Tower, SiPho 성장 베팅(트랜시버용 1위)","title_en":"Tower bets big on photonics (No.1 SiPho for transceivers)","excerpt":"광부품용 SiPho·SiGe를 Tower에서 조달.","excerpt_en":"Sources SiPho/SiGe from Tower for optics."}]},{"direction":"cost","counterparty":"MACOM","counterparty_slug":"macom","confidence":"mid","metric":null,"note":"트랜시버용 레이저 드라이버·TIA를 MACOM에서 조달.","note_en":"Sources laser drivers/TIAs from MACOM for transceivers.","sources":[{"stance":"confirms","publisher":"Converge Digest","publisher_en":"Converge Digest","kind":"news","lang":"en","published_at":"2026-01-01","url":"https://convergedigest.com/macom-revenue-jumps-23-as-ai-optical-demand-accelerates/","title":"MACOM, AI 광수요로 매출 +23%","title_en":"MACOM revenue jumps 23% as AI optical demand accelerates","excerpt":"트랜시버용 레이저 드라이버·TIA를 MACOM에서 조달.","excerpt_en":"Sources laser drivers/TIAs from MACOM for transceivers."}]},{"direction":"cost","counterparty":"InP·광소재·팹 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"인듐인(InP) 등 화합물 반도체·자체 팹.","note_en":"InP compound semiconductors and in-house fabs.","sources":[{"stance":"mentions","publisher":"MLQ.ai","publisher_en":"MLQ.ai","kind":"research","lang":"en","published_at":"2026-03-15","url":"https://mlq.ai/research/lumentum-ai-optical-laser-supercycle/","title":"Lumentum Holdings: The Laser Engine Powering the AI Optical Supercycle","title_en":"Lumentum Holdings: The Laser Engine Powering the AI Optical Supercycle","excerpt":"루멘텀은 200G/레인 EML을 유일하게 양산하는 업체로, 조달 자본으로 R&D·캐파 증설과 신규 InP 팹을 구축한다. 인듐인(InP) 팹·광소재가 핵심 원가 투입임을 시사한다.","excerpt_en":"Lumentum, the only volume supplier of 200G-per-lane EMLs, is using the capital for R&D, capacity and a new InP fabrication facility, indicating indium-phosphide fab and photonic materials as key cost inputs."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-19","url":"https://www.sec.gov/Archives/edgar/data/0001633978/000162828025039896/lite_ex991xq4fy25.htm","title":"Lumentum FY2025 실적(8-K)","title_en":"Lumentum FY2025 results (8-K)","excerpt":"EML은 InP 단일칩 레이저·변조기.","excerpt_en":"EMLs are single-chip InP laser/modulators."}]},{"direction":"cost","counterparty":"R&D·증설 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"미국 신규 팹·광기술 R&D.","note_en":"New US fab and optics R&D.","sources":[{"stance":"confirms","publisher":"NVIDIA","publisher_en":"NVIDIA","kind":"news","lang":"en","published_at":"2026-03-02","url":"https://nvidianews.nvidia.com/news/nvidia-announces-strategic-partnership-with-lumentum-to-develop-state-of-the-art-optics-technology","title":"엔비디아, 루멘텀과 광기술 전략 파트너십($20억 투자)","title_en":"NVIDIA strategic partnership with Lumentum ($2B investment)","excerpt":"엔비디아 투자로 미국 팹·증설.","excerpt_en":"US fab/capacity backed by NVIDIA investment."}]}]}