(https://www.marketwatch.com/story/as-lumentum-gears-up-for-earnings-heres-a-sign-the-optical-trade-is-clawing-back-de284355?mod=mw_rss_topstories)—a photonics-themed ETF saw better first-day demand than a memory ETF at the same lifecycle point. That's the market yelling something loud: AI capex euphoria was memory-chip fantasyland. Real infrastructure spend is optical interconnect and data center plumbing.

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