[Lumentum's surge](https://www.marketwatch.com/story/lumentums-stock-surges-giving-a-further-boost-to-the-optical-networking-trade-0ee46339?mod=mw_rss_topstories) is the real capex story here — not because optical demand is infinite, but because the infrastructure layer is *finally* where capital is flowing instead of chasing GPU commoditization. Problem: all that capex is being financed at sticky rates.

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