Semiconductor Alpha Relationship Map

A public-source research dashboard mapping 50 US and 50 non-US publicly traded semiconductor / semiconductor-adjacent optical companies, with 2,000+ directed relationship rows, 5-depth supply-chain paths, and an alpha screening score focused on early, under-discovered, undervalued or brewing AI/CPO opportunities.

100 public companies 50 US + 50 non-US 4,798 mapped relationship rows minimum 22 connections/company not investment advice documented vs inferred edges labeled

Screenshot thesis decode

The post is pointing at the AI optical interconnect / co-packaged optics (CPO) supply chain. The likely interpretation is: SOI = Soitec, a Photonics-SOI substrate supplier; SIVE = Sivers Semiconductors, a public Swedish photonics/mmWave semiconductor company working on external light-source modules; and the “CPO equivalent of AAOI” is most plausibly a small optical-engine/PIC/module supplier such as POET or Enablence, with much higher risk than established optical-module names.

Why this matters: CPO moves optics closer to the switch ASIC / accelerator package to reduce power per bit and bandwidth bottlenecks. The public evidence chain runs from substrateslasers/PICsexternal light source / optical engineswitch ASIC and acceleratorhyperscale AI cluster.

Important correction: raw share price is not a valid cross-company valuation metric because it depends on share count and listing currency. This dashboard uses stock-market value through market cap, TTM revenue, P/S, size/crowding, risk and catalyst scores.

Research constraints

Many bilateral semiconductor customer/supplier contracts and exact counterparty cash flows are confidential. This map therefore distinguishes:

DOCUMENTED official PR, filing, partner list, product page, or listing source.

ECOSYSTEM-INFERRED supply-chain relationship inferred from product role, common manufacturing flow, or public ecosystem position.

LOW-CONFIDENCE-MAP filler/adjacency edge added only to preserve graph breadth; not a contract claim.

Top 10 alpha screens

Alpha-score model

This is a research-prioritization model, not a price target. It is designed to surface stocks where the CPO/AI infrastructure theme may be brewing before the broader crowd fully prices it.

Alpha = 30% theme + 22% under-discovered size + 18% valuation + 20% catalyst + 10% risk-quality − crowding penalty + manual event adjustment

Theme emphasizes CPO/photonics, AI interconnect, HBM, advanced packaging, substrates, foundry and WFE. Under-discovered size favors smaller public companies. Valuation uses P/S bands, not raw share price. Risk-quality penalizes negative gross margins, tiny revenue bases, balance-sheet stress, or cancelled orders. Manual event adjustment captures public developments such as Sivers/POET/Enablence CPO PRs, POET order cancellation risk, and already-crowded moves in AAOI/LITE/ALAB/CRDO/NVIDIA.

Model caveats

A high score means “research this first,” not “buy.” Some high-alpha screens are small, volatile, unprofitable, or dependent on qualifications that may never convert into production revenue.

The most asymmetric names often have the worst current financials. For example, a tiny photonics company can score well on theme and under-discovery but poorly on valuation/risk if revenue is minimal.

Ranked company universe

Click a row to populate the detail panel. Click headers to sort. Market cap and revenue are approximate USD billions; prices use listed currency where available.

Top 25 alpha scores

Alpha vs market cap

Average alpha by category

Documented vs inferred edges

CPO / AI optical-interconnect mind map

1. Substrate & material

Soitec (SOI.PA): Photonics-SOI
AXT (AXTI): InP / GaAs / Ge
GlobalWafers / NSIG / WIN
Entegris / photomasks / process consumables

2. Laser / PIC / optical engine

Sivers: DFB laser arrays
POET: optical interposer
Enablence: PLC / couplers
Coherent / Lumentum / MACOM / Semtech

3. Module & package

LuxshareTech / O-Net / Fabrinet
ASE / Amkor / BESI / DISCO
Advantest / FormFactor / Technoprobe
POET-Celestial orders cancelled: risk event

4. Switch silicon / accelerator

NVIDIA Spectrum-X / Quantum-X CPO
Broadcom / Marvell switch & ASIC
Credo / Astera retimers, SerDes, AEC
TSMC / Samsung / GF foundry flows

5. AI cluster demand

Microsoft / AWS / Google / Meta
OpenAI/xAI/Oracle clusters
800G → 1.6T → 3.2T/6.4T links
Lower power per bit and bandwidth density

Relationship map: who uses whom, for what

Relationship rows are intentionally directional. “Company → connection” means the company’s economic exposure to that connection/layer.

Company detail panel

Selected company’s first 20 relationship edges

Sources, data quality and audit trail

The dashboard uses public market snapshots, company investor pages, official product pages, press releases and SEC/annual-filing references. Exact contract dollars between semiconductor counterparties are often not public; therefore, cash-flow language is mapped by economic channel rather than asserted as audited bilateral revenue unless a company explicitly disclosed it.


What to verify before acting

For any high-ranking name, verify current market cap, revenue, balance sheet, customer concentration, backlog/purchase orders, manufacturing capacity, qualification status, gross margin trajectory, insider sales, dilution risk, and whether the relationship is still active after mergers or platform redesigns.