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Optical Connectivity '26: AI Network Systems
6 tickers · $853.66B total market cap
Group: Optical Connectivity
The relentless AI data center buildout is driving a critical and accelerated shift to photonic interconnects, creating significant investment opportunities in upstream 'picks and shovels' suppliers. This transition is necessitated by the physical limitations of electrical interconnects, despite potential cyclical headwinds in legacy markets and CPO adoption timing uncertainty. The overall outlook is bullish, favoring companies enabling this foundational shift.
Optical Connectivity '26: AI Network Systems tracks 6 publicly listed stocks in this theme: ANET, CIEN, CSCO, HPE, JNPR, NOK. See the constituent table for details.
Thesis update: 2026-03-14
Constituents
Build 20260519T212339
| Company | Previous Quarter Report Date | Next Expected Report Date | Last Quarter Earnings Move % | Earnings Move % | Intra-Quarter Move % | Since Last Report % | Market cap | Weight |
|---|---|---|---|---|---|---|---|---|
Cisco Systems, Inc.CSCO | 05/13/2026 (AMC) | 05/13/2026 (AMC) | -10.16% | 16.36% | 32.56% | -0.13% | $469.71B | 16.6667 |
Arista Networks, Inc.ANET | 05/05/2026 (AMC) | 05/05/2026 (AMC) | 4.79% | -14.81% | 20.22% | -3.73% | $178.44B | 16.6667 |
Nokia OyjNOK | 04/23/2026 (BMO) | 04/23/2026 (BMO) | -6.09% | 5.74% | 53.95% | 31.11% | $74.21B | 16.6667 |
Ciena CorporationCIEN | 03/05/2026 (BMO) | — | -14.37% | — | 84.22% | — | $74.17B | 16.6667 |
Hewlett Packard Enterprise CompanyHPE | 03/09/2026 (AMC) | 06/01/2026 (AMC) | -1.74% | — | 54.60% | — | $43.79B | 16.6667 |
Juniper Networks, Inc.JNPR | 05/01/2025 | 05/01/2025 | 0.98% | 0.85% | 1.59% | 9.74% | $13.36B | 16.6667 |
| Average | -4.43% | 2.04% | 41.19% | 9.25% | $142.28B | 16.6667 | ||
| Median | -3.92% | 3.30% | 43.25% | 4.80% | $74.19B | 16.6667 | ||
| Std Dev | 6.53% | 11.22% | 26.70% | 13.55% | $154.98B | 0.0% | ||
| Min | -14.37% | -14.81% | 1.59% | -3.73% | $13.36B | 16.6667 | ||
| Max | 4.79% | 16.36% | 84.22% | 31.11% | $469.71B | 16.6667 | ||
| % Positive Tickers | 33.33% | 75.00% | 100.00% | 50.00% |
* Provisional value: before LstRpt% reaches its 2-day post-report lock window (BMO/AMC adjusted), EarningsPerf is calculated from current vs pre-report and then locks to final LstRpt%.