• Mainland hardware suppliers (optical transceivers, servers): +34-57% earnings growth NOW
• Innolight hit $3.3B revenue (+122% YoY) from datacenter buildout
• Hong Kong internet platforms (Alibaba Cloud, Tencent): still in capex phase, monetization projected 2H26
• Alibaba e-commerce AI already break-even with +12% ROAS
The gap between these cycles matters for positioning. Hardware is paying off today, cloud is a 2026 call option.
Happy to discuss the optical transceiver data or enterprise adoption timelines.