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Fabrinet

NYSE · Technology · Hardware, Equipment & Parts · KY

$388.55
+2.00%
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  • Research · Sep 9, 2026

    Qualcomm's AWS 1.6T Optical Deal: The Suppliers One Layer Down

    Qualcomm will supply AWS with AI inference silicon and 1.6T optical links but owns no photonics fab, laser or module line, so a second architecture buys merchant foundry, front end and assembly.

  • Research · Sep 3, 2026

    [FN] Fabrinet Thesis 2026: 800G Ramp and 1.6T Launch Drive AI Transceiver Surge

    Fabrinet delivered a breakout FY2025 with revenue of ~$3.50B (+26%) as 800G AI transceiver manufacturing for hyperscaler GPU clusters drove the optical communications segment to ~$2.73B. Non-GAAP EPS reached ~$9.00 on 11.6% operating margins and ROIC above 25%. The 1.6T transceiver ramp beginning in late FY2025 is the next wave of demand, as B200/H200-era AI clusters require higher-bandwidth interconnects. Customer concentration in Coherent (~25-30% of revenue) and Thailand manufacturing exposure are primary risks.