Light / Photonics

Initial Light/Photonics theme established with 7 core companies covering Detection (6965 Hamamatsu), EUV Inspection (6920 Lasertec MONOPOLY), Light Sources (6925 Ushio), Optical Fiber (5803 Fujikura, 5801 Furukawa Electric, 5802 Sumitomo Electric), and Spectroscopy/Process (6856 HORIBA). Cross-theme linkages to semi/AI via Lasertec, HORIBA, Sumitomo Electric InP; cross to nuclear/fusion via Furukawa HTS REBCO. Topcon (7732) excluded — KKR MBO completed delisting 2025-12-02.

Added: 6965.T, 6920.T, 6925.T, 5803.T, 5801.T, 5802.T, 6856.T

User flagged Fujikura Fwd PE of 59 as questionable. Cross-validation against Yahoo Finance JP + manual computation revealed: (1) Fujikura 6-for-1 stock split effective 2026-04-01, (2) StockAnalysis Fwd PE 59x is analyst consensus implying EPS 43% above company guide of JPY 90.60, (3) company-guidance Fwd PE is actually 84.2x. Furukawa Electric (5801) similar pattern — also corrected (TTM 65.7x / Fwd 65.8x on company guidance vs original 58.2/49.3). Both names added to errata. Documented data quality rule violation per analysis_workflow.md:252-257 (yfinance/StockAnalysis split-adjustment lag).

Updated: 5803.T, 5801.T

Expanded Light/Photonics theme to 12 companies (was 7) covering the full AI photonics / Co-Packaged Optics supply chain. Added 5 JP counterparts to the 7 US picks from a Chinese-language X post on AI optical infrastructure: Mitsubishi Electric 6503 (InP EML lasers — direct $LITE equivalent via POET 3.2T partnership), Anritsu 6754 (optical transceiver test for 800G/1.6T — picks-and-shovels), NTT 9432 (IOWN APN + Broadcom 2nd-gen PEC commercialization 2026), Fujitsu 6702 (1FINITY Ultra 1.2T OTN — direct $NOK equivalent), NEC 6701 (submarine cable + Open APN). Cross-theme tags added: ai, aigpu, semiconductor, defense.

Added: 6503.T, 6754.T, 9432.T, 6702.T, 6701.T

TSMC announced world's first 200Gbps Micro-Ring Modulator (MRM) goes to mass production in 2026 via COUPE optical engine. Cross-validated via TrendForce, NVIDIA developer blog, viksnewsletter. The COUPE architecture (silicon MRM + External Laser Source) changes the AI photonics supply chain: MRM replaces EML for in-chip modulation; ELS becomes a separate InP-based choke point. Implications for 12 existing light theme stocks documented in markdown export. 2 new picks identified (DISCO 6146, TOWA 6315 — added in companion explore round).

Updated: 5802.T, 6503.T, 6920.T

Added 2 JP names revealed by TSMC COUPE supply chain: DISCO Corporation (6146) — world leader in photonic IC dicing/grinding/polishing, confirmed via Xanadu partnership Aug 2025; TOWA Corporation (6315) — #1 globally in transfer molding for chip encapsulation, positioned for CoWoS-L / SoIC-X / photonic 3D packaging ramp. Both with full schema (thesis/risk/trigger/supply_chain/sources/key_dates).

Added: 6146.T, 6315.T