Photonic Backbone

Strategy built around the physical infrastructure powering the AI revolution — the fiber, lasers, and networking hardware that data centers can't function without. This portfolio focuses on companies that make the optical and networking gear responsible for moving massive amounts of data at the speed of light, from hyperscaler campuses to enterprise networks. Every AI query travels through light — photons moving through fiber optic cables connecting GPUs, data centers, and cloud regions. As AI workloads explode, the bottleneck is shifting from compute to connectivity. Hyperscalers are spending billions on optical interconnects to keep up, and the companies building this photonic infrastructure are seeing order books fill years out. Arista is locking in multi-year switching contracts with every major cloud provider, Ciena dominates the optical transport layer that AI data centers can't function without, and Credo is solving the high-speed signal integrity problem at the rack level. This strategy bets that the fiber and photonics layer becomes the defining infrastructure constraint of the AI era — the invisible backbone that every model, every inference, and every token depends on.