Program traders harvest short-term gains, fundamental players win passively—The long-term narrative of photonics hasn't changed, just noise has increased.

Serenity points out that the decline in the photonics sector is mainly due to algorithmic trading following industry leaders, and has no direct relation to the fundamentals of companies like AAOI. Market sentiment is influenced by Coherent's performance, not individual company fundamentals. Sivers may announce more collaborations with optical module clients in the future. It does not recommend participating in short-term 20%-30% volatile trading, but prefers long-term holding of core beneficiary companies in the photonics industry chain, as the industry's TAM has exponential growth potential.