🔍【David Breaks Up the Company · Episode 5】Coherent (High-Yi)
Almost every AI optical-module maker in the world queues up to buy its chips. But last year its net profit margin was under 1%, and it has been loss-making for two consecutive years—this is the toughest “shovel-selling” business, yet on the books it’s as thin as a sheet of paper.
The step that helped it top the world, and the one that exposed its most fragile root, came from the same “eat an elephant in one bite” acquisition: the strongest is also the most brittle.
8 minutes to break down who makes money from it, where its lif