Analysis & Signals on $SIVE x $Jabil(JBL.US) E

Analysis & Signals on $SIVE x $Jabil(JBL.US) Earnings (tomorrow):

Reminder: Sivers announced a collaboration with Jabil (Apr 26) to develop a 1.6T LRO pluggable transceiver for AI data centers.

Jabil's AI numbers are a leading indicator of the end demand that sizes Sivers' TAM, with their 1.6T LRO program as a direct demand channel for Sivers' DFB lasers.

Key signals from $Jabil(JBL.US)'s earnings that reinforce $SIVE's bull thesis:

1. 1.6T LRO transceiver program + ramp timing into 2027

2. TAM expansion via raising FY2026 AI revenue

3. Commentary on optical component/laser supply tightness (links to InP scarcity tailwind)

TLDR on each point:

1. 1.6T transceiver program

1.6T / SiPho / CPO commentary has the highest impact on Sivers directly.

Jabil usually highlight ramp timings etc, so even something like "1.6T pipeline strong / photonics scaling" reinforces the program's commercial trajectory.

Which in turn would be positive read-through for Sivers' tech.

Ofc, Jabil are unlikely to name a component supplier on an earnings call, and has many optical irons in the fire like its own $Intel(INTC.US) derived SiPho, CPO, NPO.

And just as a caveat: Jabil thriving in optics does not require Sivers to win...Jabil could source lasers elsewhere or lean on internal/SiPho content.

2. TAM expansion

AI durability / 2027 framing will frame Sivers' own timing.

Sivers' photonics ramp is mainly a 2027+ story, where management say "multiple ramps on track for 2027".

Jabil's Q2 call already flagged:

- A second hyperscaler ramping in Mexico

- A third in discussions

- A margin-expansion/growth setup for FY2027

So continued confident 2027 framing directly supports Sivers' conversion window.

3. Commentary on optical component/laser supply tightness

Jabil flagged memory (DDR4 and below) + PCB constraints at Q2.

Any commentary on optical component or laser tightness would corroborate the InP-scarcity tailwind that is central to the Sivers "structural chokepoint" thesis.

E.g. $NVIDIA(NVDA.US) has pushed laser lead-times past 2027 + InP is constrained which supports Sivers' InP laser scarcity tailwind.

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Just as a high level summary on the most impactful read-throughs for Sivers.

Where Jabil's earnings tomorrow can prove that optical/AI TAM is growing via their photonics/1.6T efforts.

However, it cannot prove that Sivers wins volume against vertically integrated rivals like $Coherent Corp.(COHR.US) / $Lumentum(LITE.US), or the dollar value / margin of Sivers' content.

That is the point I've been highlighting for a while....management execution and deal flow.

Ultimately, the Jabil program is a pluggable (LRO) play for the near-term, high-volume architecture for Sivers.

With Sivers' CPO exposure running mainly through Ayar Labs, $GlobalFoundries(GFS.US), $POET Tech(POET.US), and O-Net/Enablence.