「Stock God」 Serenity's Recent Views: Neocloud Track Most Confidence in NBIS, Focus on Europe's Top Three Silicon Photonics Leaders

June 4 update: "New Stock God" Serenity’s latest public insights and investment targets are outlined below: ### NBIS (Nebius) Serenity labels Nebius the "top pick in the neocloud space" and calls it the "single purest asymmetric opportunity in AI infrastructure." As of June 2026, NBIS shares have jumped from ~$84 (last year) to $260, with a market cap of $660B. Serenity maintains a long-term bull case for NBIS to breakout above $1T. NBIS ranks #1 in the neocloud segment, outpacing rivals like IREN and CRWV. Key strengths: it avoids common industry pain points—no lack of full-stack execution confidence, no high-interest debt, and scalable revenue visibility from large customer contracts. Additionally, NBIS is part of NVIDIA’s investment portfolio and a Q1 holding in Leopold Aschenbrenner’s fund, signaling top-tier capital alignment. ### Google AI CapEx Upstream Ecosystem (LITE, AVGO, MediaTek, TSM, MU) Alphabet (Google’s parent) announced an $800B AI CapEx financing package—including a $400B ATM offering, $300B in stock, and $100B from Berkshire Hathaway. Serenity sees this benefiting the upstream supply chain, with names like Lumentum (LITE), Broadcom (AVGO), MediaTek, TSMC, and Micron (MU) positioned to gain. That said, he flags that for Google shareholders, this massive CapEx isn’t fully backed by free cash flow, so the impact may not be net positive. This assessment aligns with Serenity’s longstanding focus on "key bottleneck" segments in AI infrastructure. ### AAOI Serenity names AAOI as his top U.S. photonics sector pick, noting it could be the "next Micron" for investors seeking that type of growth. He forecasts a revenue acceleration inflection point for photonics stocks in H1 2027, leading into H2, with markets pricing future growth ~8 months ahead of time. Right now (H2 2026), the industry is still in the early stages of capacity building—so patience and weathering near-term volatility will be key. AAOI has drawn recent buzz for potential long-term deals with NVIDIA or AMD; a signed agreement would be a critical catalyst to confirm its "next Micron" thesis. ### SIVE (Sivers Semiconductors) A CPO leader and Serenity’s high-conviction pick, SIVE landed multiple bullish milestones in June 2026. First, it announced a strategic partnership with GlobalFoundries (GF): its laser arrays will be integrated into GF’s silicon photonics platform and SCALE Photonics Engine reference designs, making Sivers Laser the default light source for GF’s silicon photonics ecosystem—targeting the $250B pluggable optics market by 2030. Serenity called this collaboration the "single most decisive event in [photonics] history." Second, Ayar Labs joined NVIDIA’s NVLink Fusion ecosystem, and SIVE (Ayar’s public laser partner, supplying high-precision InP laser arrays) is now part of NVIDIA’s optical infrastructure supply chain. Serenity emphasizes SIVE’s lasers are the de facto industry standard for CPOs, pluggable modules, and silicon photonics, directly benefiting AI chip giants using affiliated foundries (NVDA, AVGO, AMD, MRVL, etc.). ### XFAB Serenity upgraded XFAB to bullish, citing a "severe disconnect between valuation and underlying assets." With a ~$1.7B market cap (vs. POET’s $2.4B), XFAB holds core assets that vastly outpace its current worth: it’s one of the world’s few SiC/GaN/MEMS/silicon photonics foundries to secure funding from both the EU Chips Act and U.S. CHIPS Act—and its valuation trades below reset book value. Key differentiators: NVIDIA and Nokia are testing its pre-commercial silicon photonics foundry line, with production ramping expected 2027–2028; it’s leading the European photonics supply chain expansion via deep ties to institutions like IMEC, CEA-Leti, Ligentec, and Smart Photonics; and customers include Nanosemi, Power Integrations, and Lite-On. Serenity cites the U.S. Commerce Dept’s official note that "XFAB is the only high-capacity silicon carbide foundry within U.S. borders," arguing it has rare strategic value amid trade barriers and supply chain localization pushes. ### European Silicon Photonics "Big Three" (Soitec, Siltronic, XFAB) On the EU Chips Act 2.0 proposal, Serenity’s analysis frames the plan as formally embedding photonics into the EU’s semiconductor strategic framework—creating a thematic tailwind for the photonics sector. The policy targets CPO and AI data center interconnect technologies, silicon photonics’ role in high-bandwidth data center links, and manufacturing tech like co-packaged optics and photonic integrated circuit heterogeneous integration—directly benefiting SIVE and XFAB. Serenity names the three leaders in Europe’s silicon photonics value chain: Soitec and Siltronic (core European SOI wafer players) are explicitly flagged in policy impact analysis, while XFAB is part of the active funding framework, cementing its leadership in the European supply chain. He predicts that as the policy rolls out, related stocks will likely release specific updates over the next 3–15 months.