📍 *NATGATE (0270)* is viewed as the key beneficiary, leveraging partnerships with *Lumentum, Coherent and AAOI,* with optical manufacturing expected to ramp up over the next 1–2 quarters.
📍 *INARI (0166)* also stands to benefit, with *36% of its 3QFY26 revenue already linked to optical transceivers via Broadcom,* and potential upside if it begins supporting Lumentum from 2027.

*Market View* 💡
_The biggest uncertainty is whether the proposed ban covers *existing 800G and 1.6T optical transcei