Stock category · Interconnect — the wiring between
The wiring between the GPUs
Sells more silicon per rack as racks grow, regardless of whose accelerator wins.
Not an investment product and not a track record — methodology.
Members were chosen on 2026-07-19; names that had already failed are absent
by construction, so the pre-2026-07-19 stretch overstates the category.
Independent bets
1.8
of 9 names
Average pairwise correlation
0.52
36 pairs, daily returns
Since defined
-7.8%
equal weight, from 2026-07-19
The names
ALAB
Astera Labs
Astera Labs sells the retimers every AI rack needs more of — yet TEXXR's knowledge graph has never once recorded its ties to Nvidia, AMD or Amazon.
299.69 -38.0%
dossier
CRDO
Credo Technology
Data-only instrument — no dossier yet.
201.08 -26.1%
data
LITE
Lumentum
Data-only instrument — no dossier yet.
693.24 -19.2%
data
AAOI
Applied Optoelectronics
Data-only instrument — no dossier yet.
90.11 -39.2%
data
MTSI
MACOM
Data-only instrument — no dossier yet.
248.71 -34.6%
data
FN
Fabrinet
Data-only instrument — no dossier yet.
439.33 -21.8%
data
GLW
Corning
Data-only instrument — no dossier yet.
135.22 -47.1%
data
ANET
Arista Networks
Data-only instrument — no dossier yet.
171.02 +0.7%
data
COHR
Coherent
Data-only instrument — no dossier yet.
249.06 -36.9%
data
Change shown is the 30-day move, not the day's.
What the category earns
Growth leads here, and it is the median across members rather than a total — a per-company growth rate does not care what currency the company reports in, so Samsung and Micron count equally. Revenue levels can only be added within one currency, so the totals below cover the members reporting in USD and say how many that is.
Years are labelled by the calendar year each company's fiscal year ends in. Those calendars do not line up — Nvidia's 2026 ended in January — and this does not pretend otherwise.
| FY ending | Median revenue growth | Revenue (USD) | Net income (USD) |
|---|---|---|---|
| 2022 | — | $26.8B 8 mem | $3.6B |
| 2023 | +10.1% 8 of 9 | $29.2B 9 mem | $2.5B |
| 2024 | +9.0% 9 of 9 | $30.6B 9 mem | $2.7B |
| 2025 | +28.6% 9 of 9 | $38.2B 9 mem | $5.7B |
| 2026 | +205.7% 1 of 9 | $1.3B 1 mem | $472M |