AI interconnect comp map

Separate chip IP/ASIC, DSP, photonics, modules, and materials instead of treating all optical names alike.

MRVLCOHRDSPASIC

Logic Chain

A Reviewable Logic Chain

Each card stays open and maps one transmission node without collapsible controls or pseudo-precise scores.

ASIC

MRVL vs COHR is not a better/worse question; they sit at different revenue layers with different valuation logic.

DSP

MXL's upside is tied to optical DSP order imagination that still needs design-win conversion.

OPTICS

Second-order names are useful for elasticity, but should not be treated as first-order certainty.

WAFER

MRVL vs COHR is not a better/worse question; they sit at different revenue layers with different valuation logic.

Research note

In AI interconnect, profit attribution must stay layered: ASIC/DSP, photonic devices, modules, and materials are different profit engines.

Once layered, the question changes from ‘which stock is better’ to ‘which layer is delivering first and more consistently.’

MRVL and AVGO are closer to direct order/profit execution; COHR and LITE are more module-manufacturing oriented.

MXL/CRDO remain design-win dependent on paper until conversion is demonstrated.

AXTI remains a candidate only after material-side evidence aligns.

The key is not “which is better.” It is who delivers first at each layer.

Different layers justify different valuation logic; mixing them creates avoidable noise.

Next checks: design-win conversion quality, 1.6T production milestones, and layer-by-layer margin trends.

Source Trail

Earnings releases, announcements, filings, estimate tables, and reviewable sources.

Core signal: Customer design wins, 1.6T production timing, hyperscaler exposure
Current read: MRVL leans chip and ASIC certainty; COHR leans photonics manufacturing and order proof.
Next question: Who receives direct orders, and who is only a second-order read-through?

Core conclusions

MRVL vs COHR is not a better/worse question; they sit at different revenue layers with different valuation logic.
MXL's upside is tied to optical DSP order imagination that still needs design-win conversion.
Second-order names are useful for elasticity, but should not be treated as first-order certainty.

Next review

customer design wins

1.6T production timing

hyperscaler exposure

margin profile by layer