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The OFC, you see, is where the future of light-based technology is discussed. Or at least, where people talk about the future of light-based technology. It’s a bit like a committee deciding what color the future should be, only with more lasers. Lumentum, it seems, managed to convince everyone present that they’re going to be particularly good at supplying things for the impending explosion of artificial intelligence (AI). Which is, of course, excellent news for Lumentum. And potentially for humanity, assuming AI doesn’t decide we’re all just inefficient biological processing units. (A perfectly valid concern, when you think about it.)

They predict a rather staggering $450 billion opportunity by 2030. One hopes they’ve accounted for inclement weather, rogue bicycles, and the general public’s fondness for obstructing pavements. The company is currently partnering with Uber Eats and DoorDash, which, while admirable, feels a bit like attaching a particularly ornate life raft to the Titanic.

The share price has cooled, yes. A descent from the feverish heights of recent months. But to mistake this for fragility is to misunderstand the nature of the beast. This is not a delicate bloom, wilting under the harsh light of reality. This is a creature of immense, almost terrifying, resilience. The breathers, these minor corrections, are merely adjustments in a long, arduous climb. And it is precisely in these moments of perceived vulnerability that opportunity reveals itself, shrouded in the anxieties of the crowd.

Wednesday’s earnings report? An understatement to say it was good. It was… biblical. Like Moses parting the Red Sea, except instead of water, it was a flood of cash. Record revenue, record gross margins, record earnings per share… it’s enough to make a grown activist investor weep with joy… or maybe just aggressively buy more stock. And they’re promising more records next quarter? Oy vey! I need a bigger yacht.

These are not simply funds; they are reflections of a particular moment, a certain calculus of risk and reward. The investor, adrift in a world of increasing complexity, seeks not just profit, but a sense of grounding – a solid foundation upon which to build, or at least, to weather the storms.

Revenue up twenty percent to $170 million? Sounds good on paper. But dig a little deeper, and you find they’re bleeding money. Over $193 million in the red, thanks to the joys of restructuring from a private partnership to a public spectacle. A net loss of $0.22 per share. They’re rearranging deck chairs on the TITANIC, folks. They call it “investment,” I call it a desperate attempt to look solvent.

Mr. Singh, before the day’s transactions commenced, deemed it prudent to elevate his valuation of DigitalOcean to one hundred dollars per share, a considerable advance upon the eighty-five dollars previously assigned. He further maintained his recommendation that investors should ‘outperform’ – a phrase which, whilst lacking the elegance of a more classical expression, conveys a clear inclination towards acquisition. One cannot but observe that such endorsements, whilst seldom entirely disinterested, are frequently instrumental in shaping the prevailing sentiments.

The whole damn market is listing, a wounded beast staggering towards the weekend. The S&P 500 coughed up 1.36%, landing at 6,625. The Nasdaq Composite followed suit, shedding 1.46% to close at 22,152. Bloom Energy (BE 2.17%) went down 2.17%, and Ballard Power Systems (BLDP 2.98%) took a 2.61% hit. It’s a coordinated retreat, a silent scream from the tech sector. Like watching a slow-motion train wreck, and you know you should look away, but you can’t. You just… can’t.

However, let us not despair! A closer inspection reveals that Carvana is not merely a flash in the pan, but a concern with a remarkably promising future. Two charts, in particular, paint a most encouraging picture, suggesting that the company has ample room to continue its upward trajectory. It’s a bit like watching a particularly energetic young sprout shoot up towards the sun, wouldn’t you agree?