JPMorgan Upgrades Soitec on Silicon-Photonics Demand Outlook
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JPMorgan has upgraded French semiconductor-materials supplier Soitec to Overweight from Neutral and raised its price target to €200 from €98, citing expected growth in silicon photonics. The bank expects the company’s silicon-photonics revenue to exceed €1 billion by fiscal 2030.
- JPMorgan upgraded Soitec to Overweight and raised its price target to €200 from €98.
- JPMorgan forecasts more than €1 billion in Soitec silicon-photonics revenue by fiscal 2030.
- Soitec forecasts $250 million–$300 million in Photonics-SOI revenue for fiscal 2027.
- Reported customer discussions involve potential multiyear fixed-price, prepaid arrangements, but no contracts are confirmed.
- The development highlights photonic-substrate supply as a potential consideration in AI data-center interconnect expansion.
JPMorgan has raised its investment rating on Soitec from Neutral to Overweight and doubled its share-price target to €200, from €98. The bank’s case rests on an anticipated acceleration in silicon-photonics demand, including Photonics-SOI products used in data centers.
JPMorgan forecasts that Soitec’s silicon-photonics business will generate more than €1 billion in revenue by fiscal 2030. It also estimates an annualized revenue run rate of about $500 million by the end of fiscal 2027, with the source citing an approximate euro equivalent of €450 million. Separately, Soitec forecasts $250 million to $300 million of Photonics-SOI revenue in fiscal 2027.
The bank has raised its fiscal-2028 revenue forecast for Soitec by almost 32% to €1.057 billion and lifted its adjusted earnings-per-share estimate to €6.63 from €1.42. JPMorgan also expects the photonics business to contribute gross margin above 75%.
Soitec is reportedly in discussions with several customers on multiyear agreements incorporating fixed pricing and prepayments. The report does not identify the customers, volumes or contract terms, and does not confirm that any agreements have been signed.
For data-center infrastructure, the relevant issue is the optical-interconnect supply chain. Photonics-SOI is widely used in data centers and supports high-speed connectivity needed to scale AI and cloud environments. Should projected demand growth and long-term capacity reservations materialize, specialized photonic substrates could become a more contested input for operators and suppliers expanding AI clusters. The available information does not quantify market supply, manufacturing capacity or any current supply deficit.
Photonics-SOI substrates are used in high-speed optical interconnects for data centers, making their supply chain increasingly relevant to AI and cloud-cluster scaling. If JPMorgan’s demand outlook and Soitec’s proposed long-term capacity-reservation arrangements materialize, competition for specialized photonic substrates could tighten; no actual shortage or signed customer agreement has been confirmed.
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