Is Photonics just getting started? $LITE and $COHR

I’ve been going down the rabbit hole on photonics / optical networking stocks lately (LITE, AAOI, CRDO, COHR, etc.) and I can’t tell if this is early innings or if we’re already in the “everyone knows” phase.

The bull case seems pretty straightforward:

AI data centers are exploding so a massive need for bandwidth and optics (lasers, transceivers, interconnects) become critical infrastructure.

That part makes sense to me. What I’m struggling with is timing.

Some of these names have already gone on insane runs. At the same time, you keep hearing that we’re still in the early stages of AI buildout and that demand could last for years.

What say you guys?