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Monte Investments Market Brief Vol. CXXX

Golar LNG’s fourth FLNG vessel targets 3.5MTPA capacity and a 2029 delivery, supporting projected adjusted EBITDA above $1 billion in fiscal 2029.

GLNG $4.9B
Monte Independent Investment Research 1 click

From X

@convequity

Convequity on X

The optical engine accounts for over 50% of an optical transceiver's cost, and it contains the most demanding alignment work in the module. For years, engines were built by active alignment: a technician switched on the laser and nudged parts into position until the light coupled. That was workable at 10G, 25G and 100G. At 400G and 800G the tolerances became too tight for manual assembly, and demand driven by AI exceeded what human throughput could supply. $POET's Optical Interposer replaces active alignment with passive assembly. It is a silicon wafer with waveguides and mechanical guides etched into it. Lasers, detectors and electronics are placed on it by automated pick-and-place machines, with nothing powered up during assembly. The parts align passively at the wafer level, much as Lego bricks fit together by their shape. The effect shows up at the transceiver maker. The engine arrives pre-aligned on a standardised substrate, so the remaining assembly looks like conventional electronics manufacturing. Foxconn does that kind of work at high volume, and it was historically locked out of optical transceivers because building them required deep photonic expertise around the engine. Our note's reading is that the interposer takes on the optical complexity so assemblers such as Foxconn, Luxshare, and LITEON do not have to, which helps relieve one of the bottlenecks in optical connectivity for AI clusters.
@KEDM_COM

KEDM.com on X

ProQR Therapeutics $PRQR CEO Daniel de Boer bought $513K across two separate purchases on July 7 and July 9, and a company director bought another $229.5K in late June (real money for a Dutch CEO). PRQR is a small-cap RNA-editing biotech backed by a major pharma partner: Eli Lilly. Their collaboration, running since 2021 and expanded in 2022, could pay ProQR up to $3.75 billion in milestones plus royalties, real validation for a company this size. The balance sheet just got stronger too: ProQR raised roughly $59 million in late June 2026, with Lilly buying in alongside the public offering to keep its stake intact, a vote of confidence from the partner who knows their science best.

Investor Letters

All letters
SIRI · long

Sirius Xm Holdings INC

SiriusXM, SIRI, combines a 32% EBITDA margin with 3.6x net leverage and a 16% free-cash-flow margin despite elevated capex.

SIRI $8.9B
Value Investors Club 1 click

Paxman (PAX.ST)

Paxman sells chemotherapy scalp-cooling systems, expanding US reimbursement and utilization after acquiring its largest competitor in 2025.

PXMBF $1.5B
Healthy Stock Picks

AAON

AAON shares have fallen 45% from November 2024 highs as core HVAC bookings weaken, while BASX supplies hyperscale data-center growth.

AAON $7.2B
Kairos Research

NL Industries

NL Industries’ $330 million market value is backed by $626 million of public stakes and cash, less estimated legal fees, creating a…

NL $344MCIX $482M
Sylence Capital

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