Photonics is usually reduced to lasers, transceivers or optical networks. However, the actual value creation begins much earlier. Before light can transmit data, highly highly specialized semiconductor layers have to be produced in the first place. be produced in the first place. This is precisely where companies such as Aixtron and Riber come into play.
$AIXA (-1,98 %) (Aixtron, Germany) develops MOCVD systems for Metal-Organic Chemical Vapor Deposition (MOCVD). In simple terms, this involves the material layers which are later used in lasers, optical components, power semiconductors or other optoelectronic components, for example.
The focus is on industrial scaling. When new technologies make the step from the laboratory to mass production, it is often precisely these kinds of production tools that are needed.
$ALRIB (-7,5 %) (Riber, France) takes a different approach. The company builds systems for molecular beam epitaxy (Molecular Beam Epitaxy, MBE). This process is slower and much more specialized, but allows for exceptionally precise control of individual material layers.
Such systems are used, for example, for advanced laser structures, quantum dots or other sophisticated photonics applications.
From an investor's perspective, the two stocks differ significantly:
- Aixtron looks more like the industrial scaling machine of the topic. Larger, more broadly positioned and with several sales markets. (That's why it's also in my wikifolio TechLimits which focuses on acute bottlenecks).
- Riber is closer to the technological frontier. Smaller, more volatile and more dependent on individual projects. On the other hand, technological breakthroughs can have a much greater impact. (I may add Riber as a more speculative stock to my wikifolio soon NextLimits which addresses future bottlenecks).
The interesting point is that the bottleneck is often not in the finished product, but one level below. If you only look at lasers and networks, you may overlook the companies that have the technological prerequisites for this in the first place.
