Sell LITE by Nov 25, 2026.

The 5 Most Alarming Signals: China Dependence (69.1% indium) — an unpriced existential geopolitical risk 30% Supply Gap — Lumentum can't deliver, losing market share Massive Dilution ($7.8B loss) — shareholders structurally diluted Customer Concentration (41.6% top 2) — one customer can destroy 27% of revenue Tier-1 Funds Exit — Millennium -50%, Point72 -80%, Fidelity -23% What the Market Isn't Seeing: Chinese Controls on InP are PERMANENT — no suspension, no expiration Greensboro Fab is coming too late (mid-2028) — …