An Introduction To Lumentum Technologies
DISCLAIMER: This note is intended for US recipients only and, in particular, is not directed at, nor intended to be relied upon by any UK recipients. Any information or analysis in this note is not an offer to sell or the solicitation of an offer to buy any securities. Nothing in this note is intended to be investment advice and nor should it be relied upon to make investment decisions. Read our full disclaimer, here.
Blink, And You Missed It
by Alex King, CEO, Cestrian Capital Research, aided and abetted by Google Gemini
Foreword
In 2026 you are going to see our work scaled up and improved at a material level. How will we do this - by hiring Goldman Sachs’ best and brightest? By toiling ever-longer hours into the night? Duh. Of course not. Our motto will be: (Almost) Everything Is Computer.
AI is already changing everything, and if you have yet to work out how in your own life to take advantage of AI rather than be taken advantage of by AI, you’re behind. The next 10 years will be as transformative in my view as was the Industrial Revolution. AI is not like “the Internet 2.0” or “a personal computer on every desk” or “the Internet of things” or “a supercomputer in your pocket” or any of the other incrementalist achievements in technology development in the last 50 years. AI, specifically agentic AI (a weird word on the surface but actually it conveys the precise meaning - it means a computer that has agency ie. the ability to actually do stuff in the real world), is going to rip through every vertical industry, every government department, everything. It will do so in ways we don’t yet know and with successes and failures that are difficult to predict. Will it take your job? No-one knows. Is it a good idea to hope that it doesn’t take your job? Absolutely not. Should you be working out how to use agentic AI to become more productive, more efficient, richer? Absolutely.
This is the first note in our work where the majority of the effort has gone into writing prompts and definitions for AI to go do the work, rather than doing it manually. You will see more of this “human in the loop” analysis from us. The principle is no different to running a typical pyramid structure in an investment shop. Does the person with their name on the door write the reports? Of course not - not any more. Does that person use their decades of distilled and reflective knowledge to inform and define and set the tone for the work? Of course they do. And do the analysts and VPs and whatnot enrich and add to and develop the work product through their own efforts? Absolutely. And that is precisely how agentic AI works too.
Welcome to the new Industrial Revolution folks. Buckle up.