The post expresses a bearish sentiment toward Nokia ($NOK), arguing its 88x trailing PE ratio is unjustified given that its high-growth Optical Networks segment—bolstered by the $2.3 billion acquisition of Infinera—represents only 15% of total revenue. In contrast, the author favors Lumentum ($LITE) as a pure-play optical investment, citing 90% year-over-year growth and 32% non-GAAP operating margins. The analysis suggests Lumentum offers superior exposure to AI-driven optical networking with faster growth and better margins at a similar market cap to Nokia.