Investors anticipate JX Advanced Metals (JXAM) to scale up InP production capacity by 20–30x by the end of FY29, significantly outpacing management's initial 7–10x expansion plan due to strong order inquiries. Additionally, the market expects Sumitomo Electric to increase its own InP capacity expansion plans. However, the author expresses a skeptical sentiment regarding direct or indirect long investments in the InP supply chain, citing concerns over widespread adoption timelines and technical drawbacks associated with CPO.