Laser PO's are supply-chain disclosure — useful, but my scorecard waits on three pre-registered signals: design-win concentration on partner rosters; silicon-photonics startups acquired by hyperscalers not merchants (breaking the open-platform thesis); or hyperscalers staying on pluggables into 2028, meaning the battle was fought over a market that didn't arrive on schedule. Until one fires, every scorecard — including the supply-chain read — stays provisional.