Tower put a $1.3B 2027 SiPho contract on the table, and that is only the committed portion; management hinted 2028 will be "substantially larger." The question is no longer whether SiPho takes off, but whether 300mm capacity can keep up, which is the real reason Tower took full ownership of Fab 7 in Japan.

With a 29.9% gross margin and 19.7% net margin, Tower proved this quarter that silicon photonics has gone from narrative to the engine reshaping its profit structure. Record revenue, a SiPh annualized run rate heading for $1B, and dual-track 300mm expansion in Japan lifting the 2028 model to a 33% net margin. Here are the three metrics to track next quarter.