<p>Michelle and Vox use Lumentum as a case study to explain why a stock tied to the AI build-out can look absurdly expensive on a simple P/E screen. Listeners will understand how optical component suppliers sit inside the AI infrastructure chain, why earnings can lag revenue during an expansion, and when a high multiple reflects fragile accounting rather than a clean valuation signal.</p>

Michelle and Vox use Lumentum as a case study to explain why a stock tied to the AI build-out can look absurdly expensive on a simple P/E screen. Listeners will understand how optical component suppliers sit inside the AI infrastructure chain, why earnings can lag revenue during an expansion, and when a high multiple reflects fragile accounting rather than a clean valuation signal.

S1E137 - When the P/E Makes the Wrong First Impression

Thinking in Markets focuses on the structure behind global markets — time, liquidity, and the interaction between futures and cash sessions. From macro instruments like rates and FX to equities across Asia, Europe, and the U.S., each episode turns complex systems into simple, durable frameworks.

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S1E137 - When the P/E Makes the Wrong First Impression

S1E137 - When the P/E Makes the Wrong First Impression