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primarysourced Photonics sector GF
GFS

Disagreement log

Where primary sources, aggregators, or prior framings disagree. Each entry shows the competing claims, the resolution, and what it implies for the thesis. Keeps the KB honest about what we actually know vs. what was assumed.

  1. Mubadala ownership percentage of GFS

    FY2024 20-F (acc. 0001709048-25-000024)
    ~81.63% post-May 2024 secondary
    as of 2025-03-20
    Stale as of Apr 2026; reflects 2024 cap table
    FY2025 20-F mention / pre-Mar-2026 framing
    ~81% (often rounded)
    as of 2026-02-27
    Stale immediately post-March 2026 secondary close
    424B7 prospectus (acc. 0001709048-26-000040) + Schedule 13G/A
    77.05% post Mar 13 2026 secondary (423,042,773 of 549,072,416 shares)
    as of 2026-03-13
    Primary-source authoritative; 20M-share Mubadala sale + 7.34M GF buyback drove the change
    Resolution
    77.05% is the load-bearing figure post-March 2026. The FY25 20-F ~81% reference is stale. The 13G/A is the authoritative cap-table primary source.
    Implication
    Bear-case 'Mubadala overhang' framing should use 77.05% × 549M shares = 423M Mubadala-controlled vs ~127M public float. Each future Mubadala selldown event remains a 5-10% one-day technical-pressure window (per 2026-03-11 catalyst backtest).

  2. Whether the LWLG-Fotonix integration is 'commercial PDK live' or 'validation tape-outs only'

    GFS KB hub-page brief (early-2026 framing)
    'Commercial PDK live since Mar 2026'
    as of 2026-04-29
    Original orchestrator framing; conflicts with primary source
    LWLG-GF GDSFactory PDK release (2026-03-16)
    Modulator platform 'now available in GDSFactory PDK'; 'validation tape-outs scheduled for 200G and 400G/lane through 2026'
    as of 2026-03-16
    Primary-source language is 'validation tape-outs', not 'commercial production PDK'
    Resolution
    PDK-availability via GDSFactory is real (Mar 16 2026); validation tape-outs are scheduled for 2026. This is a pre-volume productized-PDK milestone, NOT commercial production PDK. LWLG itself targets 2027 for commercial revenue.
    Implication
    Distinguish 'PDK available' from 'first commercial wafer ships'. Track validation tape-out completion (2026) and first volume design-win disclosures (likely 2027) as separate milestones in the catalysts file.

  3. AMF acquisition price (Nov 17 2025)

    GF press release (2025-11-17)
    Financial terms not disclosed
    as of 2025-11-17
    Press release explicitly omits deal price
    GF 8-K / 6-K subsequent disclosures
    Not yet enumerated in primary disclosures (as of 2026-04-29 cutoff)
    as of 2026-04-29
    InfiniLink also not separately priced
    Resolution
    AMF price + InfiniLink price both undisclosed. Aggregator estimates exist but no primary-source confirmation has been located. Price-not-material under FPI disclosure thresholds is plausible.
    Implication
    Modeling AMF integration economics requires a price assumption. Treat as analyst-estimate range until primary-source disclosure (likely in FY2026 20-F segment-acquisition footnote).

  4. When Form 4 filings begin for GFS officers/directors

    HFIAA legislation (signed 2025-12-18)
    Section 16(a) FPI carve-out ends 2026-03-18
    as of 2025-12-18
    90-day delay between signing and effective date
    Pre-2026-03-18 community speculation
    Form 4 filings were sometimes assumed to be 2025 events
    as of various
    FPI carve-out historically prevented these
    Resolution
    Form 4 filings only begin 2026-03-18. There are no pre-2026-03-18 GFS Form 4s. First post-effective Form 4 was Mike Hogan (CBO) on 2026-03-18 (1,800 sh @ $43.25); second was Saam Azar (CLO) on 2026-04-23 (500 sh @ $59.66).
    Implication
    Insider-transaction tracking pipeline only has data forward of Mar 18 2026. Any 'historical' Form 4 retrieval will return empty. Form 3 (initial holdings) due by 2026-06-16 is the earliest-completable insider-baseline disclosure.

  5. Silicon photonics revenue scale and trajectory

    TelecomLead (2026-02) + Q4 2025 management commentary
    ~$200M FY2025 SiPh revenue (silicon-photonics revenue 'doubled' YoY)
    as of 2026-02-11
    Implied from 'doubled' framing; specific dollar figure cited as ~$200M
    Q4 2025 call (Tim Breen)
    $1B SiPh run-rate target by end-2028
    as of 2026-02-11
    5x growth trajectory off ~$200M base
    Resolution
    Both compatible: ~$200M FY25 base × ~5x by 2028 = $1B target. SiPh ~3% of consolidated revenue today. The ~$200M figure is partially primary-source / partially analyst-derived from 'doubled' management framing.
    Implication
    SiPh franchise is the load-bearing optionality but small share of consolidated revenue today. Track FY2026 SiPh revenue print (expected ~$400M per 'doubling 2025-2026' framing) as the testable inflection. Confidence: Medium — single-source for the $200M figure.

  6. Why Niels Anderskouv resigned as President & COO (Mar 2 2026)

    GF 6-K (2026-02-11) + StreetInsider
    'To pursue another professional opportunity'; 'not due to any dispute or disagreement'
    as of 2026-02-11
    Standard executive-departure boilerplate
    Operating-context analyst inference
    Anderskouv departure 10 months after promotion to P/COO; same day as Q4'25 earnings; no successor named
    as of 2026-04-29
    Pattern is unusually compressed for a smooth transition
    Resolution
    The 6-K language is the official primary-source reason. Whether substantive operating disagreements drove the exit is unverifiable; the same-day timing with earnings + absorbed-responsibilities structure (no successor) is operationally meaningful but not interpretive evidence of cause.
    Implication
    Risk-flag: operating-bandwidth strain on Breen (now CEO + effective COO). Watch 2026-Q2 / Q3 earnings as execution-stress-test windows. The board-preferred 'absorbed responsibilities' structure over external search is the substantive operating fact. Confidence: Medium.

  7. Saam Azar's title: Chief Legal Officer vs General Counsel

    GF leadership-team page + Form 4 filing 2026-04-23
    'Chief Legal Officer; SVP Strategic Transactions and Government Affairs'
    as of 2026-04-23
    Primary-source title is CLO with explicit dual-scope
    Pre-curation orchestrator brief / common analyst shorthand
    'General Counsel'
    as of various
    Common but inaccurate shorthand
    Resolution
    Title is Chief Legal Officer (CLO), NOT General Counsel. Functional ownership includes overall legal + strategic transactions + government affairs (CHIPS Act, AMF acquisition close, Mubadala secondary structure).
    Implication
    Use CLO consistently in all leadership references. The dual-scope title reflects unusual breadth (M&A + government affairs + general legal) for a foundry executive.

New disagreements added as primary sources land. If you spot one missing, add it in src/data/disagreements.json.