This cycle is the repair story the book had been waiting for — five names crossed out of a broken regime, four of them (COHR, AXTI, AAOI, FORM) climbing back out of collapse and GLW lifting out of downtrend into pullback. AXTI is the standout single mover: a +28.74% single-day gain on 3.38x average volume put its RSI at 51.3, the highest reading in the 37-name book. The structurally-damaged bucket shrank from nine names to five, and the three long-frozen European names (SOI.PA, ALRIB.PA, LPK.DE) all finally printed fresh bars after sitting on 2026-07-24 data for multiple cycles.

Data as-of the 2026-07-31 close for most of the book. NGKIF and HIMX carry bars dated 2026-07-30 (one session behind). NGKIF remains effectively untradeable on volume (35 shares vs. a 65-share average). IBIDF printed a trade this cycle (100 shares) but still at just 0.08x its average volume — thin, not confirmed. SOI.PA, ALRIB.PA, and LPK.DE all received fresh prints this cycle after multiple cycles frozen on 2026-07-24 data. Prior scan: 2026-07-28-optical-supply-chain (data as-of the 2026-07-28 close).

After a stretch of broad deterioration, this cycle turned into a repair story across a meaningful slice of the book. COHR, AXTI, AAOI, and FORM all crossed out of collapse into pullback, and GLW lifted separately from downtrend into pullback — five structural upgrades in one cycle, none of them reversed. AXTI is the clearest single event: its price jumped 28.74% in one session on relative volume of 3.38x average, pushing RSI from a prior collapse-tagged reading up to 51.3, now the top of the book. COHR's RSI climbed to 40.5, AAOI's to 40.7, and FORM's to 46.4, all three narrowing their 30-day losses meaningfully in the process (COHR now -28.69%, AAOI -32.14%, FORM -27.82%). GLW's RSI reached 38.3 with its 30-day loss narrowing to -37.34%. The five names still carrying a collapse tag — LWLG, FN, PLAB, LPTH, and ALMU — mostly improved on RSI too (PLAB up to 48.5, ALMU to 45.0, LWLG to 43.4) without the regime itself lifting, so price stabilizing inside a still-broken tag is not the same thing as a repair. POET's regime held at downtrend for a second cycle, thesis still rated intact, with its distance from its 52-week high narrowing slightly to -66.41%. CLS, last cycle's one clean repair, cooled from RSI 52.0 to 47.3 while holding its pullback regime. Separately, three names that had been frozen on 2026-07-24 data for multiple cycles — SOI.PA, ALRIB.PA, and LPK.DE — all received fresh prints this cycle, and none of the readings that emerged looked like an improvement: SOI.PA's RSI came in at 48.1 with a fresh 30-day loss of -10.84%, ALRIB.PA at 34.6 with a fresh -21.07%, and LPK.DE at 39.6 with a fresh -33.41%. NGKIF remains the thinnest name in the book on volume and now also carries the lowest RSI, at 21.9.

• AXTI: regime upgraded collapse → pullback; RSI climbed to 51.3, the highest in the book, on a +28.74% single-day move (3.38x average volume) and +27.95% for the week; -57.79% from 52-week high (was -70.13%).
• COHR: regime upgraded collapse → pullback; RSI 31.6 → 40.5; 30-day loss narrowed to -28.69% (was -37.8%).
• AAOI: regime upgraded collapse → pullback; RSI 35.0 → 40.7; 30-day loss narrowed to -32.14% (was -41.28%).
• FORM: regime upgraded collapse → pullback; RSI 33.7 → 46.4; 30-day loss narrowed to -27.82% (was -38.8%).
• GLW: regime upgraded downtrend → pullback; RSI 31.0 → 38.3; 30-day loss narrowed to -37.34% (was -50.72%).
• LITE: RSI 37.5 → 45.4, thesis still intact; 30-day loss narrowed to -10.89% (was -23.43%).
• CLS: RSI cooled 52.0 → 47.3, regime held pullback; 30-day flipped from +2.02% to -8.35%.
• POET: RSI 36.8 → 41.0, thesis still intact, regime held downtrend; -66.41% from high (was -67.52%).
• SOI.PA / ALRIB.PA / LPK.DE: all three received their first fresh print in several cycles after being frozen on 2026-07-24 data — none of the fresh readings showed improvement.
• LWLG, FN, PLAB, LPTH, ALMU: all five carried their collapse tag forward for another cycle; ALMU's thesis stays rated no-view.
• IBIDF: still thin — 100 shares traded this cycle vs. a 1,332-share average (0.08x).
• NGKIF: bar now dated 2026-07-30 (was 2026-07-27), still near-zero volume; RSI fell to 21.9, now the lowest in the book.

Regime labels describe chart structure, not a buy/sell call. Five upgrades in one cycle — four out of collapse, one out of downtrend — is the most structurally significant move this book has shown recently, and AXTI's volume (3.38x average on the day) is the kind of confirmation a regime change needs. The five names still tagged collapse improved on RSI without the label lifting, which reads as stabilization, not repair, until the tag itself changes. The three newly-fresh European prints (SOI.PA, ALRIB.PA, LPK.DE) settle a multi-cycle data gap, but the readings that emerged are ordinary pullback numbers, not a hidden strength story.

Tier A — Steadier pocket, RSI 44+, non-collapse (10): AXTI (freshly repaired), AEHR, SOI.PA (fresh print), CLS, FORM (freshly repaired), ALAB, TSEM, JBL, LITE (thesis intact), IQEPF.

Tier B — Broad digestion, pullback/downtrend, non-collapse (18): KOPN, ONTO, SMTC, CIEN (intact-but-priced), MXL, VIAV, HIMX, POET (downtrend, thesis intact), SNDK, AAOI (freshly repaired), COHR (freshly repaired), 6779.T, LPK.DE (fresh print), FLTCF, GLW (freshly repaired), OPTX, MTSI, ALRIB.PA (fresh print).

Tier C — Structural avoid, regime collapse (5 of 37, down from 9): LWLG, FN, PLAB, LPTH, ALMU (thesis: no-view).

Tier D — Data caveat (4): NGKIF (one-session-stale, near-zero volume), IBIDF (thin print, 0.08x average volume), SIVEF and LAZR (too-young regime, no confirmed structure yet).

• Tape data (price/RSI/SMA/returns): full-scan pre-computed summaries as of the 2026-07-31 close — optical-supply-chain.