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COMPANY RESEARCH / AMAT

Applied Materials

Etched diffractive waveguides

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Where it fits in smart glasses

Provides the single-layer etched diffractive waveguide in RayNeo X3 Pro (JBD release, Sept 22, 2025; RayNeo confirms); long-term R&D joint development agreement with EssilorLuxottica on waveguides, adaptive lenses and materials (June 16, 2026; no supply terms disclosed).

What the evidence establishes

Smart-glasses evidence

Partner-disclosed: JBD’s release, confirmed by RayNeo, says Applied Materials provides the single-layer etched waveguide in RayNeo X3 Pro.

An explicit smart-glasses product, design-in, supply role, program, application page or partnership, including wrist or ring input sold with glasses. For a device maker, it means the company’s own glasses, not a supplier relationship. This does not establish revenue, market share, volumes or future sourcing.

Component roleEtched diffractive waveguides
EvidencePartner-disclosed: JBD’s release, confirmed by RayNeo, says Applied Materials provides the single-layer etched waveguide in RayNeo X3 Pro.
How we knowPartner/OEM-disclosed A named partner, licensor or device maker’s document names the company. The scope is that document’s product or program, not a general supply relationship.
Primary sourceApplied Materials — supporting disclosure
Company or official disclosure; vendor claims are attributed to their source.
Checked. This is the research review date, not the source publication or quote time.

Keep in perspective

AR optics revenue is immaterial and undisclosed, and RayNeo X3 Pro volumes are unknown. The EssilorLuxottica agreement is R&D with no supply terms.

Diversified business exposure. This describes the breadth or role of the business; it is not an investment rating. A smart-glasses product, design-in or partnership does not by itself establish material glasses revenue, market share, or future returns.

Connections to the assembly

These links explain the technology relationship. The model is illustrative and does not represent an actual manufacturer’s bill of materials.

In-coupling grating

A small grating under the projector’s exit pupil diffracts the image steeply enough to be trapped in the plate. It sits under the frame corner, out of the wearer’s view.

Scope of the company links: Diffractive waveguide makers whose products integrate the couplers: Applied Materials (single-layer etched waveguide in RayNeo X3 Pro, per JBD and RayNeo) and Vuzix (nano-imprinted waveguides). Lumus manufacturers Crystal-Optech and Quanta make reflective waveguides with mirror facets, not gratings, so they stay at sector level, as does AUO until its waveguide type is documented. Goertek’s waveguide business sits in Goertek Optical, a non-consolidated 38.34% associate since Dec 2025, so Goertek is not mapped.

Fold / exit-pupil expander

A second grating turns the guided light and copies it sideways, so the image fills a larger eyebox.

Scope of the company links: Same diffractive waveguide makers; the grating is part of the complete waveguide, not a separately sold component.

Out-coupling grating

The last grating releases part of the light toward the eye at every bounce. Ambient light diffracting off the gratings causes rainbow artifacts, and some image light leaks forward.

Scope of the company links: Same diffractive waveguide makers. Reflective (geometric) waveguides use partially reflective facets instead.

Related research

Companies with overlapping sector exposure. Their products and evidence may differ; this is not a list of equivalent investments.

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