Confession first: I think most AR/VR is nonsense (gaming aside). But Morphotonics doesn't make glasses. It makes the machines that stamp tiny ridges into waveguide lenses — hundreds of times thinner than a hair — so the screen-in-your-specs actually works. Picks and shovels. €40m+ Series B. Four ex-Philips engineers who grew up on compact disc tech, spun out 12 years ago in Veldhoven — same town as ASML, same Brainport cluster as EUCLYD. Meta and Ray-Ban sold over seven million AI glasses in 2025, and the ones with screens cost $799 because of these lenses. The old Philips family tree keeps producing new branches. Go figure.