China ships most of the world's AI networking parts, but the profitable bits inside are still American. Does "market share" mislead people here?

Been looking into the optical side of AI, the gear that moves data between chips in a data center, since it's quietly become one of the biggest trades in Chinese stocks. Zhongji Innolight is now the single heaviest stock in China's main index, ahead of even CATL and Moutai, off the back of huge growth selling these parts to the likes of NVIDIA. But here's what keeps nagging me. Chinese firms build most of the finished units, but the expensive stuff inside them, the chips and lasers, still mostly comes from US companies like Broadcom and Lumentum. So China wins on volume while a big chunk of the actual profit sits upstream with American suppliers. Makes me wonder how much of the China dominates AI optics story is really a volume story dressed up as a profit story. Would you rather own the company with the biggest market share, or the quieter one upstream with the fatter margins?