Looking at your link, lightwave logic is gunning for lithium niobate companies, who make modulators for long-haul fiber networks (which we are communicating on right now). I don't see any mention of transistors (needed to make a processor), lasers (to have an on-chip light source), and detectors (to convert the light back to electrical).

Also, still not sure what 'transferring light over material' issues he means.