lewm
not seem to say, he is saying, and showing with a turn of the knob
"this is just two transistors, optically powered"
he describes "nice resistors, nice capacitors" ("new organic polymer, I don't know"), so they are involved in the audio path
he calls the dimmer/attenuator a 'regulator'
1. you turn the 'regulator' knob (not in the audio path)
2. dimmer makes LEDs emit more or less light (also not in audio path)
the wired path
3. pair of light sensitive diodes pass more or less juice via wire to:
4. pair of transistors that make more or less gain via wired input from the photo diodes
thus it is not mutually inductive like most SUTs; within his chosen range it is an infinitely adjustable valve, light controlled
from wiki
"A voltage or current applied to one pair of the transistor's terminals (input from the cartridge) controls the current through another pair of terminals. Because the controlled (output) power can be higher than the controlling (input) power, a transistor can amplify a signal."
now, what are the resistors and capacitors doing, he doesn't say, except that they are "part of the magic".