This lecture presents the analysis of polarized light passing through a wave plate and being polarized again, with a perpendicular axis. The instructor explains the components of light intensity, the angle formed by the wave plate, and the change of reference frame to simplify the analysis. By applying the concept of changing components when passing through the plate, the light is polarized in a different direction, resulting in a final intensity balance of 1.5 after passing through the second polarizer.