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AI stocks led the market Wednesday, fueled by Nebius, Lumentum, CoreWeave and Super Micro. Cisco and Coherent were earnings movers late.

Lumentum just torched Wall Street expectations and sent shockwaves through the entire AI optics complex, pulling peers like Coherent, Corning, and Ciena sharply higher as analysts scramble to figure out whether the rally has legs or has already outrun reality.

AI infrastructure stocks jumped, with shares of AI server makers, optical-products companies, and neocloud providers moving higher.

Investor interest in photonics is rising as hyperscalers ramp AI spending, fueling expectations for a multi-year boom for optical connectivity tech providers.

Lumentum Holdings Inc (LITE) delivers eighth consecutive quarter of top-line growth, with non-GAAP gross margin crossing 50% ahead of schedule.

Investing.com -- Lumentum Holdings Inc (NASDAQ:LITE) reported fiscal fourth quarter adjusted earnings per share of $3.23, beating the analyst estimate of $2.95 by $0.28. Revenue reached $1.01 billion, surpassing the consensus estimate of $984.57 million and marking a 109% increase from $480.7 million in the same quarter last year.

The optical networking company reports better-than-expected earnings and revenue for its fiscal fourth quarter.

TEAM tops Q4 earnings and revenue estimates as subscription, cloud and AI platform growth fuel enterprise momentum and support fiscal 2027 outlook.

Veeco Instruments tops Q2 earnings and revenue estimates as AI-driven demand, strong orders and customer engagement fuel growth despite margin pressure.

Investing.com -- Mizuho highlighted an optical components maker in a note Tuesday, telling investors it would be a buyer of the company ahead of its fiscal fourth-quarter results on Aug. 11.

The S&P 500 Index ($SPX ) (SPY ) today is up +0.17%, the Dow Jones Industrial Average ($DOWI ) (DIA ) is up +0.10%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +0.06%. June E-mini S&P futures (ESM26 ) are up +0.19%, and June E-mini Nasdaq futures...

Futures rose. President Trump "paused" his Hormuz opening effort. AI plays AMD, Astera Labs, Lumentum, Arista were earnings movers late.

Lumentum shares fall after the optical networking giant reported fiscal third-quarter earnings, narrowly missing lofty revenue expectations.

Corning reported better-than-expected quarterly results on Tuesday but issued a middling outlook for the current quarter, halting the rally in optical communications stocks. Corning, which makes glass and fiber, barely eked out an earnings beat. The earnings outlook lined up with Wall Street’s estimates, but not the sales figure.