Optics stocks fell sharply on July 28, with Lumentum dropping roughly 10%, Corning sliding around 12%, and AXT falling approximately 12%. Coherent and Marvell were also caught in the broad sell-off. Corning beat Q2 estimates with revenue of $4.74 billion versus the $4.61 billion consensus and earnings per share of 78 cents versus the 76 cents expected, but the company’s forward guidance disappointed investors. The decline was triggered by a combination of Corning’s outlook and news related to Anthropic, with the Tema Photonics & Optical ETF reportedly allocating approximately 12% of its portfolio to Anthropic through a special purpose vehicle. These companies manufacture high-speed optical interconnects essential for hyperscale data centers to function.
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