Lumentum rises after report AI-server optical products sold out into 2029
BUZZ-Lumentum rises after report AI-server optical products sold out into 2029 Updates
** Shares of photonic product maker Lumentum LITE.O jump 3.5% to $1,086.11
** Stock briefly hits record high at $1,143
** LITE's CEO says its optical components are completely sold out through early 2029, as tech companies seek faster AI data-center infrastructure, Bloomberg News reports
** CEO Michael Hurlston says LITE cannot meet about 70% of demand for certain products through 2027, while about 30% of demand for other products will remain unaddressed through 2028
** Lumentum and peer Coherent COHR.N received a $2 billion investment each from AI bellwether Nvidia NVDA.O earlier this year
** COHR shares last up 1.9%, while optical networking firm Applied Optoelectronics AAOI.O jumps 5.6%
** Including session's moves, Lumentum's stock up 196.3% YTD
(Reporting by Ragini Mathur in Bengaluru)
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