Money questions at Coherent

Key highlights

1. AI chips & foundryWatch AMD Surges 13% as Wall Street Revives AI Chip TradeAMD +13.3%
2. Power & gridAI Is Creating a Power Crisis. Constellation Energy Just Showed How It Plans to Cash InCEG +10.5%
3. AI models & applicationsIonQ Gains Another 9%, Rigetti Up 9%, D-Wave Up 7% as Quantum Rally Extends Into Rivals’ EarningsIONQ +8.3%RGTI +10.5%
4. Memory & storageSeagate Soars 10% in AI Rebound as Morgan Stanley Sees “Strong Fundamentals and Weak Sentiment”STX +9.8%
5. Data centers, cooling & build speedInfineon Boosts AI Sales Outlook Due to Data Center Growth PlansInfineon Technologies +6.3%
6. Neoclouds, bonds & AI financingCoreWeave Rises 5%, Nebius Up 7% as AI Stocks Rebound Ahead of Earnings: “Levered Trades to AI”CRWV +5.6%NBIS +9.2%

Markets

The S&P 500 rose 2.4%, the Nasdaq 100 rose 3.5% and chip stocks outperformed (+5.0%). Asia had a rally: KOSPI +4.4%, Taiwan TAIEX +2.5%, Nikkei 225 +2.9%, Hang Seng +0.4%. In Korean memory, SK hynix rose 0.3% and Samsung +0.6%. The US 10-year yield held 0bp to 4.86%; oil -1.8%, VIX 20.0.

The AI chain today average move · day / week

AI chips & foundry +6.1%

Chip stocks +6.1% on the day (37 of 40 up), -8.2% on the week. Astera Labs led (+13.7%) and NVIDIA lagged (-4.3%).

• Google TPU 8tx Pairs AMD EPYC Turin Hosts with Confidential Computing while TPU 8i Max Doubles Memory BandwidthGOOGL +1.2%AMD +13.3%
• SoftBank swings to $7 billion loss after U.S. data center hit and Intel share declineINTC +5.5%

Lithography Machines +3.6% Stood out today

Lithography Machines stocks +3.6% on the day (4 of 4 up), -9.9% on the week. ASML Holding led (+6.2%).

• ASML Raises 2026 Guidance as AI Demand Accelerates Capacity ExpansionASML +6.2%

Chip Testing & Burn-in +8.7% Stood out today

Chip Testing & Burn-in stocks +8.7% on the day (5 of 5 up), -4.2% on the week. Cohu led (+12.8%).

Memory & storage +4.4%

Memory and storage stocks +4.4% on the day (6 of 7 up), -19.6% on the week. Western Digital led (+9.9%) and Kioxia lagged (-2.5%).

• SK Hynix Plans $75 Billion in Shareholder Returns After Blockbuster EarningsSK hynix +0.3%
• Micron Soars 5% as TSMC Sticks to the “Global Logic IC” Industry, Not MemoryMU +6.2%TSM +3.5%

Optics & networking +7.7%

Optics and networking stocks +7.7% on the day (18 of 19 up), -5.5% on the week. Coherent led (+16.8%) and NVIDIA lagged (-4.3%).

• Nokia eyes AI optical interconnect market, potentially challenging Lumentum and CoherentLITE +10.7%COHR +16.8%
• Marvell-Lumentum Deal Odds Near Coin Flip as AI Trade ShuddersMRVL +9.5%LITE +10.7%
• Coherent Soars 18%, Lumentum Up 12% as AI Optics Rebound Extends Despite Nvidia TurmoilCOHR +16.8%LITE +10.7%

AI Networking +7.1% Stood out today

AI Networking stocks +7.1% on the day (5 of 6 up), -2.1% on the week. Astera Labs led (+13.7%) and NVIDIA lagged (-4.3%).

• Arista Networks(ANET.US) 10% Shareholder Sells US$43.02 Million in Common StockANET +9.0%

Servers, racks & components +6.7%

Server and component stocks +6.7% on the day (24 of 27 up), -10.4% on the week. Monolithic Power Systems led (+16.6%) and Samsung Electro-Mechanics lagged (-3.1%).

• Vertiv partners with Infineon to scale power semiconductors for AI data centersVRT +9.6%Infineon Technologies +6.3%
• onsemi introduces EliteSiC M4 fourth-gen silicon carbide platform, with up to 30% higher power density and 35% lower lossesON +9.2%

Power & grid +4.7%

Power and grid stocks +4.7% on the day (44 of 50 up), -2.2% on the week. Oklo led (+14.0%) and LG Energy Solution lagged (-5.8%).

• OKLO Stock Is On Track To Reverse 6 Weeks Of Losses, But This Analyst Warns Nuclear Euphoria Is FadingOKLO +14.0%
• GE Vernova Secures German Wind Turbine Order from Stadtwerke Heidenheim for 16.5 MW ProjectGEV +7.1%

Data centers, cooling & build speed +7.0%

Data center, cooling and builder stocks +7.0% on the day (21 of 22 up), -5.7% on the week. Sterling Infrastructure led (+15.0%).

• Equinix launches SG6 data center in SingaporeEQIX +4.1%
• Arm Holdings CEO Warns US AI Data Center Pushback Could Send Jobs AbroadARM +6.7%

Hyperscalers & AI spending +3.0%

Hyperscaler stocks +3.0% on the day (5 of 5 up), +5.1% on the week. Meta Platforms led (+5.1%).

• Big Tech Spent $230B on AI, But Its Cash Flow Is Now Deep in the Red

Neoclouds, bonds & AI financing +5.9%

Neocloud stocks +5.9% on the day (4 of 5 up), -0.1% on the week. Nebius led (+9.2%).

• Cloudflare Jumps 11%, Nebius Surges 9% as AI Cloud Stocks Defy NVIDIA’s SlideNET +9.3%NBIS +9.2%
• Anthropic sets price range of $70 to $78 in upcoming IPO as AI lab marches toward Nasdaq

AI models & applications +6.6%

AI software and security stocks +6.6% on the day (34 of 35 up), +4.8% on the week. Firefly Aerospace led (+17.1%).

• D-Wave and Rigetti Face High Stakes After Quantum Peers Raise the Earnings BarQBTS +7.4%RGTI +10.5%
• Anthropic's super bug-finding Mythos model is going into Cisco and IBM productsCSCO +5.1%IBM +0.5%

Robotics & physical AI +3.6%

Robotics stocks +3.6% on the day (40 of 45 up), -0.7% on the week. AeroVironment led (+12.6%) and NVIDIA lagged (-4.3%).

• Overall Tesla China Sales Rise 10%, Sales Inside China Sink To 4-Year LowTSLA +5.5%
• Robotics company Figure AI is hiring a human to babysit humanoid robots overnight
• Atlas is on a roll: Hyundai's humanoid robot trades feet for wheels

Materials +4.9%

Materials stocks +4.9% on the day (22 of 25 up), +4.0% on the week. United States Antimony led (+23.1%).

• Myanmar rare earths have become critical to Chinese supply chains
• MP Materials rises as Jefferies highlights rare earth production growth and magnet ramp-upMP +6.6%

Policy & regulation

Rules, taxes and local politics are now a regular part of the build-out story.

• Deutsche Telekom CEO to fight Huawei ban amid Nvidia scandalNVDA -4.3%
• Microsoft presses Trump to scuttle expected ban on Chinese data center technologyMSFT +2.8%
• Indy council committee rejects DC Blox data center tax breaks

Data & what's coming

• H100 rental price: +1.9% over 7 days.

Next 7 days

• 11-10EarningsTokyo Ohka Kogyo (4186.T)
• 11-10EarningsSumitomo Metal Mining (5713.T)
• 11-10EarningsFujikura (5803.T)
• 11-10EarningsCoreWeave (CRWV)
• 11-10EarningsFirefly Aerospace (FLY)
• 11-10EarningsHesai Group (HSAI)