On June 23, Lumentum Holdings fell 5.1% in pre-market trading, trading at $842.47/share, with turnover of $9.57 million.

On the news front, independent research firm SemiAnalysis previously released a report indicating that co-packaged optics (CPO) mass production timelines may be pushed back to 2028 or even 2029, with system-level yield at only approximately 19% — far below production-ready standards. This finding has continued to suppress sentiment across the optical communications sector. Although the company's CEO recently introduced a near-packaged optics (NPO) narrative at a Mizuho technology conference, suggesting NPO opportunities could exceed CPO with volume production expected in the second half of 2027, the fundamental concerns surrounding CPO delays remain unresolved.

The broader Communication Equipment sector is collectively weak, with Nokia down 6.72%, Applied Optoelectronics down 6.29%, Ciena down 5.29%, Arista Networks down 3.49%, and Cisco down 0.86%, reflecting significant sector-wide linkage pressure on individual stocks.

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