On July 29, Lumentum declined 3.82% in pre-market trading, trading at $654.21/share, with turnover of $4.15 million. The stock extended its sharp selloff from the prior session, where it had plunged over 11% intraday.

On the news front, persistent concerns over the pace of AI infrastructure capital expenditure continue to weigh on the optical communications sector. Corning's Q3 guidance disappointed the market, with its core sales forecast of $4.9 billion to $5.0 billion offering an upper limit that merely matched consensus expectations, triggering a broad sector rout. Capital is rotating away from the high-investment, uncertain-return AI hardware narrative toward more cautious positioning. Optical modules and high-speed interconnect demand remain highly dependent on AI data center capex, making optical communications particularly vulnerable as an upstream segment when spending momentum is questioned.

Lumentum is a leading optical and photonic products supplier serving cloud networking and AI/ML applications. Its next earnings report is scheduled for August 11, with consensus EPS expected at $2.62.

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