On June 25, Lumentum Holdings rose 5.54% in regular trading, trading at $881.57/share, with turnover of $4.33 billion. The rally was driven by a broad recovery in the communication equipment sector and continued momentum from the company's Near-Packaged Optics (NPO) growth narrative.

On the sector front, communication equipment stocks strengthened collectively, with Ciena up 3.26%, Arista Networks up 3.44%, Nokia up 1.52%, and Applied Optoelectronics up 1.04%, creating a positive linkage effect that lifted individual stocks. The company's CEO previously stated at the Mizuho Technology Conference that NPO technology opportunities could be larger than Co-Packaged Optics (CPO), with mass production expected in the second half of 2027 and significantly increased laser demand per rack. This new growth narrative has effectively offset market concerns over CPO mass production delays — previously flagged by SemiAnalysis, which noted CPO timelines could slip to 2028-2029 with system-level yields of only about 19%. The NPO story continues to bolster investor sentiment, driving the stock's upward trajectory.

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