On October 13, Lumentum fell 3.06% in Regular Trading, trading at $976.09/share, with turnover of $388 million.

The move came as optical communication names remained under pressure after a sharp recent run-up, even though Lumentum had previously disclosed that AI server optical component capacity is sold out into early 2029 and management said roughly 70% of demand for some products may remain unmet before 2027.

Recent reports said the stock had surged about 556% over the past 12 months, while multiple brokerages raised price targets, including one increase to $1,500 from $1,100. The latest sector weakness was broad-based, with Arista Networks falling 4.32%, Ciena falling 3.9%, Applied Optoelectronics falling 2.96%, Nokia Oyj falling 1.87%, and Cisco falling 0.68%, indicating the decline was tied more to a high-valuation sector pullback than to a new company-specific negative development.

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