U.S. Optical Communications and Chip Stocks Plunge on Tuesday; Coherent Down 11%, Lumentum Off 8.2%

According to Barron's, on June 9, optical communications and semiconductor stocks plunged in U.S. markets as an AI-driven rally reversed. Coherent (COHR-US) slid 11% and Lumentum (LITE-US) dropped 8.2%, leading S&P 500 decliners. Supermicro (SMCI-US) fell 7.6%, while Marvell Technology (MRVL-US) declined 7.6% after gaining 9.6% the previous day on its announcement of inclusion in the S&P 500. Micron Technology (MU-US) closed down 1.4% at $935.89, despite UBS maintaining a "buy" rating with a $1,625 price target.

Applied Digital (APLD-US) advanced 2.4%, announcing a 15-year lease agreement with a major unnamed cloud provider worth $5.2 billion in guaranteed revenue, potentially totaling $12.7 billion over 30 years including renewal options.