Optics stocks decline sharply as Anthropic news impacts Lumentum, Corning, AXT

Optics stocks took a beating on July 28, with Lumentum dropping roughly 10%, Corning sliding around 12%, and AXT falling approximately 12% in a broad sell-off that swept through the AI optical components sector. The catalyst was a mix of Corning’s forward guidance and news related to Anthropic that rattled investor confidence across the entire supply chain. The irony: Corning actually beat expectations on both the top and bottom lines. Revenue came in at $4.74B against analyst estimates of $4.61B, and earnings per share landed at 78 cents versus the 76 cents Wall Street had penciled in. None of that mattered once the market digested the company’s third-quarter outlook, which landed either in line with or below what investors had been hoping for. A sell-off with multiple triggers The damage wasn’t confined to Corning. Lumentum, AXT, Coherent, and Marvell all posted significant declines, with several names suffering double-digit losses in a single session. The Anthropic connection added another layer of complexity. The Tema Photonics & Optical ETF, which trades under the ticker LAZR and holds positions in both Lumentum and AXT, reportedly allocates approximately 12% of its portfo...