AI Data Center Beneficiaries: Reasons Behind a 3 Trillion Won Market Cap Loss in Just One Day Despite Strong Earnings

Shares of Coherent Corp. (COHR) slid 5.29% to $317.89, erasing roughly $3.1 billion in market value in a single day—about KRW 4.4 trillion. Its current market capitalization stands at approximately $62 billion (around KRW 87 trillion).

In today’s U.S. session, Coherent Corp. reported third-quarter results for fiscal 2026, posting revenue of $1.81 billion, diluted EPS of $0.97, and adjusted EPS of $1.41, marking double-digit year-over-year growth and improved profitability. The company cited strong demand from AI data centers and the communications segment as the main growth drivers and said it is aggressively expanding related production capacity. ()

Earlier in February, Coherent also beat market expectations with its second-quarter results and has emerged as a leading photonics beneficiary of the AI infrastructure theme, having entered a multi-year strategic partnership with NVIDIA to enhance optical technology and manufacturing capabilities for next-generation data centers. ()

Formerly known as II-VI, Coherent Corp. is a U.S. photonics and semiconductor materials company supplying lasers, optical components, optical transceivers for communications and data centers, and materials for power semiconductors. After acquiring Coherent Inc. in 2022 and unifying under the Coherent name, the firm reorganized into an integrated photonics technology provider spanning lasers, materials, and networking. It is now recognized as a key supply-chain player in the AI data-center and high-speed communications infrastructure investment cycle. ()