AI Beneficiaries Also Shaken... $5 Billion Market Cap Vanished in a Day for Photonics Leader

COHERENT CORP (Ticker: COHR) shares plunged 5.49% on the New York Stock Exchange, closing at $361.44. The company’s market capitalization fell to about $70.7 billion (roughly KRW 100 trillion), erasing approximately $3.7 billion (around KRW 5 trillion) in a single day.

Earlier this month, on the 6th, Coherent reported third-quarter fiscal-2026 results with revenue of $1.81 billion and non-GAAP earnings per share of $1.41—well above consensus estimates. On the 13th, Bank of America raised its price target, and other brokerages issued positive reports, highlighting the company’s exposure to AI data-center demand.

Analysts say expanded AI data-center investment, led by NVIDIA, should support long-term growth in Coherent’s photonics materials and high-speed optical transceiver businesses. Still, short-term profit-taking has weighed on the stock.

Headquartered in Pennsylvania, Coherent manufactures optical materials, lasers, and semiconductor-based photonics components. After acquiring the laser specialist Coherent in 2022 and rebranding, the company has broadened its offerings to include data-center, telecom, and industrial lasers.