The AI infrastructure trade faced a sharp reality check Tuesday as a selloff in optical component stocks spread to ETFs targeting a key but less-discussed part of the artificial intelligence boom: fiber optics and photonics.
周二，人工智慧基礎設施相關交易遭遇了嚴峻的現實考驗，光器件類股的拋售潮蔓延至專注於人工智慧熱潮中一個關鍵但較少被討論領域的ETF：光纖和光子學。
Shares of glass and fiber optics giantCorning Inc(NYSE:GLW) plunged 15% after the company reported better-than-expected second-quarter results but issued weaker revenue guidance for the current quarter. The stock was on track for its worst day since Oct. 8, 2002, when it fell 17.3%, according to CNBC.
玻璃和光纖巨頭康寧公司（紐約證券交易所代碼：GLW）股價暴跌15%，儘管該公司公佈的第二季度業績好於預期，但對當前季度的營收指引偏弱。據CNBC報導，該股正走向自2002年10月8日以來最糟糕的一天，當日跌幅為17.3%。
Corning reported adjusted earnings per share of 78 cents, beating Wall Street expectations of 76 cents, while revenue came in at $4.74 billion versus estimates of $4.61 billion. However, the company forecast core revenue growth of 16%, or $4.9 billion to $5 billion, below FactSet's $5 billion estimate.
康寧報告調整後每股收益為78美分，超過華爾街預期的76美分，而營收為$47.4億，高於預期的$46.1億。然而，該公司預測核心營收將增長16%，即從$49億到$50億，低於FactSet預計的$50億。
The weakness spilled across the optical supply chain, with shares ofLumentum Holdings Inc(NASDAQ:LITE),Marvell Technology Inc(NASDAQ:MRVL),AXT Inc(NASDAQ:AXTI), andCoherent Corp(NYSE:COHR) falling between 8% and 12% on Tuesday.
疲軟態勢蔓延至整個光學供應鏈，Lumentum Holdings Inc（納斯達克代碼：LITE）、邁威爾科技（納斯達克代碼：MRVL）、AXT Inc（納斯達克代碼：AXTI）和Coherent Corp（紐約證券交易所代碼：COHR）的股價周二下跌了8%至12%。
The selloff also hit optical-focused ETFs, with theKraneShares Photonic & Optical ETF(NYSE:LUMA) down more than 10%, while theTema Photonics & Optical ETF(NYSE:LAZR) andTuttle Capital Pure Play Photonics ETF(BATS:FOTO), the pure-play fiber and optics-focused ETFs, dropped between 9% and 11%.
此次拋售也波及專注於光學領域的ETF，KraneShares Photonic & Optical ETF（紐約證券交易所代碼：LUMA）下跌逾10%，而Tema Photonics & Optical ETF（紐約證券交易所代碼：LAZR）和Tuttle Capital Pure Play Photonics ETF（BATS代碼：FOTO）——這兩隻專注於純光纖與光學領域的ETF——跌幅介於9%至11%之間。
AI's Next Bottleneck
AI的下一個瓶頸
WhileNvidia Corp(NASDAQ:NVDA) and other chipmakers have dominated the AI investment narrative, investors are increasingly focusing on the infrastructure needed to support increasingly complex AI workloads.
儘管輝達公司（納斯達克代碼：NVDA）和其他晶片製造商主導了人工智慧投資敘事，但投資者正越來越多地關注支撐日益複雜的人工智慧工作負載所需的基礎設施。
AI data centers require massive amounts of bandwidth to move data between GPUs, servers and storage systems. Fiber optics, optical transceivers, lasers and photonic technologies are becoming critical as companies look to improve speed, reduce latency and lower power consumption.
人工智慧數據中心需要大量帶寬在GPU、服務器和記憶體系統之間傳輸數據。隨著企業尋求提升速度、降低延遲並減少功耗，光纖、光收發器、雷射器和光子技術正變得至關重要。
Corning has emerged as one of the beneficiaries of this trend through its optical communications business. The company has signed multiple large-scale deals with hyperscalers, including a recent multi-year agreement to supportAmazon.com, Inc's(NASDAQ:AMZN) expanding data center network.
康寧通過其光通訊業務已成為這一趨勢的受益者之一。該公司已與多家超大規模雲服務商簽署了多項大型協議，包括最近達成的一項多年期協議，以支援亞馬遜公司（納斯達克代碼：AMZN）不斷擴展的數據中心網絡。
Tuesday's selloff, however, highlighted concerns that AI infrastructure suppliers may face tougher growth expectations despite long-term demand.
然而，周二的拋售凸顯出市場擔憂：儘管長期需求強勁，但人工智慧基礎設施供應商可能面臨更嚴峻的增長預期。
LUMA: A Direct Play on AI Optical Infrastructure
LUMA：直接佈局人工智慧光學基礎設施
Among the hardest-hit ETFs was LUMA, which provides targeted exposure to companies involved in photonics and optical communications.
跌幅最大的ETF之一是LUMA，該基金為投資者提供對光子學和光通訊領域公司的定向敞口。
The fund includes companies across the optical supply chain, including:
該基金涵蓋光通訊供應鏈上的多家公司，包括：
Lumentum Holdings, which develops optical and photonic products used in communications networks.
- Coherent Corp., a supplier of lasers and optical technologies.
- Marvell Technology, which provides networking chips used in AI data centers.
- AXT Inc., which supplies materials used in optoelectronics.
Lumentum Holdings，開發用於通訊網絡的光學和光子產品。
- Coherent Corp.，一家雷射器和光學技術供應商。
- 邁威爾科技，為人工智慧數據中心提供網絡晶片。
- AXT Inc.，供應用於光電子領域的材料。
LUMA has become one of the closest ETF proxies for investors looking beyond AI chips toward the connectivity layer supporting the data center boom.
LUMA已成為投資者在關注AI晶片之外、聚焦支撐數據中心熱潮的連接層時最貼近的ETF代表之一。
FOTO and LAZR Target the Broader Photonics Theme
FOTO和LAZR瞄準更廣泛的光子學主題
FOTO focuses on companies where photonics is a core business, providing exposure to optical components, lasers and communication technologies.
FOTO專注於光子學為核心業務的公司，提供對光學元件、雷射器和通訊技術的敞口。
Meanwhile, LAZR takes a broader approach, investing across the photonics ecosystem, including optical communications, laser technology, sensing and imaging companies.
與此同時，LAZR採取更廣泛的投資策略，覆蓋整個光子學生態系統，包括光通訊、雷射技術、傳感和成像領域的公司。
Both ETFs have benefited from growing investor interest in the "AI beyond GPUs" theme, but Tuesday's declines showed their sensitivity to shifts in sentiment around AI infrastructure spending.
這兩隻ETF均受益於投資者對「AI beyond GPUs」主題日益增長的興趣，但周二的下跌表明，它們對AI基礎設施支出相關市場情緒的變化十分敏感。
AI Optical Trade Faces a Key Test
AI光通訊交易面臨關鍵考驗
The long-term case for optical infrastructure remains tied to the continued expansion of AI data centers. Hyperscalers are still investing billions of dollars into computing capacity, and the need for faster data movement is expected to increase as AI models become more demanding.
光通訊基礎設施的長期前景仍與AI數據中心的持續擴張緊密相連。超大規模雲服務商仍在計算能力上投入數十億美元，隨著AI模型對算力需求不斷提升，對更快數據傳輸的需求預計也將持續增長。
However, investors are becoming more selective about AI beneficiaries, particularly companies that have already seen significant valuation expansion.
然而，投資者在選擇AI受益企業時正變得更加挑剔，尤其是那些估值已大幅擴張的公司。
For LUMA, FOTO and LAZR, Tuesday's selloff represents a test of whether the optical layer of AI can maintain its momentum, or whether investors will demand clearer evidence that the fiber boom can translate into sustained earnings growth.
對LUMA、FOTO和LAZR而言，周二的拋售是對AI光通訊層能否維持其上漲勢頭的一次考驗，抑或投資者將要求更明確的證據，證明光纖熱潮能夠轉化為可持續的盈利增長。 (Benzinga)