10 Firms Take a Beating on Tariff Worries

8. Lumentum Holdings Inc. (NASDAQ:LITE)

Lumentum Holdings fell by 20 percent on Thursday to finish at $53.45 apiece as investors resorted to profit-taking following Wednesday’s surge while also repositioning portfolios to minimize risks from the ongoing trade war.

Earlier in the week, LITE surged following announcements that it achieved a new speed benchmark of 448 Gbps data transmission, a milestone that addresses the escalating bandwidth demands of artificial intelligence and machine learning applications which require ultra-fast, real-time data processing.

LITE partnered with NTT Innovative Devices and Keysight Technologies for the project.

“Achieving 448 Gbps transmission is a significant milestone in advancing optical interconnects for AI-driven cloud infrastructure. This collaboration underscores Lumentum’s expertise in photonics and our commitment to delivering cutting-edge optical components that support the rapid expansion of AI and cloud data centers,” said LITE Chief Technology Officer Matthew Sysak.

“As AI and ML applications require real-time processing of ever-growing datasets, our high-performance externally modulated lasers will be instrumental in enabling faster, more efficient, and scalable data center networks,” he added.