33 Most Important AI Companies You Should Pay Attention To

11. Coherent Corp. (NYSE:COHR)

Number of Hedge Fund Holders: 50 

YTD Return as of August 1: 65%

Coherent Corp. (NYSE:COHR) develops, manufactures, and markets engineered materials, optoelectronic components, and devices worldwide. The firm has emerged as an important player in the AI space, marketing 800G transceivers which read and write data at a speed of 800 gigabytes per second. This rapid processing is crucial to software companies who base the computational power of their AI products on this speed. The previous track record of the firm is also impressive, indicating it can deliver on the promises it makes to investors. It has innovated at every step of the way over the course of twenty years, leading optoelectronic markets through booms in telecom, enterprise data centers, and web hyperscalers.

In the third quarter earnings call, Chuck Mattera, the CEO of Coherent Corp. (NYSE:COHR), detailed how the AI revolution was helping the company grow earnings, noting that the rise in demand for 800G transceivers had led to a 50% sequential increase in non-GAAP earnings per share for his business during the quarter. He further said that AI tailwinds would continue to bolster earnings of the company in the fourth quarter and into 2025.