on 20-Oct-2026 19 October 2026 US Networking & Communications Equipment Lumentum (LITE) & Coherent (COHR) Q1 27 Preview: What can management say to assuage investor fear? Daniel Zhu +1 917 344 8309 daniel.zhu@bernsteinsg.com Over the last month, Lumentum stock is down 13% and Coherent is down 28%, amid a broader AI drawdown. We don't believe the drawdown catalysts change the fundamental picture for our stocks, and continue to be constructive on both companies. The longer-term debate remains fierce. We belie ...

29 September 2026 Initiation US Networking & Communications Equipment US Networking: Scaling the bandwidth wall. Initiating with a positive view daniel.zhu@bernsteinsg.com We continue to be positive on Al in both the short- and long-term. While an overbuild is still possible, demand continues to exceed supply and the assumptions needed to underwrite continued investments do not appear aggressive compared to the pace of adoption thus far. Both point to a higher-for-longer cycle. We also see model capability ...

on 07-Oct-2026 7 October 2026 US Networking & Communications Equipment AI Value Chain: What do we need to believe to believe the AI build is healthy? Daniel Zhu +1 917 344 8309 daniel.zhu@bernsteinsg.com In terms of calling the cycle, while there are different approaches to measuring and estimate supply, it's generally possible to underwrite well-informed forecasts for AI infrastructure supply. No matter how you slice it, AI infrastructure capacity is growing considerably. We anchor to hyperscalar capex dol ...

PRIMER 8 October 2026 US Networking & Communications Equipment US Networking: Connecting the dots... A primer on networking equipment in the age of AI Daniel Zhu +1 917 344 8309 daniel.zhu@bernsteinsg.com Mark C. Newman +1 212 845 7822 mark.newman@bernsteinsg.com Viola Chen +1 917 344 8614 viola.chen@bernsteinsg.com Phoebe Sun +1 917 344 8481 phoebe.sun@bernsteinsg.com We initiated on US Networking and Communications Equipment on 9/29 after the close. This note serves as a primer for investors new to the sp ...

on 12-Oct-2026 12 October 2026 US Networking & Communications Equipment LITE & COHR: Illuminating the Optical Debate - Top investor questions and feedback from our initiation Daniel Zhu +1 917 344 8309 daniel.zhu@bernsteinsg.com On 9/29, we initiated coverage on the US Networking & Communications Equipment sector (US Networking: Scaling the bandwidth wall. Initiating with a positive view). Investor feedback on our initiation on the Optical Module sub-sector (LITE & COHR) has centered on a number of key deba ...