突传利空！AI产业链巨头，暴跌！

Core Viewpoint - Coherent's stock plummeted nearly 20% in pre-market trading due to disappointing revenue guidance for the next quarter, despite achieving record revenue in the fourth quarter driven by AI data center investments [1][2]. Financial Performance - For the fiscal year 2025, Coherent reported revenue of $5.81 billion, a 23% increase year-over-year, with a GAAP gross margin of 35.2%, up 424 basis points from the previous year [2]. - The fourth quarter revenue reached a record $1.53 billion, reflecting a 16% year-over-year growth and a 2% quarter-over-quarter increase [2][4]. - Non-GAAP diluted earnings per share for the fourth quarter were $1.00, compared to $0.91 in the previous quarter and $0.51 in the same quarter last year [4]. Market Outlook - The company anticipates next quarter's revenue to be between $1.46 billion and $1.6 billion, which is below market expectations, raising concerns among investors [4][5]. - Coherent's network business is benefiting from a surge in AI data center investments, with data center revenue growing over 60% year-over-year [7]. - The demand for 800G transceivers is expected to continue increasing, with initial shipments of 1.6T transceivers also contributing to revenue growth [7]. Industry Trends - Approximately 80% of market demand for optical modules is driven by AI data centers, primarily supporting high-performance networks [8]. - The global Ethernet optical module market is projected to reach $10 billion in 2024, nearly doubling year-over-year, with a sustained growth rate of around 50% in 2025 [8]. - The evolution of AI data center architectures is expected to drive long-term demand for high-end optical modules, providing growth momentum for the industry [8].