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 upcoming quarter, despite strong performance in the previous fiscal year driven by AI data center investments [2][3][4]. Financial Performance - For the fourth quarter of fiscal year 2025, Coherent reported a record revenue of $1.53 billion, a 16% year-over-year increase [2][6]. - The total revenue for fiscal year 2025 reached $5.81 billion, up 23% from the previous year, with a GAAP gross margin of 35.2%, an increase of 424 basis points [5][6]. - 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 [8]. Future Guidance - Coherent expects revenue for the next quarter to be between $1.46 billion and $1.6 billion, which is below market expectations, raising concerns among investors [2][8]. - The company anticipates a non-GAAP gross margin between 37.5% and 39.5% for the upcoming quarter [9]. Market Dynamics - The demand for AI data centers significantly boosted Coherent's network business, with a growth rate exceeding 60% for the year [11]. - The market for Ethernet optical modules is projected to reach $10 billion in 2024, with a nearly 100% year-over-year increase, driven primarily by AI data center demand [12]. Industry Outlook - The evolution of AI data center architectures is expected to sustain high-end optical module demand, providing long-term growth momentum for the industry [12].