J P M O R G A N North America Equity Research 13 November 2025 Hardware & Networking Key Takeaways from Expert Discussion on Scaling Up AI Datacenters We hosted a conference call with Sri Kanajan, Data Scientist at Scale AI and former Senior Data Scientist at Meta, to discuss the scaling up of AI Datacenters. Please see our takeaways from our last discussion with Mr. Kanajan on Hyperscale AI Datacenter Architecture on June 2025 here, which focused on algorithmic efficiencies shifting compute intensity towar ...

RT sana (@0x_antifragile)Q4 farmingusdaiMain farm post plasma among many, hits multiple hot tradfi narratives with ai datacenters buildout craziness. Usdai is supposed to be purely tbill backed for the foreseeable future meaning gpu backed loans risk *should* be isolated.Theres been a lot of ways to play this, project is very dynamic in terms of implementing quick changes. Short term opportunities were minting 1:1 + selling overpeg a few days later, buying post mint at peg on plasma + looping and/or combini ...

Financial Performance Highlights - The company reported a strong fiscal year 2025, with revenue reaching $5.81 billion, a 23% increase compared to $4.7 billion in fiscal year 2024[7] - Non-GAAP Earnings Per Share (EPS) significantly increased by 191%, from $1.21 in FY24 to $3.53 in FY25[7] - Gross margin improved by 358 basis points, reaching 37.9% in FY25 compared to 34.3% in FY24[7] Revenue Segmentation and Trends - Datacenter and Communications sector accounted for 51% of FY25 revenue[7] - Industrial sector accounted for 7% of FY25 revenue[7] - Instrumentation sector accounted for 5% of FY25 revenue[7] - Electronics sector accounted for 29% of FY25 revenue[7] - In Q4 2025, Networking segment revenue was $945 million, representing 62% of the total revenue distribution[10, 11] - In Q4 2025, Lasers segment revenue was $348 million, representing 15% of the total revenue distribution[10, 11] - In Q4 2025, Materials segment revenue was $236 million, representing 23% of the total revenue distribution[10, 11] Fiscal Year 2026 Q1 Outlook - The company anticipates revenue between $1.46 billion and $1.60 billion for the first quarter of fiscal year 2026[22] - Non-GAAP gross margin is projected to be between 37.5% and 39.5%[22] - Non-GAAP operating expenses are expected to range from $290 million to $310 million[22] - The non-GAAP tax rate is estimated to be between 18% and 22%[22] - Non-GAAP earnings per share are projected to be between $0.93 and $1.13[22]

Core Insights - Coherent Corp. presented its long-term growth strategy and financial model at the 2025 Analyst and Investor Day [1] - The company anticipates over 22% revenue growth and a 2.8 times increase in EPS year-over-year for FY25 [2] Group 1: Market Opportunities - Coherent is focusing on the optical transceivers and components market for AI Datacenters, highlighting its extensive optical technology portfolio [3] - The company sees significant growth potential in the industrial market, particularly in semi cap, display equipment, precision manufacturing, and instrumentation [4] Group 2: Financial Strategy - The CFO outlined key financial priorities, emphasizing the acceleration of profitable revenue growth and a refined investment strategy [5] - Coherent aims to achieve double-digit revenue growth in key markets while expanding gross margin and EPS [2][5]