Trading around $700, the stock now has a $1,040 price target from BNP Paribas analyst Karl Ackerman, implying roughly 47% upside. And the call isn't based on hype—it's based on where AI infrastructure demand is actually going.The AI Trade Is Moving Beyond GPUsLumentum sits in a less crowded—but increasingly critical—part of the stack: optical components.As AI models scale, data centers aren't just adding more GPUs—they're upgrading how those GPUs communicate. Ackerman sees that driving demand for:800G and 1 ...