Optical Communications and Memory Stocks Decline Sharply on Friday; Lumentum, Coherent Drop 5-6%

According to MarketWatch, on Friday (June 26), optical communications and memory stocks experienced a sharp selloff. Lumentum (LITE-US) and Coherent (COHR-US) fell over 5% and 6% respectively, while other optical and networking equipment stocks including MACOM Technology Solutions (MTSI-US), Broadcom (AVGO-US), Corning (GLW-US), and Credo Technology (CRDO-US) also declined broadly.

SoftBank (9984.T) shares plummeted over 12% after The New York Times reported Thursday that SoftBank-backed OpenAI may delay its initial public offering to next year. In Asia, South Korea's KOSPI index fell nearly 6%, with memory chip makers SK Hynix and Samsung Electronics declining notably. Storage stocks also came under pressure, with SanDisk (SNDK-US), Seagate Technology (STX-US), and Western Digital (WDC-US) dropping 10%, 12%, and 13% respectively.