On June 19, Lumentum Holdings fell 3.04% in regular trading, trading at $845.31/share, with turnover of $2.602 billion. The decline reflects continued pressure from concerns over delays in co-packaged optics (CPO) technology reaching mass production scale.

Independent research firm SemiAnalysis recently published a report indicating that CPO mass production timelines may be pushed back to 2028 or even 2029, citing system-level yields of only approximately 19%, far below the threshold required for commercial-scale manufacturing. The report has triggered a broad reassessment of growth prospects across the optical communications supply chain, with Lumentum as a core participant in the CPO ecosystem bearing significant impact.

Within the Communication Equipment sector, the overall tone remained weak. Applied Optoelectronics fell 3.65%, Nokia declined 2.82%, and Ciena dropped 2.02%, while Cisco rose 1.41% and Arista Networks gained 2.0%. The sector-wide linkage effect amplified downward pressure on individual stocks exposed to optical interconnect themes.

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