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Lumentum: 90% Revenue Growth, a $2 Billion Nvidia Investment, Triple Digits Coming — and the Dilution Story Nobody Is Covering
Over a year ago, CSI did a three-part deep dive on co-packaged optics after Nvidia dedicated an entire segment of its GTC keynote to the technology — naming Lumentum and Coherent as the primary beneficiaries. The analysis was right. They did not buy.
That mistake is now worth talking about directly.
Lumentum just reported fiscal Q3 2026 revenue up 90% year over year. Q4 guidance implies triple-digit year-over-year growth. Nvidia made a $2 billion investment in both Lumentum and Coherent, and separately announced a major fiber optic cable manufacturing expansion with Corning. Co-packaged…
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