Today in the stock market, many technology and AI stocks rallied as Anthropic filed for an initial public offering.
Lumentum (LITE) was a standout performer as it jumped more than 8%. Arm (ARM) rose more than 6% and Tesla (TSLA) was also strong, as it increased more than 5%.
Overall, the S&P 500 rose 0.7% to 7,676, and Nasdaq rose 0.8% to 26,169.
Chart of the Day
Here is the one-year chart of Lumentum (LITE) of October 23, 2026, when the stock was at $849. 
Lumentum’s (LITE) light-based products help move data long distances in and between AI datacenters. Sales and profits are booming as the company is sold out of supply for years to come. Management has been saying for a while that its been sold out for years to come. Now the company is completely sold out of optical components through early 2029. LITE has been one of the hottest stocks in the market as datacenters and hyperscalers need data to travel longer distances. Last qtr, LITE delivered 267% profit growth on 109% revenue growth driven by strong demand for AI networking products.
Lumentum is one of the standout AI infrastructure stocks as demand for optical networking drives rapid revenue growth. The stock has a plump Estimated Long-Term Growth Rate of 109%. Yet the P/E is just 39 when I look ahead to 2027 profit estimates. LITE was purchased for the Growth Portfolio and Focus List today.
Last qtr, LITE reported 267% profit growth. Revenue increased 109% year-on-year.
