Nomura Smid Cap Core Fund on Coherent Corp.
Thesis
Coherent is positioned to benefit from the accelerating transition in data centers from copper interconnects toward optical solutions. The fund links the company's opportunity directly to the expansion of AI infrastructure and the growing need for higher-performance connectivity. Its role in this transition provides exposure to a structural change in data-center architecture rather than only to the largest AI chip vendors.
“Coherent Corp. and MACOM Technology Solutions Holdings Inc. contributed meaningfully as well, both benefiting from the accelerating transition within data centers”