Updated

Corning shares tumbled as much as 12% after the company announced a $2 billion at-the-market equity offering, raising investor concerns about dilution. The selloff spread across the optical components sector, with Coherent falling 11%, Lumentum dropping 9%, and Fabrinet sliding 6%. The broad decline suggests investors are recalibrating valuations across optical networking suppliers that have rallied this year on AI-driven data center demand, with Corning's capital raise prompting a reassessment of near-term earnings dilution risk across the group.