Coherent Inc is trading 4% down at $397.34 on June 16, 2026. This occurs despite the company announcing a letter of intent for $50 million in CHIPS Act funding from the U.S. Department of Commerce to expand its semiconductor manufacturing facility in Texas. The investment aims to bolster the production of critical optical networking technologies that power AI datacenters. The stock recently surged on robust AI datacenter optics demand, upbeat Q3 results, and a strategic investment from Nvidia.