In a significant portfolio shift, Steve Cohen's Point72 Asset Management drastically reduced its position in Coherent Corp. (COHR) during the second quarter of 2026. According to a quarterly report filed with the SEC, which discloses trades as of June 30, the firm sold over 537,000 shares, cutting its stake by nearly 93%. This disclosure provides a delayed look at the firm's trading activity and does not reflect its current holdings.
The move is notable given Coherent's recent positive momentum, driven by its role in the artificial intelligence supply chain. Just after the reporting period, Coherent announced record quarterly revenue of $2.05 billion and strong growth in its AI-focused data center and communications segments. The company also began customer sampling for a new silicon carbide substrate designed to improve heat management in next-generation AI processors, a development that pushed its stock up significantly in August.