Shares of Lumentum Holdings Inc. (LITE) rose over 3% on Monday morning after the company announced a major multiyear strategic agreement with NVIDIA Corporation (NVDA) to advance next-generation AI optics technologies.
The stock is currently trading at $724.31, up $23.40 or 3.34%. It opened at $743.21 after closing the previous session at $700.91. The stock has traded between $45.65 and $780.00 over the past 52 weeks.
Under the non-exclusive agreement, NVIDIA made a multi-billion-dollar purchase commitment for advanced laser components and secured future capacity access rights. In addition, NVIDIA is investing $2 billion in Lumentum to support research and development, future capacity expansion, and U.S.-based manufacturing, including a new fabrication facility.
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