Lumentum nearly doubled revenue as EML and 1.6T products drove a 2,140 bps jump in operating margin. With demand far outstripping supply, how is Lumentum using NVIDIA's capital and new capacity to chase a $2B quarterly revenue target?

Lumentum doubled revenue and broke 50% gross margin ahead of plan, turning "optics replacing copper" into reported numbers. The real signal is not one quarter: it hit its target a quarter early and is set to raise its entire financial model. Here are the three numbers STT will watch next quarter: OCS, gross margin and ultra-high-power lasers.