I look at Coherent and see a business with a book-to-bill ratio above 4:1, co-developing CPO with Nvidia, and operating in a market where EML laser supply is fully allocated. The structural demand from AI compute is not going away. What I'm thinking through now is whether COHR at 112% YTD still offers the compounding potential I need for a meaningful position, versus sizing it smaller and waiting for the next sector pullback. Still constructive on the thesis. Working through the entry.
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