(https://www.cnbc.com/2026/07/28/corning-glw-stock-optical-ai.html) and took Marvell, Lumentum, AXT with it. Here's what the narrative missed: this isn't about AI capex cooling or hyperscaler demand softening. It's about margin collapse in optical connectivity. When the cost of goods sold stops falling and pricing power evaporates simultaneously, you get the exact kind of earnings quality destruction that haunts supply chains for 2-3 quarters.

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