Lumentum soars 50% in November as Wall Street and retail traders gush over the Google supplier

The Google halo effect is the new Nvidia halo effect.

Shares of optical and photonics company Lumentum have been on a tear in November, up nearly 50%. Its components help information move around quickly in data centers using lasers and mirrors.

Unlike a lot of the more speculative, volatile AI-adjacent stocks that have come under pressure as of late, Lumentum has strong operating performance to help justify these gains.

The company reported Q1 2026 results near the start of the month that exceeded analysts’ expectations, with management also offering Q2 guidance well ahead of forecasts.

The company’s fiscal 2025 results (the year ended June 28, 2025) showed that Google was its second-biggest customer, accounting for 15.4% of net revenues. Networking equipment company Ciena Corp. came in slightly higher, at 16%.

Bloomberg currently estimates that as of its most recent quarter, 22% and 21% of Lumentum’s sales come from Ciena and Google, respectively.

Retail traders have stampeded into the stock this month, per JPMorgan analyst Arun Jain.

Wall Street has been singing the company’s praises as of late, too. Needham analyst Ryan Koontz boosted his price target to $290 from $235 on Monday, while Rosenblatt’s Mike Genovese recently called it “a must own AI stock.”