Fabrinet reported record fiscal 2026 fourth-quarter revenue of $1.3158 billion and non-GAAP EPS of $4.10, both above expectations, as data center became its largest end market at $669 million, or 51% of sales. The company guided fiscal first-quarter 2027 revenue to $1.375 billion-$1.425 billion with non-GAAP EPS of $4.10-$4.25, but the outlook was viewed as only in line after a sharp run-up in the stock. By midday Tuesday, Fabrinet shares were down roughly 20% near $476, extending the post-earnings selloff and weighing on the broader optical and connectivity group, including Marvell Technology, Amphenol, Coherent, Lumentum and Corning. The retreat came as investors also digested concerns about AI spending expectations, rising Treasury yields and stretched valuations across suppliers tied to the AI infrastructure buildout. Separate Form 13F filings had shown Citadel Advisors, Millennium Management and AQR Capital Management increased Fabrinet positions in the second quarter before the results.