Fabrinet shares fell more than 11% before the open to $531.48 on Aug. 18 even after the company reported stronger-than-expected fourth-quarter results and issued first-quarter guidance above analyst forecasts. The Nvidia supplier posted adjusted earnings per share of $4.10 on revenue of $1.32 billion for the fiscal fourth quarter, beating expectations as data center demand remained strong. Fabrinet projected first-quarter adjusted EPS of $4.10 to $4.25 and revenue of $1.375 billion to $1.425 billion, both ahead of Wall Street estimates. Investors nonetheless focused on softer performance in other parts of the business and broader pressure across AI infrastructure stocks. Data communications revenue fell 1% sequentially to $258 million, while high-performance computing revenue rose 11% from the prior quarter to $118 million, trends that analysts said could signal areas of concern. CEO Seamus Grady said customer demand currently showed no visible endpoint. Brokerage views were mixed. B. Riley cut its price target on Fabrinet to $598 from $635 and kept a Neutral rating, while Barclays and JPMorgan raised their targets to $739 and $695 respectively, though both also highlighted risks tied to data communications and high-performance computing. B. Riley data showed Fabrinet's revenue from Nvidia is expected to fall 21% year over year in fiscal 2026 to $742 million. The stock was still up 31% for the year and more than 80% over the past 12 months before the latest premarket move.