Lumentum Holdings Inc.

**Signal Note: Driehaus Capital Initiates $125.7M LITE Position** Driehaus' new $125.7M stake in Lumentum (optical and photonic components supplier) signals conviction in semiconductor/telecom infrastructure demand, likely tied to AI data center buildout and 5G/6G networking expansion. The timing aligns with accelerating cloud capex cycles and potential near-term visibility into customer guidance from major hyperscalers. This represents a thematic bet on hardware enablement rather than biotech fundamentals, suggesting Driehaus is rotating growth capital toward infrastructure plays benefiting from AI infrastructure tailwinds.