Optical networking company Lumentum Holdings (LITE) is set to join the S&P 500 index ($SPX) on March 23, before the market opens. As quarterly rebalancings like this lead to short-term buying and selling, Lumentum’s stock gained 14.73% intraday on March 9, after the news was released on March 6.
The stock has skyrocketed, making it a pioneer of the artificial intelligence (AI) supply chain. The company’s optical networking equipment is in high demand, driving a significant surge in the stock over the past year.
