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#AIInfraEarningsWatch The latest AI infrastructure results demonstrate that spending remains extremely strong. Lumentum reported fiscal fourth-quarter revenue of approximately $1.01 billion, up 109% year-on-year, with adjusted earnings of $3.23 per share. CoreWeave generated roughly $2.58 billion in second-quarter revenue, while its backlog reached approximately $104 billion. Supermicro also reported strong revenue growth and improving gross margins. The results support demand across AI cloud capacity, optical networking and computing systems, but they also reveal the industry’s enormous capital requirements. CoreWeave expects 2026 capital expenditure of $35 billion to $39 billion, making financing costs and backlog conversion essential. Coherent, Applied Materials and Cisco are the next major tests. My view is that AI infrastructure demand is clearly real, but investors should separate revenue growth from economic returns. Companies that convert demand into margins and cash flow will be more attractive than businesses relying permanently on debt and repeated fundraising.