From Fired Researcher to $13.7 Billion King: How Leopold Aschenbrenner Broke the Hedge Fund World

33. Coherent Corp. (NYSE:COHR)

Situational Awareness LP’s Stake: Sold Off

Filings for the first quarter of 2026 show that Leopold Aschenbrenner has sold off the stake his hedge fund had in Coherent Corp. (NYSE:COHR). The stock had first appeared in the 13F portfolio of the fund in the third quarter of 2025. Back then, this position comprised 154,000 shares. In the fourth quarter of 2025, the fund had increased this to 480,000 shares, up 211% compared to the previous quarter. The company develops, manufactures, and markets engineered materials, optoelectronic components and devices, and laser systems for the use in the industrial, communications, electronics, and instrumentation markets worldwide.

While the optical transceivers and datacom components that Coherent Corp. (NYSE:COHR) markets are essential for AI data centers, bears emphasize that the core legacy business, aggressive capital expansion cycles, and premium valuation present material risks that the investors are overlooking. In Q3 FY26, Data Center and Communications ballooned to represent 75% of total company revenue. While this segment grew 37% year-over-year, it acts as a mask for stagnation or cyclical downside in legacy industrial, materials, and consumer laser markets, which are historically sensitive to macroeconomic slowdowns. Coherent is ramping up capacity for next-generation optical transceiver nodes. Bears argue that once hyperscalers finish building out their initial cluster topologies, order momentum will hit an air pocket.