Fabrinet, a contract manufacturer of optical communications products, lists NVIDIA and Amazon among four customers that each made up 10% or more of its revenue in fiscal 2026, according to its annual report filed on 18 August 2026. NVIDIA contributed 16.3% and Amazon 10.5%.
The filing matters this week because Bloomberg reported on 28 October 2026 that Marvell Technology is in advanced talks to buy optics maker Lumentum, according to people familiar with the matter. We covered that report here. This piece sets the filings of four suppliers side by side: who buys, and how fast each is growing.
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The key insight: By our arithmetic, four customers made up 57.4% of Fabrinet’s fiscal 2026 revenue and two unnamed customers made up 41.6% of Lumentum’s, while NVIDIA’s share of Fabrinet’s revenue fell from 27.6% to 16.3% as Amazon crossed 10%.
Fabrinet’s annual report names its four largest customers for fiscal 2026: Cisco Systems at 19.9% of revenue, NVIDIA at 16.3%, Nokia at 10.7% and Amazon at 10.5%. A year earlier only two customers crossed 10%: NVIDIA at 27.6% and Cisco at 18.2%.
By our arithmetic, those four customers made up 57.4% of Fabrinet’s $4,641.1 million of fiscal 2026 revenue. Applying the disclosed shares, revenue from NVIDIA was about $757 million, against about $944 million in fiscal 2025, a fall of about 20%, and revenue from Amazon was about $487 million.
Lumentum’s annual report lists two end customers that each supplied 10% or more of fiscal 2026 revenue, one at 26.6% and another at 15.0%, without naming them. By our arithmetic, the two together made up 41.6% of revenue, about $1.25 billion.
Coherent’s annual report says it “had two customers who each contributed more than 10% of revenue during fiscal 2026”. It does not name them in that passage.
Year-on-year growth of the revenue line each company reports for its latest period: Lumentum total revenue (quarter to 27 June 2026), Coherent Datacenter & Communications segment (quarter to 30 June 2026), Marvell data center (quarter to 1 August 2026) and Fabrinet data center products (fiscal year to 26 June 2026). Source: company releases and annual reports; Coherent growth is our arithmetic.
How Fast Each Is Growing
Lumentum’s release of 11 August 2026 lists net revenue of $1,006.3 million for its fiscal fourth quarter to 27 June 2026, up 109.3% from a year earlier. Components revenue was $649.4 million, up 102.7%, and systems revenue $356.9 million, up 122.6%. It guided $1.225 billion to $1.275 billion for the next quarter.
Coherent’s release of 12 August 2026 lists Datacenter & Communications segment revenue of $1,615.0 million for the quarter to 30 June 2026, against $1,018.3 million a year earlier. By our arithmetic that is growth of 58.6%, and the segment was 79.0% of Coherent’s $2,045.5 million of quarterly revenue. It guided total revenue of $2.2 billion to $2.4 billion for the next quarter.
“As AI datacenter architectures increasingly transition from copper to optical connectivity, we believe Coherent’s broad photonic technology portfolio and manufacturing scale uniquely position us to deliver accelerating growth and capitalize on this multi-year opportunity,” chief executive Jim Anderson said in that release.
Marvell’s release of 27 August 2026 lists data center revenue of $2,171.5 million for its quarter to 1 August 2026, up 46% and 79% of its total. Fabrinet’s annual report says revenue from data center products was $2,225.1 million in fiscal 2026, up 40.8% and 47.9% of revenue, while communications infrastructure products grew 47.4% to $1,546.4 million.
As we read the four filings, the suppliers’ growth is broad: Lumentum’s total revenue, Coherent’s Datacenter & Communications segment, Marvell’s data center line and Fabrinet’s data center products all grew by 40% or more in their latest periods.
As we read Fabrinet’s customer list, its revenue is spread across more large buyers than a year earlier: four customers crossed 10% in fiscal 2026, against two in fiscal 2025.
Bloomberg’s people say Marvell is in advanced talks to buy Lumentum; neither company has confirmed talks in a filing or release we have seen.
Coherent chief executive Jim Anderson, 12 August 2026
“As AI datacenter architectures increasingly transition from copper to optical connectivity, we believe Coherent’s broad photonic technology portfolio and manufacturing scale uniquely position us to deliver accelerating growth and capitalize on this multi-year opportunity”
Three Implications
FOR LUMENTUM Its release guides revenue of $1.225 billion to $1.275 billion for the quarter to September 2026, against $1,006.3 million in the quarter to June.
FOR COHERENT Its release guides total revenue of $2.2 billion to $2.4 billion for the quarter to September 2026, against $2,045.5 million in the quarter to June.
FOR FABRINET Its annual report says fiscal 2026 revenue rose 35.7% to $4,641.1 million, with data center products at $2,225.1 million.
The framework argues: “This entire ecosystem has been shaped by constraints, bottlenecks, chokepoints, and scarcity at every layer.” It describes AI as a layered stack of technologies and infrastructure.
The four filings describe one of those layers, the optical links and chips that connect data center hardware. The framework does not discuss Fabrinet, Lumentum, Coherent or Marvell.
What Is Not Established
Lumentum and Coherent do not name their largest customers in the passages we read, and Fabrinet’s percentages cover all products sold to each customer, not only data center optics. None of the four splits AI revenue from other revenue.
The periods differ: Lumentum, Coherent and Fabrinet report fiscal years ending in late June, and Marvell’s latest quarter ended on 1 August. Our dollar figures for single customers apply the disclosed percentages and round them. Bloomberg’s people say a Marvell deal for Lumentum could be announced as soon as next week; neither company has confirmed talks in a filing or release we have seen.
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This week’s issue: the AI build is not short of demand for its parts. It is short of cheap money, and its end revenue rests on a narrow base of large, often venture-funded buyers.
Four suppliers of optics and data center chips reported growth of 41% to 109% in their latest filings. Fabrinet’s customer list shows NVIDIA’s share falling from 27.6% to 16.3% while Amazon crossed 10%, and Lumentum’s two largest customers made up 41.6% of its revenue, by our arithmetic.
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A note on sourcing. Customer shares and revenue come from Fabrinet’s, Lumentum’s and Coherent’s fiscal 2026 annual reports and from Lumentum’s, Coherent’s and Marvell’s latest results releases filed with the SEC. The deal talks come from Bloomberg’s report of 28 October 2026, of which we read the opening paragraphs. Sums, growth rates and dollar figures for single customers are our arithmetic; linked earlier pieces carry their own sources.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
