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NVIDIA has invested $2 billion each in Lumentum Holdings and Coherent Inc., two smaller photonics firms. This investment has led to a surge in shares for these companies, with Coherent's shares up 45% YTD. Nova Ltd., a photonics-adjacent firm, has also seen its shares rise by over 45% YTD. The investment highlights NVIDIA's focus on photonics technology, which may be essential for expanding AI infrastructure capacity.