Hidden Beneficiary Stocks in AI Infrastructure Plunge on $500 Million Public Offering

Viavi Solutions Inc. (NASDAQ: VIAV) closed at $46.56 on the Nasdaq on the 19th, down 6.41%. In a single day, the company lost about $660 million in market capitalization, bringing its total market cap to roughly $10.9 billion, with trading volume of approximately 3.87 million shares.

After the market close, Viavi announced plans for a common‐stock offering of about $500 million, sending its share price down an additional 5% in after‐hours trading. The proceeds are intended to repay $450 million of existing BTL loans and to support general corporate purposes, including working capital.

Viavi Solutions is a U.S. network‐testing company that provides test and measurement equipment for optical networks, 5G and data centers. It is viewed as a downstream beneficiary of AI infrastructure investments by telecom and cloud service providers. In the third quarter of fiscal 2026, reported in late April, Viavi posted revenue of $406.8 million and earnings per share of $0.27—both above market expectations—underscoring its growth momentum.