Coherent Corp. (NYSE:COHR) is one of the best-performing stocks on Thursday, hitting a new all-time high. The company reported a 769 percent jump in net income to $226 million and a 17 percent increase in revenue to $1.581 billion, driven by strong demand from AI data centers and communications.

Intra-day trading saw Coherent Corp. (NYSE:COHR) reach a high of $162.50 before closing at $159.30, up by 18.32 percent. The company expects revenues for the second quarter to range from $1.56 billion to $1.70 billion, with a gross margin percentage of 38 to 40 percent, and earnings per share of $1.10 to $1.30.

CEO Jim Anderson of Coherent Corp. (NYSE:COHR) expressed optimism for continued growth, citing increasing demand from data centers and communications. While COHR shows promise, some AI stocks may offer higher returns. For a potential investment opportunity in the AI sector, consider exploring the best short-term AI stock.

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Read more at Yahoo Finance: Coherent (COHR) Hits Fresh High on Q3 Blowout