Ciena (CIEN) has been moving lately, hitting multi-decade highs. The stock is up over 140% year-to-date, driven largely by demand for high-speed optical networking for AI infrastructure. They reported Q4 earnings last week and beat expectations. EPS came in at $0.91 and revenue hit $1.35 billion, up 20% from last year. Management highlighted a $5 billion backlog and noted they are picking up market share with cloud providers. Analysts have raised estimates for the upcoming quarter significantly. It seems like the capital spending on AI networking is benefiting their bottom line right now.