COHH is trading at $3.22 (-6.40%) in after-hours trading, with the catalyst still unclear. - COHH targets 2x daily exposure to Coherent (COHR), making it sensitive to moves in the underlying stock. - After-hours pressure may reflect renewed scrutiny of AI infrastructure spending after Alphabet’s results and broader technology weakness; Microsoft’s stronger results point to a mixed sector picture. - Coherent shares were reported essentially flat during regular trading; no COHR-specific after-hours catalyst surfaced.