ams OSRAM stock falls 11.75 percent despite AI photonics push

ams OSRAM stock (ISIN unavailable) fell 11.75 percent to CHF 20.72 on the SIX Swiss Exchange on September 24, 2026. The move came after the company highlighted Thin-Film VCSEL technology for AI data-center interconnects in a September 21 announcement, while recent quarterly figures showed higher revenue but continued cash and earnings pressure.

AI photonics reaches a test milestone

According to ams OSRAM, the new 850 nm Thin-Film microVCSEL arrays achieved error-free 32 Gb/s operation with energy efficiency of 0.25 pJ per bit. The company also reported more than 2,000 hours of reliability validation and presented a connectorized multi-core fiber solution with BizLink.

The technology matters because it targets optical links for AI scale-up systems, where high parallelism and energy efficiency are central design requirements. The announcement therefore adds an operational growth angle to a stock that had been trading at CHF 23.04 intraday on September 23, 2026, before the latest retreat.

Q2 revenue grows 4 percent

In Q2 2026, ams OSRAM generated EUR 805 million in group revenue, up 4 percent year over year, while adjusted EBITDA reached EUR 136 million and an adjusted margin of 16.9 percent, according to Quartr.

The same Q2 summary puts the adjusted net result at negative EUR 55 million and says design wins exceeded EUR 1.6 billion in the quarter. That combination gives the company a clear volume and technology narrative, but the loss keeps profitability and cash conversion central to the investment case.

Stock stays below yearly high

Jefferies maintained a Buy rating and raised its price target to CHF 25.50 on September 23, 2026, as reported by MarketScreener. The target stands 23.1 percent above the September 24 price, while the stock remains 13.6 percent below its 52-week high of CHF 23.98.