An interview with Ciena CEO Gary Smith, a veteran of the 2001 telecoms crash, on AI demand outpacing supply for Ciena's optical networking chips, and more (Steven Rosenbush/Wall Street Journal)

Ciena CEO Gary Smith is described as being both optimistic and "suitably paranoid" regarding the current market, according to the Wall Street Journal. Smith, a veteran of the 2001 telecommunications crash, discussed how demand for Ciena's optical networking chips is outpacing supply due to AI.

On Friday, Wall Street futures moved lower as caution spread following a selloff in AI-linked stocks driven by concerns over massive funding requirements for the sector. Channel News Asia reported that telecom shares including AT&T, Verizon, and T-Mobile fell more than 3 per cent in premarket trading following reports that SpaceX is discussing a nationwide wireless carrier program with cellular infrastructure companies.

While telecom shares declined, US cell tower operators saw gains from the SpaceX news, with American Tower rising 5.6 per cent and Crown Castle increasing by 8.5 per cent, according to Channel News Asia. The tech-heavy Nasdaq fell nearly 3 per cent on Thursday, following a decline in Meta shares linked to concerns over AI expenditures.

Brief written by urgent.news from Techmeme, Channel News Asia, CNA - Business — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.