Ciena recently reported strong fiscal second-quarter revenue growth and a US$7.70 billion backlog, reflecting intense demand for its optical networking infrastructure supporting AI workloads. The June guidance reaffirmed full year 2026 revenue of about US$6.3 billion, tying the swelling AI-related backlog directly to management's near term outlook. Key risks include valuation, dependence on a few large hyperscalers, and growing exposure if hyperscalers shift spending patterns or push harder on open networking. Ciena's narrative projects $10.9 billion revenue and $1.7 billion earnings by 2029, yielding a $565.71 fair value. More bullish analysts assumed revenue might reach about US$13.3 billion and earnings US$2.3 billion by 2029.