Corning (GLW) jumped 4.85% after announcing its multiyear, multi-billion dollar deal with Amazon. The glassmaker will source fiber optics, cable, and connectivity solutions to Amazon’s U.S. data centers. This deal is expected to create 1,000 jobs at Corning’s North Carolina facilities, and hundreds more in construction.
Amazon’s CEO explained that the deal is a long-term commitment to domestic manufacturing and community investment in the state. Part of the deal is a partnership with Catawba Valley Community College, where a new training program will be created.
Currently, Corning might be the best AI stock to own outside of Nvidia. The glassmaker is too integral to the AI game and the tech giants in the sector are aware of that.
Companies like Microsoft, Meta, Nvidia, Google, and OpenAI all have AI infrastructure deals with Corning because it’s the best company on the market for their needs. Corning is a passive way in investing into AI which is a great option for investors who either don’t know which AI companies to invest in or want an investment in multiple AI companies.
Corning is only going to increase from here. Wherever AI expands to, or a datacenter is built, Corning will continue to be called.
It wouldn’t surprise me to see GLW trade at $250+ levels at the end of the year. It seems like a lot of AI companies plan to work out similar deals with state governments like Amazon, allowing them an easier path at securing more land in rural areas. This would then make these same AI companies come to Corning to built out their data centers.
