Can Corning's Multibillion-Dollar AI Deal With Amazon Lift Its Shares?

Corning Incorporated GLW has signed a multibillion-dollar, long-term agreement with Amazon.com, Inc. AMZN to supply optical fiber, cable and connectivity solutions for Amazon's growing U.S. data center network. The deal strengthens Corning's position in the artificial intelligence (AI) and cloud infrastructure market while supporting the expansion of the country’s manufacturing and job creation.As part of the agreement, the company will increase production at its North Carolina facilities to meet growing demand for fiber optic products used in AI and cloud data centers, creating 1,000 new manufacturing positions and hundreds of construction jobs. The deal will expand Corning's Fiber Optic Technician Training Program in partnership with Catawba Valley Community College to help students develop skills for careers in fiber optics and other technical fields.The investment enhances Corning's manufacturing presence in North Carolina and strengthens its role in the U.S. technology supply chain. It will help the company increase production, meet growing customer demand and support the development of next-generation digital infrastructure.Earlier in 2026, Corning also partnered with Meta Platforms to provide networking solutions for AI data centers. The company also collaborates with NVIDIA to advance optical technologies that support AI infrastructure and high-performance computing workloads. The agreements underscore Corning's growing exposure to the AI-driven data-center buildout. These developments will likely broaden Corning's customer base and support long-term growth in its Optical Communications business.How Are Competitors Performing?Corning faces competition from Amphenol Corporation APH and Ciena Corporation CIEN. Amphenol is strengthening its fiber optics business through acquisitions and new products. The company is focusing on optical connectivity solutions for AI data centers and high-speed networks. Amphenol is investing in fiber optics to support growing demand from AI, cloud computing and data center markets.Ciena is expanding its fiber networking solutions to support growing demand from AI data centers and cloud providers. The company introduced advanced optical networking technologies that improve network speed and capacity. Ciena continues to work with telecom operators and data center customers to strengthen high-speed fiber connectivity.Corning's Price Performance, Valuation & EstimatesShares of Corning have rallied 270.6% over the past year compared with the industry’s growth of 339.3%.Image Source: Zacks Investment ResearchFrom a valuation standpoint, the company’s shares currently trade at 51.75 forward 12-month earnings, higher than the industry tally of 50.96.Image Source: Zacks Investment ResearchEarnings estimates for Corning for 2026 have increased 1.9% to $3.19, while the same for 2027 have risen 8% to $4.18 over the past 60 days.Image Source: Zacks Investment ResearchCorning currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Radical New Technology Could Hand Investors Huge GainsQuantum Computing is the next technological revolution, and it could be even more advanced than AI.While some believed the technology was years away, it is already present and moving fast. Large hyperscalers, such as Microsoft, Google, Amazon, Oracle, and even Meta and Tesla, are scrambling to integrate quantum computing into their infrastructure.Senior Stock Strategist Kevin Cook reveals 7 carefully selected stocks poised to dominate the quantum computing landscape in his report, Beyond AI: The Quantum Leap in Computing Power.Kevin was among the early experts who recognized NVIDIA's enormous potential back in 2016. Now, he has keyed in on what could be "the next big thing" in quantum computing supremacy. Today, you have a rare chance to position your portfolio at the forefront of this opportunity.See Top Quantum Stocks Now >>This article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks