Corning Signs Multibillion-Dollar Fiber Deal With Verizon for AI and Broadband
Corning (GLW) has signed a multibillion-dollar supply agreement with Verizon (VZ), providing over 80 million miles of high-density optical fiber through 2032. The deal supports Verizon's broadband expansion and the development of low-latency networks for AI data centers, aligning Corning more closely with growing demand in both consumer connectivity and enterprise infrastructure. This partnership follows a major contract with Amazon (AMZN) and an initiative tied to Nvidia’s (NVDA) AI infrastructure. Corning is expanding its role across multiple layers of the network ecosystem, including inside and outside data centers. The company recently reported strong Q2 results, driven by 32% year-over-year growth in Optical Communications sales. Corning's stock currently trades near $148 with a forward P/E ratio of about 43.7x and a price-to-sales multiple of 7.9x. Despite trading below its 52-week high, the stock has gained around 70% year to date, outperforming broader market indices.
