Forget the Big Chipmakers for a Minute: This Overlooked AI Stock Is Up 114% and Just Landed Deals With Nvidia and Amazon
Investors chasing the AI trade through chipmakers may be overlooking the company that makes the fiber tying those chips together.
Forget the Big Chipmakers for a Minute: This Overlooked AI Stock Is Up 114% and Just Landed Deals With Nvidia and Amazon
Overview
On Monday, Amazon (NASDAQ: AMZN) handed an old-line glassmaker one of its biggest endorsements yet in the AI build-out. The cloud and e-commerce giant announced a multiyear, multibillion-dollar agreement to buy the optical fiber and connectivity that will wire its expanding U.S. data centers from Corning (NYSE: GLW) -- a deal expected to create 1,000 manufacturing jobs at the company's North Carolina plants. Shares of the 175-year-old glassmaker jumped as much as 10% on the news.
Lately, that kind of headline has become routine, even as most of the AI spotlight stays on the chipmakers. Corning was founded in 1851 and has made the glass for everything from Thomas Edison's early lightbulbs to the iPhone. Now its fiber -- the strands that shuttle data between the thousands of chips inside an AI data center -- has turned it into one of the quieter beneficiaries of the spending wave. And the stock has more than doubled this year, rising 114%.
Details
So, is there still a case for the shares after a run like that?
Source
Originally published at www.fool.com.
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