Key insights
- Corning's stock surged 10% following a multiyear, multibillion-dollar deal with Amazon to supply optical fiber for its data centers. This agreement is expected to create 1,000 new manufacturing jobs in North Carolina and bolster the US domestic supply chain. The news highlights strong demand in the data center infrastructure sector, potentially signaling positive momentum for related technology and manufacturing companies.
Investing.com -- Corning (NYSE: GLW) shares jumped 10% Monday after Amazon (NASDAQ: AMZN) announced a multiyear, multibillion-dollar agreement with the company to supply optical fiber, cable, and connectivity solutions for Amazon’s expanding data center infrastructure across the United States.
The deal will create 1,000 new manufacturing jobs at Corning’s facilities in North Carolina and support hundreds of additional construction jobs to expand the company’s facilities in the state. Amazon will work with Corning to expand its Fiber Optic Technician Training Program with Catawba Valley Community College to train students for careers in fiber optic manufacturing and related technical roles.
Under the agreement, Corning will supply the optical fiber technology that powers Amazon’s data center operations. The investment aims to strengthen the domestic supply chain and U.S. manufacturing base while serving regional and state fiber densification efforts.
"This agreement with Amazon represents a significant milestone for Corning and for American manufacturing," said Wendell Weeks, chairman, CEO, and president of Corning. "For 175 years, Corning has pioneered the technologies that connect people and transform industries. Amazon’s investment will help us expand production, create 1,000 new advanced manufacturing jobs at our facilities, and lead the way toward building a resilient U.S. manufacturing base."
The agreement builds on Amazon’s existing commitment to North Carolina, where the company has invested more than $20 billion since 2010, creating over 26,000 jobs across the state. Amazon announced plans last year to invest an additional $10 billion in North Carolina to expand cloud computing infrastructure.