Key insights
- Corning is breaking ground on a new optical cable manufacturing plant in North Carolina, supported by a $6 billion agreement with Meta Platforms. This expansion aims to bolster the domestic supply chain for AI data centers and create jobs. While primarily company-specific news, it signals continued investment in critical AI infrastructure and domestic manufacturing, which can be a positive, albeit minor, indicator for related sectors and the broader economy.
HICKORY, N.C. - Corning Incorporated (NYSE:GLW) began construction today on an optical cable manufacturing facility in Hickory, North Carolina, as part of its supply agreement with Meta Platforms Inc. (NASDAQ:META).
The facility will produce optical cable for data centers under a multiyear agreement valued at up to $6 billion, which was announced in January. Meta will serve as the anchor customer for the expansion, according to a press release statement. The deal has helped drive Corning’s stock to a remarkable 185% return over the past year, lifting the company’s market capitalization to $115.7 billion. According to InvestingPro, Corning remains a prominent player in the Electronic Equipment, Instruments & Components industry.
Corning will supply Meta with optical fiber, cable and connectivity solutions for data center infrastructure. The agreement supports Meta’s data center buildout in the United States.
The expansion could increase Corning’s employment in North Carolina by 15 to 20 percent. The company currently employs more than 5,000 people in the state and will expand manufacturing capabilities across North Carolina to support the Meta agreement.
"Today we are breaking ground on a new state-of-the-art manufacturing facility in a critical next step for strengthening the domestic supply chain for AI data centers," said Hal Nelson, Chief Operating Officer at Corning.
Dan Sachs, Meta’s Vice President of Public Policy - State and Local, said the partnership supports the company’s goal of strengthening domestic manufacturing and supporting jobs in North Carolina.
Corning has maintained optical manufacturing operations in North Carolina for several decades. The company is marking its 175th year in business.
The facility will manufacture optical cable that Corning describes as critical to AI infrastructure, though specific production capacity figures were not disclosed in the announcement. Despite the strong momentum, InvestingPro analysis indicates the stock is currently overvalued relative to its Fair Value—one of many insights available in the comprehensive Pro Research Report covering Corning and 1,400+ other US equities.
In other recent news, Corning Incorporated reported a strong performance for the fourth quarter of 2025, with sales increasing by 14% to $4.41 billion and earnings per share growing by 26% to $0.72. These results surpassed the earnings per share forecasts of $0.70. UBS reiterated a buy rating on Corning stock, maintaining a price target of $171, following positive insights from the 2026 Optical Fiber Communications conference. Additionally, UBS raised its price target for Corning to $171 from $160, highlighting Nvidia’s strong earnings report as a positive indicator for Corning’s near-term performance. BofA Securities also raised its price target on Corning stock to $144 from $120, citing a significant revenue opportunity in the optical sector, expected to exceed $10 billion by 2030. The firm attributes this growth to the expansion of data center interconnects. Optimism around hyperscaler capital expenditures has also contributed to positive sentiment regarding Corning’s future prospects. These developments underscore the favorable outlook for Corning’s optical revenue growth and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
The fastest way to find out is with our Fair Value calculator. We use a mix of 17 proven industry valuation models for maximum accuracy. Get the bottom line for GLW plus thousands of other stocks and find your next hidden gem with massive upside.