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GLW anew 52 week high
GLW new 52 week high
This Stock Is About to Get an AI Boost. No One Is Paying Attention—Yet.
Savitz, Eric J
Finding fresh opportunities to invest in artificial intelligence is daunting, which explains why investors just keep pouring money into a handful of the same ideas. Nvidia has rallied 43% over the past month. In the same span, Arm Holdings has jumped 35%, C3.ai is up 22%, and Taiwan Semiconductor has gained 14%. AI plays, all.
Wall Street has recently started to fret about AI's profit potential outside of Nvidia, but this past week emboldened the bulls. It started with Apple's long-awaited unveiling of its AI strategy at the company's Worldwide Developers Conference . Apple stock rallied 11% on the news, with investors seemingly convinced a new iPhone upgrade cycle is coming. The Apple news was followed by AI-juiced earnings reports from Oracle, Broadcom, and Adobe, sparking double-digit stock rallies for all three, and spurring a renewed hunt for AI ideas .
I've got one for you: specialty glassmaker Corning. Founded in 1851, Corning makes highly engineered glass for a host of applications: Glass for TVs, PCs, and mobile phones. Glass for automotive displays and pollution control systems. Glass for vaccine vials and solar panels. And glass in the form of fiberoptic cable, which is used, among other places, in AI data centers.
Corning's recent financial results have been ugly. Revenue has been down year over year for six straight quarters, and the June quarter will likely extend the string to seven. Declines in multiple key markets—smartphones, TVs, autos, and telecommunications—have battered the business.
But CEO Wendell Weeks thinks a turnaround is at hand, thanks to improvements in the underlying businesses along with underappreciated new opportunities. Like AI.
Weeks sees a "springboard" coming. He predicts Corning can boost annual revenue by at least $3 billion by 2026—and potentially as much as $5 billion—on top of the $13.6 billion in revenue the company reported in 2023.
"Material science is really slow, until it gets fast," Weeks told me this past week. "You work in an area, and you work, and it takes a long time. We're talking about the composition of matter. And then a catalyzing customer application comes along and all of a sudden you have a big secular trend take off." That trend? Well, you know.
Before we get to the details, it's worth noting a few other things playing in Corning's favor.
"The springboard framework is all about this combination of cyclical and secular growth coming together," Weeks says. "We have this $3 billion-plus sales opportunity over the next three years in which we have high confidence. And because we already have the capacity in place to execute on that, the margins in the incremental revenue should be outstanding." That's an important point: Corning doesn't need to spend a fortune here to build infrastructure.
On the cyclical side, Corning sees growth ahead in the automotive sector, for curved glass displays inside electric and autonomous vehicles, and from increased use of its gas particulate filters, widely used overseas and about to get adopted in the U.S. thanks to new Environmental Protection Agency emissions rules.
Weeks also sees a rebound coming in non-AI fiberoptic cable. That business has been down double-digits over the past year, including a 17% drop in the March quarter. But, Weeks says, it has averaged 7% growth over the long haul, and should rebound as telcos work down inventory.
Meanwhile, Weeks expects Corning to start seeing increased fiber demand next year from the rollout of a $42.5 billion federal government program known as BEAD—Broadband Equity, Access, and Deployment—to make high-speed connectivity available in underserved areas. He also sees a boost to display glass volumes from a gradual increase in average TV screen sizes.
But the big opportunity comes from AI. As Weeks notes, fiberoptic cable is crucial to every cloud data center, linking processors to each other. That is even more important for AI, where the computing power comes from the interconnection of thousands and someday millions of graphics processing units, or GPUs, made by Nvidia and others. "I have been doing this a long time," Weeks says. "And we have a pretty unprecedented opportunity right now."
Weeks says systems that rely on Nvidia's popular Hopper H100 GPUs require 10 times the fiber used in a conventional server rack.
Corning formed a dedicated team four years ago to solve the problem, Weeks notes. The company invented thinner fiber, new cabling, new connectors, and a new system to tie them together. Weeks says the new approach offers 60% higher density and 70% less labor for installation. The system starts shipping this quarter.
The math should steadily improve for Corning as systems get even denser over time. When Nvidia launches its powerful new Blackwell chips later this year, the number of GPUs per rack more than doubles, to 74 from 32. That means more connections, and more fiber. When that happens, Weeks says, Corning's revenue per rack should double.
Corning shares have rallied 25% this year, but they still trade at a relatively modest 2.3 times expected 2024 sales, and about 20 times adjusted earnings. With growth set to explode and its AI business still emerging, the undiscovered Corning story might not stay that way for long.
https://x.com/barronsonline/status/1801681975066960272
GLW new 52 week high
GLW 10Q due 4/30
Corning $GLW Sunk After Cutting Its Outlook And Still Has Lower To Go
A couple of days ago, leading specialty glass and ceramics manufacturer, Corning Inc (NYSE:GLW), tumbled after cutting its outlook for two large parts of its business. Corning warned that it is reducing its expectations for its Optical Communications and Display Technologies segments. The stock was trading around $34.00 a share in late July. After the recent news, share of GLW are now trading around $27.90 a share. Currently, the stock is sitting right on its 200-week moving average. This key moving average has been holding as support since mid-August. The longer the stock bases along the 200-week moving average the more likely it is to break lower. The next major support level for GLW will be around the $24.50 level. This support area is where the stock broke out in January 2017. Often, stocks will be defended when prior break-out levels are retested.
Nick Santiago
InTheMoneyStocks
Corning is a great company with very diversified income streams but is often just associated with phone screens, which may have hurt its share price given the negative growth in smartphones. The company is currently very close to the analysts price estimate of $36 and from a charting perspective indicators are neutral. Despite good earnings the stock could sell off ass previous reports, so we will wait and see before reassessing our view.
Corning , Inc. develops and manufactures specialty glass and ceramics. It provides glass for notebook computers, flat panel desktop monitors, display televisions, and other information display applications; carrier network and enterprise network products for the telecommunications industry; ceramic substrates for gasoline and diesel engines in automotive and heavy duty vehicle markets; laboratory products for the scientific community and specialized polymer products for biotechnology applications; advanced optical materials for the semiconductor industry and the scientific community; and other technologies.
Corning Inc (GLW) Drops After Earnings, Know This Trade Level
Corning Incorporated (NYSE:GLW) manufactures and sells specialty glasses, ceramics, and related materials throughout the world. The company is best known as the maker of gorilla glass that is used in many mobile devices. Yesterday, the stock plunged lower by 7.5 percent after reporting earnings. Today, the stock is trying to bounce back a bit, but this is common after a sharp flush. Traders and investors should note that the stock is now trading below its important 50-day moving average. This puts the equity in a weak technical position. The stock should have major chart support around the $29.00 level. This is where the equity broke out in September 2017. Often, prior breakout levels will serve as major chart support when retested.
Gareth Soloway
InTheMoneyStocks
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