Corning stock rises on multi-billion fiber deal with Verizon

Investing.com -- Corning Incorporated (NYSE: GLW) shares rose 3% Monday after the company announced a multi-year, multi-billion dollar supply agreement with Verizon Communications through 2032.

Under the agreement, Corning will supply Verizon with more than 80 million miles of high-density optical fiber and connectivity solutions from 2027 to 2032. The deal supports Verizon’s expansion of consumer broadband access and infrastructure for AI computing needs.

The fiber deployment will support Verizon’s push toward 40-50 million broadband passings, expanding fiber-to-the-home and local business connectivity. The infrastructure will also serve as a backbone for AI workloads, connecting data centers across major long-haul corridors.

"Securing this volume of fiber allows us to continue building the network of the future at an unprecedented scale," said Kyle Malady, CEO of Verizon Business. "We are deploying a single, converged architecture that unites mobile connectivity and broadband into one seamless experience for millions of families and businesses, while simultaneously building the high-capacity, low-latency backbone AI hyperscalers demand."

The agreement builds on a 30-year partnership between Verizon and Corning. Products covered under the deal include Corning Contour Flow Cable, which enables deployment of more optical fiber within existing conduit pathways.

"Corning is thrilled to deepen our three-decade partnership with Verizon as we provide our latest optical innovations in fiber, cable, and connectivity to link AI data centers together while ensuring more Americans have access to AI with high-speed fiber connections at home," said Mike O’Day, Senior Vice President and General Manager, Corning Optical Communications.

The agreement is designed to enable Corning to scale its U.S. manufacturing footprint to meet Verizon’s supply needs.

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