Corning stock rises on $3B AT&T fiber deal

Investing.com -- Corning Incorporated (NYSE: GLW) shares rose 3% Tuesday morning following the announcement of a multi-year agreement with AT&T (NYSE: T) valued at more than $3 billion to supply fiber and cable for network expansion.

Under the agreement, Corning will provide the fiber and cable AT&T needs to expand its network and bring internet connectivity to more Americans. AT&T has committed to bringing fast internet to 60 million Americans by the end of 2030.

The deal comes as data usage continues to climb. The average AT&T Fiber household now uses more than 1 terabyte each month, 5x more than in 2016. Monthly use is expected to reach 2 to 2.5 terabytes by 2030 as streaming, gaming, video calls, cloud services and AI become more prevalent.

The collaboration builds on both companies’ U.S. investments. AT&T has committed more than $250 billion over five years to strengthen U.S. connectivity infrastructure. Corning continues to expand its U.S. fiber and cable manufacturing, including at North Carolina facilities that have created hundreds of jobs.

"Fiber remains the gold standard for superior internet connectivity, and AT&T is the nation’s leader in fiber," said John Stankey, Chairman and CEO of AT&T. "We deeply value our long and successful relationship with Corning and look forward to continuing our work together as we expand the nation’s largest fiber network."

Wendell Weeks, Chairman, CEO, and President of Corning, said the agreement represents "the next chapter" in the partnership between the two companies. "By pairing our large, U.S.-based advanced manufacturing with AT&T’s network leadership, we can keep co-innovating to build the dense fiber networks that will drive the future of connectivity."

AT&T reiterated the financial outlook and capital allocation plan provided in its second-quarter 2026 earnings release, which reflects the financial impact of this agreement.

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