A multi-year deal with Nvidia to expand U.S. optical fiber manufacturing for AI data centers sent Corning shares soaring and pushed its 2030 revenue target to $35 billion
Corning GLW stock surged more than 12% on Wednesday after the company announced a major partnership with Nvidia and raised its long-term revenue targets in the same session. Shares climbed to around $185 on the news. The announcement combined a multi-year manufacturing deal, a significant equity investment and a sweeping update to the company’s growth outlook. Together, those elements gave investors a lot to respond to in a single trading day.
What the Corning GLW stock and Nvidia deal involves
The partnership centers on expanding U.S. production of fiber and optical connectivity solutions for AI infrastructure. Specifically, Corning will increase its optical manufacturing capacity tenfold. In addition, it will grow fiber production by more than 50%. Three new advanced manufacturing facilities will open in North Carolina and Texas as part of the buildout. Furthermore, those facilities are expected to create approximately 3,000 jobs across both states.
As part of the agreement, Nvidia received warrants to purchase up to 15 million Corning shares at $180 each. Additionally, Nvidia received a pre-funded warrant to buy up to 3 million shares at $0.0001 per share. Together, the total investment values at $500 million. Nvidia stock also gained around 5.8% on the day, reflecting the market’s positive read on the deal for both companies.
Nvidia CEO Jensen Huang described the collaboration as a rare chance to reinvigorate American manufacturing. He also framed it as an effort to invent the future of computing through advanced optical technologies. Those comments reinforced the strategic weight both companies are placing on the partnership.
Revenue targets get a major upgrade
The Corning GLW stock move was not driven by the Nvidia deal alone. The company also presented a significantly updated growth plan at an investor event held at the New York Stock Exchange on Wednesday. Corning now expects to reach $20 billion in annualized sales by the end of 2026. That figure represents a 15% compound annual growth rate from the fourth quarter of 2023.
Moreover, the company projects 19% annual sales growth from the fourth quarter of 2026 through to 2030. By the end of that period, it expects to reach $35 billion in annualized revenue. The 2028 target also moved higher, rising to $27 billion from an earlier estimate. CFO Ed Schlesinger noted that investment risk would be shared through long-term customer agreements, which adds a layer of financial stability to the ambitious plan.
Q1 results also beat expectations
In addition to the partnership and guidance update, Corning reported strong first-quarter 2026 earnings. The company posted earnings per share of $0.70, slightly above the forecast of $0.69. Revenue came in at $4.35 billion, topping expectations of $4.29 billion. The outperformance came primarily from the Optical Communications segment. Consequently, the earnings beat added further support to the stock’s Wednesday gains.
Corning also declared a quarterly dividend of $0.28 per share, payable on June 29, 2026, to shareholders of record as of May 29. Furthermore, five analysts recently revised their earnings estimates upward ahead of the announcements, according to InvestingPro data.
How other optical stocks reacted
The broader optical networking sector had a mixed day. Ciena jumped 6.1% and Coherent gained 3.5% in response to the positive news flow. Lumentum, however, fell 6.1% after reporting mixed third-quarter earnings results. Overall, the Corning GLW stock story dominated the sector’s narrative for the day.
It is also worth noting that Corning stock had already risen 268% over the past year entering Wednesday. Revenue over the last twelve months reached $16.32 billion. The Nvidia deal and updated targets, therefore, build on a foundation of already strong momentum.
Source: CoinCentral / Trader Edge
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