Corning shares jumped more than 16% to a record high after the company announced a multiyear agreement with Meta Platforms valued at up to $6 billion to support the expansion of advanced data centers in the United States.
Under the deal, Corning will supply Meta with its latest optical fiber, cable, and connectivity technologies designed to meet the scale and density requirements of next-generation AI data centers. Meta will serve as an anchor customer as Corning expands manufacturing capacity across North Carolina, including a significant expansion at its optical cable facility in Hickory.
The agreement is expected to drive employment growth of 15 to 20 percent across Corning’s North Carolina operations, supporting a workforce of more than 5000 employees tied to two of the world’s largest optical fiber and cable manufacturing facilities.
Meta said the partnership aligns with its strategy to build industry-leading data centers in the US using domestically manufactured technology as it scales infrastructure to support its applications and artificial intelligence ambitions.
Corning shares rose as much as 16.7% during the day following the announcement and were trading at a record high of $110.80 at press time, while Meta shares were down about 0.7% on the day as the company prepares for its earnings call tomorrow.
Source: https://cryptobriefing.com/meta-corning-deal-ai-data-centers/
