AI Data Center Beneficiaries: $20 Billion Vanished from U.S. Glass Leaders in a Day

Corning Inc. (NYSE: GLW) shares plunged 10.7% on the New York Stock Exchange, closing at $176.60 with trading volume topping 9 million shares. The sell-off cut its market capitalization to about $152 billion (roughly ₩200 trillion), erasing an estimated $14.7 billion (around ₩20 trillion) in a single day.

Over the past six months, Corning’s stock had surged more than 126%, fueled by strong demand for optical communications in AI data centers and optimism around its “Springboard” growth strategy, driving the share price to record highs. The company also signed a roughly $6 billion long-term fiber-optic supply agreement with Meta.

However, valuation concerns and short-term correction risks have come to the fore after JPMorgan downgraded Corning’s rating from Overweight to Neutral and news emerged of significant insider and executive share sales in May.

Corning is a leading U.S. materials and components firm specializing in specialty glass, ceramics and optical fiber. Its product portfolio includes Gorilla Glass for smartphones, fiber-optic cables for data centers and telecom networks, and advanced materials for the automotive and life sciences sectors.

Founded in 1851, the company has grown its global market share in glass for TV and LCD panels as well as smartphone cover glass. With renewed investment in AI infrastructure, Corning’s optical communications and specialty materials businesses are once again in the spotlight.