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J.P. Morgan on Corning: Verizon LTA Broadens AI Base — Neutral

Posted on by Eben@CANSLIM Research
Eben@CANSLIM Research's avatarEben@CANSLIM Research

Corning (GLW) has signed a multi-billion dollar long-term agreement to supply Verizon with more than 80 million miles of high-density optical fibre through 2032, extending its AI-infrastructure customer base beyond the three announced hyperscalers. J.P. Morgan reiterated a Neutral rating on the shares, which closed at $154.30 on 4 September 2026, saying the deal reinforces Corning’s Springboard plan and raises the likelihood of an upgrade to its $1bn DCI revenue target.

Key Takeaways

  • Corning (GLW) will supply Verizon with 80mn+ miles of high-density optical fibre through 2032 under a multi-billion dollar long-term agreement covering broadband expansion and data centre interconnect for AI hyperscalers.
  • J.P. Morgan rates Corning Neutral, with the stock at $154.30 as of 4 September 2026, and did not disclose a price target in the note.
  • The Verizon deal, following a Zayo agreement, broadens Corning’s AI-infrastructure customer base beyond Meta and Amazon, with a fourth hyperscaler deal likely still in progress.
  • Corning has not upgraded its long-term targets, but the recent DCI agreements appear incremental to prior goals and increase the chance of an update to its $1bn annual DCI revenue target by end-of-decade.
  • Corning has already committed to raising US fibre capacity by ~50%, and J.P. Morgan says substantial additional capex may not be needed to support the Verizon partnership.

What the J.P. Morgan Note Says About Corning’s Verizon Deal

In a report titled “Verizon LTA Broadens the ‘AI’ Customer Base Beyond Hyperscalers and Reinforces the Springboard Plan,” J.P. Morgan analysts Marc Vitenzon and Manmohanpreet Singh argue that Corning’s follow-up to its Zayo data centre interconnect (DCI) supply agreement with a Verizon contract marks a broadening of its AI-infrastructure customer base. Verizon indicated the agreement spans both its broadband expansion and DCI for AI hyperscalers, citing its position as the premier infrastructure partner for AWS, among others.

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