How Corning (GLW) is Shaping Data Center Technology from Copper to Fiber

Soumya Eswaran

Tue, July 28, 2026 at 7:47 AM PDT 3 min read

O'Keeffe Stevens Advisory, an investment advisory firm, released its second-quarter 2026 investor letter. A copy of the letter can be downloaded here. During Q2 2026, the market experienced notable dispersion between perceived AI losers and winners. The firm has made investments early in AI infrastructure companies, which yielded gains during market repricing. The second quarter experienced strong equity rallies, with the S&P 500 gaining 15.2% and the Nasdaq 21.4%, marking the best quarter since Q2 2020. While the software sector faced challenges, with the iShares Software ETF dropping ~27% before a rally, reflecting high volatility. This volatility is seen as an opportunity, despite the potential for 'dead money' in underperforming stocks. The firm remains cautious, focuses on owning durable businesses at reasonable prices, holding cash, and hedging risks to navigate unpredictability. In addition, please check the Strategy's top five holdings to know its best picks in 2026.

In its Q2 2026 investor letter, O'Keeffe Stevens Advisory highlighted Corning Incorporated (NYSE:GLW). Corning Incorporated (NYSE:GLW) is a technology company that operates through its Optical Communication, Display Technologies, Environmental Technologies, Specialty Materials, and Life Sciences business segments. On July 27, 2026, Corning Incorporated (NYSE:GLW) closed at $143.36 per share. One-month return of Corning Incorporated (NYSE:GLW) was -43.88%, and its shares gained 131.30% over the past 52 weeks. Corning Incorporated (NYSE:GLW) has a market capitalization of $123.38 billion.

O'Keeffe Stevens Advisory stated the following regarding Corning Incorporated (NYSE:GLW) in its Q2 2026 investor update:

"Qualcomm and Corning Incorporated (NYSE:GLW) both appreciated materially in Q2. We trimmed both positions using a combination of options and stock sales.

Corning appreciated over 20% in Q2. Corning spent the second quarter signing up the biggest names in AI as customers and partners. In May, Nvidia and Corning announced a multiyear commercial and technology partnership under which Corning will increase its U.S. optical connectivity manufacturing capacity tenfold and expand U.S. Fiber production by more than 50%, including three new plants in North Carolina and Texas. Nvidia paid $500 million for rights to Corning shares, including warrants on up to 15 million shares at a $180 exercise price; if exercised in full, Nvidia's total equity investment could reach $3.2 billion. In June, Amazon signed a multiyear, multibillion-dollar agreement for Corning to supply the optical Fiber, cable, and connectivity for its expanding U.S. data centers. These follow the up to $6 billion supply agreement Meta signed in January. Historically, data centers used copper cables to connect their technology, some of which is switching to Fiber. Corning's Fiber may be a future bottleneck. As legacy data centers convert to newer, Fiber-connected racks, Corning contends with new data centers demanding Fiber and replacement racks demanding Fiber."