Corning Stock Soars After Glass Maker Lifts Guidance on Generative AI Boost [Video]

Shares of Corning (GLW) soared Monday when the specialty glass maker boosted its guidance, citing rising demand for its products used in generative artificial intelligence (AI) applications.

The company now anticipates current-quarter earnings per share (EPS) at the high end of or slightly above its previous outlook of $0.42 to $0.46. It sees revenue of about $3.6 billion, $200 million more than its earlier estimate.

Corning shares were up more than 9% early Monday, trading at their highest levels since early 2022.

CEO Wendell Weeks said that the gains were “primarily driven by the strong adoption of our new optical connectivity products for Generative AI.” The results have increased confidence in Corning’s “Springboard” plan to raise annualized sales by more than $3 billion in the next three years “as cyclical factors and secular trends combine,” he said.

Weeks said that the company believes the first quarter will be the lowest this year, and …