Key Takeaways

• Corning’s supply deal with Meta derisks its fiber supply buildout, but key financial terms remain undisclosed.
• The market appears to be pricing Corning as a pure-play AI fiber company. But it isn’t one—at least, not yet.
• Morningstar sees Corning stock as overvalued.

Materials science giant and fiber-optic cable producer Corning’s GLW stock has more than doubled in 12 months, powered by a landmark supply deal with Meta Platforms META and surging demand for the optical fiber that helps power AI data centers.

The Meta deal—a long-term supply agreement to help Corning expand its capacity to produce the fiber-optic cables needed to meet AI infrastructure demands—targets up to $6 billion in sales through 2030. “Corning…