Corning Pre-market Up 9% as Company Strikes Billion-Dollar Deal with Amazon to Expand US AI Data Center Infrastructure

BlockBeats News, June 8th, according to Bitget market data, Corning pre-market is up 9%, Amazon pre-market is up 1.23%.

On the news front, Amazon announced a multi-billion dollar, multi-year agreement with Corning to purchase the latter's fiber optic products and network solutions to support its rapid expansion of artificial intelligence data centers in the United States.

Both parties stated that the agreement is expected to create approximately 1,000 jobs at Corning's factory in North Carolina and expand local fiber optic technology workforce training programs. Amazon Web Services (AWS) CEO Matt Garman stated that the company's investment in North Carolina has already created over 26,000 jobs, and Amazon also pledged last year to invest $10 billion to build new data centers locally.

With the surge in AI computing power demand, fiber optic connections have become a key infrastructure for high-speed interconnection of data center racks and chips. This collaboration is another major AI infrastructure order that Corning has won this year. Previously, Meta pledged in January of this year to invest up to $6 billion to support Corning in expanding its fiber optic plant in North Carolina, while Nvidia announced in May that it would invest up to $3.2 billion in Corning to build three advanced manufacturing plants dedicated to serving Nvidia.

Benefiting from the growth in AI infrastructure demand, the 175-year-old Corning is experiencing a new round of growth, with its stock price more than doubling since the beginning of this year and nearly increasing sixfold since the end of 2023.