Corning and Qualcomm surge as Amazon, Verizon partnerships revealed
AI infrastructure stocks rallied on Tuesday following major deal announcements from Corning and Qualcomm. Chipmakers Intel and AMD also gained significantly as investors bet on sustained data center spending.
Shares of Corning and Qualcomm rose sharply on Tuesday after the companies disclosed new agreements. Corning announced a partnership with Verizon to build fiber-optic cables for AI connectivity, while Qualcomm confirmed a deal with Amazon that includes $4 billion in stock warrants. The moves lifted confidence in the growth of data center investments. Other major players gained as well. Intel jumped 9% and Advanced Micro Devices climbed 6%. Hewlett Packard Enterprise advanced 8%, and Coherent increased by 7%. Corning's stock gained 8% on the day, bringing its yearly gain to 90%. Analysts note that HPE and AMD have more than doubled in value this year, while Intel has nearly tripled. The artificial infrastructure buildout is now expanding beyond Nvidia to include these firms. Wall Street sees strong spending on technology infrastructure as a key driver for the sector's performance.
