Corning, Qualcomm deals spark AI infrastructure rally — SkimNews
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- Corning jumped 8% Tuesday on news of a multibillion-dollar fiber-optic partnership with Verizon for AI connectivity, bringing its 2026 gain to 90%
- Qualcomm rallied after issuing warrants to Amazon allowing up to $4 billion in stock acquisition, tied to AWS purchasing up to $60 billion in Qualcomm server chips and other technology
- Qualcomm CFO Akash Palkhiwala said revenue from Amazon chip manufacturing begins in the December quarter and will be a "core component" of the company's $15 billion fiscal 2029 data center revenue target
- Intel gained 9%, AMD 6%, Hewlett Packard Enterprise 8%, and Coherent 7% on the day, with Intel nearly tripling YTD and AMD and HPE each more than doubling
- AMD CFO Jean Hu raised the total addressable market estimate to $3 trillion by 2030, up from CEO Lisa Su's July projection of $2 trillion through 2028
- Corning previously struck a multibillion-dollar deal with Amazon, while Nvidia pledged up to $3.2 billion to build three new fiber-optic manufacturing facilities in North Carolina and Texas
- A May 2026 Gallup poll found 71% of Americans oppose data centers in their communities — a risk Anthropic plans to list in its forthcoming IPO prospectus
Why it matters: The breadth of the rally — Intel +9%, AMD +6%, HPE +8%, Coherent +7% — shows investors are pricing in a diversification of the AI infrastructure buildout beyond Nvidia, with Corning capturing fiber-optic demand, Qualcomm locking in AWS as a $60 billion server-chip customer, and AMD sizing the total market at $3 trillion by 2030.
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