Corning (GLW) Citi’s 2026 Global TMT Conference summary

Key announcements and strategic updates

• Announced a multi-year, multi-billion-dollar deal with Verizon to support broadband and AI data center interconnect, accelerating growth in the optical segment.

• Data center interconnect opportunity, previously estimated at $1 billion annually by decade's end, is now expected to be reached much sooner, with potential for even greater upside.

• Springboard financial plan targets $20B run rate by Q3 2024, $30B by 2028, and $40B by 2030, with recent deals underpinning confidence in these goals.

• High teens year-over-year sales growth expected to continue into Q4 and 2025, with EPS growing even faster.

Market trends and demand drivers

• Strong demand in optical, enterprise, and AI data center markets, with robust order momentum and long-term agreements providing multi-year visibility.

• Solar market conditions are improving, aided by regulatory support, with capacity expansion underway to meet rising demand.

• Display TV market remains solid, while handheld/consumer electronics are down due to memory shortages; semiconductor and glass innovation segments expected to grow.

• Automotive market remains muted, but content per vehicle is increasing, supporting outperformance versus the market.

Technology, innovation, and capacity expansion

• Scale-up photonics and the transition from copper to optics inside data centers are expected to be major growth drivers through 2030.

• Significant increases in fiber and connectivity capacity are underway, with new U.S. production coming online to support $40B+ opportunity.

• Building out the CPO (co-packaged optics) supply chain is a key focus, with the largest build-out required in the passive optical space.

• Long-term agreements with customers often include prepayments and technology sharing, helping manage risk and align capacity with demand.