Corning (GLW) J.P. Morgan 54th Annual Global Technology, Media and Communications Conference summary

Growth strategy and Springboard plan

• Extended Springboard growth plan targets $40 billion in sales by 2030, up from a current $18–20 billion run rate, with a high-confidence range of $35–40 billion by 2030.

• Growth is driven primarily by the enterprise business supplying passive optics to data centers, expected to grow at 1.3–1.5x the rate of GPU growth through 2028.

• Additional growth expected from carrier optical, solar, Gorilla, and advanced optics businesses, with photonics and co-packaged optics ramping up toward 2030.

• Long-term customer agreements with hyperscalers, including Meta and NVIDIA, underpin confidence in demand and capacity investments.

• Transitioning to a phase requiring heavier capital investment, with risk-sharing and prepayments from customers to support capacity expansion.

Customer agreements and capacity expansion

• Signed multi-year agreements with three hyperscalers, similar in size and duration to the Meta deal, supporting dedicated fiber scale-out.

• NVIDIA agreement includes a multi-billion dollar prepayment, equity investment, and minimum capacity commitments, supporting a 50% increase in U.S. fiber and 10x connectivity footprint.

• Agreements are not exclusive, allowing supply to other OEMs and server companies; customer diversification expected to continue.

• Capacity investments are coordinated across fiber, cable, and connectivity to meet both hyperscaler and NVIDIA needs.

Photonics and technology roadmap

• Announced a $10 billion photonics total addressable market (TAM) by 2030, with initial revenue expected in 2027 as co-packaged and near-package optics adoption accelerates.

• Confidence in photonics growth is based on customer agreements and industry trends toward lower latency, higher density, and reliability.

• Risk adjustments have been made to the photonics plan, with potential for upside if adoption accelerates faster than projected.