Shares of Corning and Qualcomm saw significant gains on Tuesday, propelling a broad rally in artificial intelligence-related stocks. This surge was fueled by a pair of substantial infrastructure deals that bolstered investor confidence in the enduring strength of data center spending.
The momentum extended to key players in the semiconductor industry, with Intel and Advanced Micro Devices climbing 9% and 6% respectively. Similarly, Hewlett Packard Enterprise advanced 8%, while photonics specialist Coherent added 7% to its valuation.
These companies have been standout performers for investors throughout the year. Both HPE and AMD have more than doubled in value, and Intel has seen its stock price nearly triple. This broad market advance underscores the expanding reach of the AI infrastructure buildout, extending beyond the dominance of a few select giants.
Corning, the renowned glass manufacturer whose advanced fiber-optic technology is proving indispensable for AI data centers, experienced an 8% jump. This remarkable performance brings its year-to-date gains to an impressive 90%. The company announced a pivotal, multibillion-dollar partnership with Verizon aimed at deploying fiber-optic cables critical for AI connectivity. This strategic alliance builds on Corning’s previous significant agreements, including a substantial deal with Amazon inked in June. Furthermore, in May, Nvidia committed to investing up to $3.2 billion in Corning to establish three new fiber-optic manufacturing facilities across North Carolina and Texas, highlighting the escalating demand for high-speed data infrastructure.
In parallel, Qualcomm announced in a regulatory filing on Tuesday that it had issued warrants to Amazon, granting the e-commerce and cloud giant the option to acquire up to $4 billion in Qualcomm stock. This move is part of a comprehensive pact designed to accelerate AI infrastructure development, with Amazon Web Services slated to procure an estimated $60 billion worth of Qualcomm’s server chips and related technologies. During the Goldman Sachs Communacopia + Technology Conference in San Francisco, Qualcomm CFO Akash Palkhiwala indicated that revenue from chips manufactured for Amazon would commence in the December quarter. He emphasized that these sales are expected to be a “core component” in enabling the company to achieve its ambitious $15 billion data center revenue target for fiscal year 2029. Palkhiwala also confirmed that Qualcomm is progressing similarly with another major data center customer, mirroring the strategic partnership established with Amazon, which was one of two unnamed clients disclosed during the company’s investor day in June.
Adding to the industry’s positive outlook, AMD CFO Jean Hu also addressed attendees at the Goldman event. She projected that the total addressable market for semiconductors will reach $3 trillion by 2030. This upward revision follows earlier projections from CEO Lisa Su in July, who anticipated the semiconductor industry’s market size to reach $2 trillion through 2028, signaling a robust and expanding market landscape.
The current fervor surrounding AI stocks unfolds against a backdrop of increasingly divisive societal discussions regarding AI and data centers. A May 2026 Gallup poll revealed that a significant 71% of Americans express opposition to the construction of data centers in their communities. This public sentiment poses a tangible financial risk, with companies like Anthropic reportedly poised to list negative public opinion towards AI and data centers as a key risk factor in their forthcoming IPO prospectus, underscoring the complex interplay between technological advancement and public acceptance.
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