On Tuesday, Corning's stock rose 8% following its announcement of a multibillion-dollar partnership with Verizon to develop fiber-optic cables for AI connectivity, contributing to a remarkable 90% increase in its stock value this year.
Qualcomm also made headlines by issuing warrants to Amazon, allowing the tech giant to acquire up to $4 billion in Qualcomm stock as part of a broader agreement to supply Amazon Web Services with up to $60 billion in server chips.
Qualcomm's CFO, Akash Palkhiwala, indicated that revenue from this partnership will begin to materialize in the December quarter, aiding the company's goal of achieving $15 billion in data center revenue by fiscal 2029.
The positive momentum extended to other chipmakers, with Intel and AMD seeing gains of 9% and 6%, respectively, while Hewlett Packard Enterprise and Coherent also experienced significant increases. The semiconductor market is projected to reach a total addressable market of $3 trillion by 2030, as noted by AMD's CFO Jean Hu.
However, the enthusiasm for AI infrastructure is tempered by public opposition to data centers, which could pose financial risks for companies like Anthropic as they prepare for IPOs