Corning's stock price increased 12% after the company raised its second-quarter earnings guidance. Corning credits stronger-than-expected demand for its optical connectivity products that power AI networks for its outperformance. These products allow networks to run generative artificial intelligence applications. Corning's CEO said the company had developed new fibers, cables, connectors, and custom-integrated solutions to reduce installation costs and time for AI network infrastructure significantly. The company expects sales to increase throughout the rest of 2024 as market conditions continue improving from the impacts of the pandemic.
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00:00It's Benzinga, and here's what's on the block.
00:02Corning's stock price increased 12% after the company raised its second quarter earnings
00:07guidance. Corning credits stronger-than-expected demand for its optical connectivity products that
00:12power AI networks for its outperformance. These products allow networks to run generative
00:17artificial intelligence applications. Corning's CEO said the company has developed new fibers,
00:22cables, connectors, and custom integrated solutions to significantly reduce installation
00:27costs and time for AI network infrastructure. The company expects sales to increase throughout
00:32the rest of 2024 as market conditions continue improving from the impacts of the pandemic.