6. Corning Incorporated (NYSE:GLW)
Corning Incorporated (NYSE:GLW) was among the stocks Jim Cramer discussed while explaining how investors can navigate the current market rotation. Cramer showed hesitancy when it came to buying more of the stock, as he said:
Next, there’s Corning, another Charitable Trust company with another parabolic move, and it’s gotta come in more than just down 7%. The beatdown’s not enough to entice me to buy or at least buy more of it.
Corning Incorporated (NYSE:GLW) develops optical fiber, cables, and related hardware for telecommunications, and produces glass substrates for displays used in TVs, computers, and mobile devices. Cramer highlighted the company’s partnership with NVIDIA during the May 7 episode, as he stated:
Oh boy, this is a big week for Corning, the iconic American glass maker, ringing the closing bell here today to celebrate its 175th anniversary. But even though it’s old, the company’s more relevant than ever. They make everything from iPhone screens to the kind of optical fiber that’s used to tie everything in the data center together. Just yesterday, NVIDIA announced a major new partnership with Corning to expand their optical connectivity manufacturing capacity by a factor of 10. Basically, NVIDIA’s taking a big position in Corning to fund that expansion, which is why the stock shot up 12% yesterday. And this is something that’s already quadrupled over the past 12 months. Big win for my Charitable Trust, by the way, for both…
It’s a long-term bet on the comeback in the American industry. As America marks its 250th anniversary, these are exactly the kinds of companies we want to highlight, businesses betting on innovation, manufacturing, future of American industry. And that’s not the only big news out of Corning this week. On top of the NVIDIA deal, they also held an investor day yesterday. Management issued some very bullish long-term financial targets. The glass maker with major exposure to the data center via its optical fiber said it’s now targeting an annual revenue run rate of $20 billion by the end of this year, $30 billion by the end of 2028, possibly $40 billion by the end of 2030. Good luck finding another 175-year-old company of that kind of growth.
While we acknowledge the potential of GLW to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than GLW and that has 100x upside potential, check out our report about the cheapest AI stock.
Click to continue reading and see Don’t Ignore This Market Rotation: Jim Cramer’s Views on Micron, Western Digital, and More.
Disclosure: None. Follow Insider Monkey on Google News.
