Corning Incorporated (NYSE:GLW) is one of the stocks highlighted in Jim Cramer’s latest Mad Money recap as he provided top stock insights. Noting that the stock has been “between $125 and $130 for quite a while,” a caller inquired if they should add to their position. Cramer replied:
No, no, we own Corning for our, the Charitable Trust. We have almost a double in it. I want the stock to come down before I tell people to buy it right here because this market’s awful. And I think that the stock, which is down $8.50 today, it could be down $10 on Monday. And I don’t want you to buy it and then say, hey listen, it just dropped $10. I think that all stocks that have moved big here are vulnerable. Corning’s vulnerable. We’ll pick some up after the sell, not before.
A stock market graph. Photo by energepic.com
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. Moreover, it supplies specialty materials, emission control products, and laboratory equipment. During the March 2 episode, Cramer mentioned the stock while discussing February’s noteworthy S&P 500 stocks and stated:
February’s second-best performer… is one of the ones that I am most excited about, and that is Corning. It’s a stock we own for the Charitable Trust. It was up 45.7% last year. Now, this company’s a glass specialist. It’s been printing money as it makes fiber optic equipment for the AI data center buildout, and that’s how the stock could quadruple in less than a year. Now, I had my aha moment with Corning after visiting the company’s Harrodsburg, Kentucky, glass plant last September. That trip was mainly about their business supplying glass for the iPhone, but I left Kentucky feeling more excited about the fiber optic opportunity than anything else, and quickly built a sizable position in this one for the Charitable Trust.
Since then, it’s been less than five months, and the Trust has a 96% gain in this situation. Corning’s gradual ascent turned into a fierce rally in late January when the company announced a $6 billion deal to supply fiber for Meta Platforms’ data centers, and then the next day reported a great set of numbers, even better guidance for the current quarter. The stock hasn’t looked back since. I think the big lesson from Corning is that companies supplying components or services for the data center continue to be some of the best stocks in the entire market, even after they’ve moved a great deal.
While we acknowledge the risk and potential of GLW as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than GLW and that has 10,000% upside potential, check out our report about this cheapest AI stock.
READ NEXT: 33 Stocks That Should Double in 3 Years and 15 Stocks That Will Make You Rich in 10 Years
Disclosure: None. Follow Insider Monkey on Google News.
