Data-Center Stocks Plunge on Fears Higher Rates Will Slow AI Buildout; Corning Down Over 10%
GLW has more than doubled off its 52-week low of $49.47.
Summary
Data-center related stocks, including Corning (GLW) and Vertiv (VRT), are experiencing significant declines, with Corning down over 10% and Vertiv nearly 9%. This market reaction stems from fears that rising interest rates will slow the debt-fueled expansion of AI infrastructure, impacting the entire data-center supply chain. This new macroeconomic headwind presents a challenge for Corning, despite its recent strategic partnership with NVIDIA and raised long-term sales targets tied to AI growth.
At the time of this announcement, GLW was trading at $175.10 on NYSE in the Technology sector, with a market capitalization of approximately $150.7B. The 52-week trading range was $49.47 to $211.79. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.