Verizon Inks Multi-Billion Dollar Fiber Deal with Corning for AI and Broadband Buildout
VZ sits 30% above its 52-week low of $38.39.
Summary
Verizon and Corning announced a multi-year, multi-billion dollar supply agreement for 80+ million miles of high-density optical fiber from 2027 to 2032. The deal secures critical fiber supply for Verizon's broadband expansion toward 40-50 million passings and builds a long-haul backbone for AI hyperscalers. This follows Verizon's recent cost-cutting and subscriber momentum, reinforcing its infrastructure investment despite earnings pressure. The agreement deepens a 30-year partnership and supports Corning's U.S. manufacturing scale-up. Watch for further details on financial terms and deployment timelines.
At the time of this announcement, VZ was trading at $49.78 on NYSE in the Technology sector, with a market capitalization of approximately $208.3B. The 52-week trading range was $38.39 to $51.68. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: GlobeNewswire.