AI demands drive Corning to upgrade Q2 forecast to $3.6 billion

GORILLA Glass manufacturer Corning today raised its forecast for Q2 2024 on the back of a surge in demand for its generative AI products.

The New York-based firm, which supplies Apple and Samsung with its smart glass, said a greater-than-anticipated adoption of its new optical connectivity products meant its previous core forecast of $3.4 billion had been revised to $3.6 billion.

It is understood the figures have been driven by a dramatic rise in demand by major data centres to embrace generative AI, with Corning's high-data fibre optics playing a huge role.

“We expect second-quarter core sales to exceed our previous guidance and mark a return to year-over-year growth," said Corning's chairman and CEO, Wendell Weeks.

"The outperformance was primarily driven by the strong adoption of our new optical connectivity products for Generative AI. These results reinforce our confidence in ‘Springboard’ – Corning’s plan to add more than $3 billion in annualized sales in the next three years as cyclical factors and secular trends combine.”