US Material Stocks Soar on AI Wave, Lose 9 Trillion Won in Market Cap in Just One Day

Corning Inc. (NYSE: GLW), a U.S. materials company that has been riding the AI wave, plunged 6.67% on the New York Stock Exchange on the 29th, closing at $127.53. In a single session, it wiped out roughly $6.8 billion in market value—about ₩9.2 trillion—and saw trading volume exceed 8.38 million shares, as investors took profits after the stock’s recent sharp rally.

In January, Corning signed an approximately $6 billion contract to supply optical fiber for AI data centers to Meta. Capitalizing on surging demand for data-center optical communications, its stock has jumped more than 50% in the past few months, cementing its status as a leading AI infrastructure play. For the first quarter, the company guided for about 15% revenue growth and mid-20% earnings-per-share gains, maintaining an aggressive growth outlook underpinned by long-term agreements with major Big Tech clients.

Founded in 1851 and headquartered in New York, Corning produces specialty glass, ceramics and optical-communications materials, supplying optical cables, display glass and high-strength cover glass for smartphones worldwide. From Apple’s Gorilla Glass to high-end data-center fiber, its broad portfolio addresses structural demand across telecommunications, electronics and automotive industries, making it a long-term AI infrastructure favorite among investors.