AI infrastructure stocks rally on deal announcements from Qualcomm, Corning

By the Editorial Team · Thursday, September 10, 2026

Qualcomm and Corning announced major partnerships with Amazon and Verizon, respectively, driving significant stock gains for AI infrastructure-related companies and signaling strong investor confidence in data center growth. These deals highlight accelerated investment in AI data center technology, with Qualcomm aiming for $15 billion in related revenue by 2029, despite growing public opposition to data center construction in local communities.

Shares of companies linked to artificial intelligence infrastructure surged Tuesday following significant partnership announcements from Qualcomm and Corning, signaling strong investor confidence in continued data center expansion. Chipmakers Intel and Advanced Micro Devices (AMD) rose 9% and 6%, respectively, while Hewlett Packard Enterprise (HPE) gained 8% and photonics firm Coherent increased by 7%.

Corning, a leading glassmaker supplying fiber-optic technology essential for data center connectivity, jumped 8% on the day, bringing its year-to-date gain to approximately 90%. The company revealed a multibillion-dollar agreement with telecommunications giant Verizon to develop fiber-optic cables aimed at supporting AI infrastructure. This follows a similar June deal between Corning and Amazon, struck shortly after Nvidia announced plans to invest up to $3.2 billion in Corning to build three new fiber-optic manufacturing plants in North Carolina and Texas.

Meanwhile, Qualcomm disclosed a strategic partnership with Amazon, which included issuing up to $4 billion in stock warrants to the cloud service provider. Under the pact, Amazon Web Services (AWS) is expected to purchase up to $60 billion worth of Qualcomm’s server chips and related technology to bolster AI data center capabilities. Qualcomm’s Chief Financial Officer, Akash Palkhiwala, stated at the Goldman Sachs Communacopia + Technology Conference in San Francisco that revenue from chip manufacturing for Amazon will begin contributing in the December quarter. He emphasized this collaboration as a "core component" in Qualcomm’s objective to reach $15 billion in data center revenue by fiscal 2029.

Qualcomm previously disclosed in June that it was working with two unnamed data center customers, one of which has now been revealed as Amazon. Palkhiwala also noted ongoing progress with the second customer, though details remain undisclosed.

At the same event, AMD’s CFO, Jean Hu, highlighted expansive market potential, projecting that the semiconductor industry’s total addressable market could reach $3 trillion by 2030. This estimate followed CEO Lisa Su’s earlier forecast of the industry hitting $2 trillion through 2028 amid the AI technology surge.

Despite these positive market movements, data center expansion remains contentious. A May 2026 Gallup poll found that 71% of Americans oppose construction of data centers in their communities, reflecting widespread public concern. This social resistance has led some companies, such as AI developer Anthropic, to identify negative public sentiment towards AI and data centers as significant risk factors in financial disclosures ahead of impending IPOs.

The developments underline mounting financial and technological momentum behind AI infrastructure, even as public debate continues over its local impact and broader implications.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.