Artisan Global Opportunities Fund on Corning Incorporated
Thesis
Corning supplies specialty glass, fiber and optical connectivity technologies. The manager initiated a small Garden position as AI data centers move toward larger computing clusters that demand greater optical connectivity. Its fiber capacity, US manufacturing footprint and ability to deliver complex hyperscaler solutions could support faster sales growth and higher margins. A pullback related partly to weakness in the solar business provided an entry point ahead of the anticipated optical-networking earnings cycle.
“Corning is well positioned to meet rising optical connectivity needs as AI infrastructure shifts toward larger clusters and scale-up architectures.”
Key risks
- Temporary weakness in the solar business could persist.
- The thesis relies on hyperscaler adoption of more complex optical connectivity as AI clusters expand.
- The manager acknowledges that the investment story is already recognized, creating valuation and timing risk.