Project Engineer

Wilmington considers $2 million incentive to secure Corning expansion. 3 hours ago WILMINGTON, NC (WWAY) - A major economic development decision is now in the hands of Wilmington City Council, which will decide whether to contribute $2 million toward an incentive package designed to bring a major Corning expansion to New Hanover County. County commissioners have already unanimously approved $3 million in incentives for the proposed expansion. The City Council is scheduled to vote Tuesday evening on whether to add $2 million to the package. Corning, a multinational manufacturer of fiber-optics used in data centers and internet networks, is considering expanding its Wilmington operations. Local leaders hope the incentives will help secure the project and encourage the company to continue investing in the area. "We're pushing hard, and we really want them to end up selecting Wilmington, New Hanover County, as the place for them to make their expansion," said New Hanover County Commissioner Dane Scalise. Scalise said the county wants to encourage Corning to expand its existing Wilmington facility rather than pursue other locations. "Corning is a major, multinational company. They have operations throughout the world, and we love that they're here, they've been here for a long time, and the fact that they're considering this area and that they want to expand their operations here is a really good sign," said Scalise. The proposed incentive package, known as Project Pearl 2, would provide financial incentives tied to the company's investment in its facility and the jobs it creates. Wilmington Chief of Staff Dennis Lacaria explained how the program works. "It's basically a credit against tax revenues that are generated through a business relocation or expansion. In this case, it's an expansion. of an existing business, making an investment in their facility, hiring and jobs, and this was a package that had to be competitive as well, and we worked with our partners in the county, and everybody had an opportunity to share in this project," said Lacaria. Beyond the potential Corning expansion, city and county officials say incentives can help demonstrate that the region is prepared to compete for major business investments and attract additional employers. "Whenever we showcase to the broader business community that we're open for business, that we're serious operators, this is something that brings more jobs to our community, that's part of the value proposition here," said Scalise. City Council's vote Tuesday will determine whether Wilmington joins the county in contributing to the incentive package as local leaders work to secure Corning's proposed expansion.

Corning is moving beyond fiber cables. Can AI networking pay off? Published October 19, 2026 at 9:39 am EDT Corning Incorporated (NYSE:GLW) is one of the top 10 Co-Packaged Optics Stocks to buy in 2026. It is benefiting from the AI data center boom, and its push into photonics could provide another growth driver. On October 12, the company joined Lumentum and Astera Labs to demonstrate optical connectivity for AI rack-scale systems at the 2026 Open Compute Project Global Summit. The demonstration focused on PCIe connectivity over optics, highlighting the industry's push to move optical technology closer to computing hardware. Earlier, Corning partnered with Nvidia to expand US manufacturing capacity, including a planned tenfold increase in optical connectivity capacity. In my view, these developments show that the company is positioning itself to benefit from both current AI infrastructure demand and the next phase of optical networking. GLW is capitalizing on AI infrastructure demand, but where can investors find other AI stocks that offer an even better growth rate? Fortunately, GLW ranks at 10th in our Top 10 Co-Packaged Optics (CPO) Stocks to Buy in 2026, which means there are 9 other CPO stocks with an even better growth rate! Why I think Corning deserves a place on the list. Corning's biggest opportunity is to sell more optical components inside AI systems, not just more fiber-optic cables. During its July earnings call, CEO Wendell Weeks said the company had not traditionally supplied components inside these systems. CPO could change that. Corning already has a growing AI network business, with Optical Communications sales rising 32% year-over-year to $2.07 billion in Q2 2026. Management also said it sees a potential $10 billion revenue opportunity by 2030 from a new photonics platform for components inside equipment. It stressed that the timing and the degree of adoption are uncertain, and it hasn't given a photonics revenue outlook for the next year. In my view, Corning's growing optical networking business gives it an existing growth engine, while CPO could provide an additional source of growth as AI systems become more demanding. CPO could open a new growth path for the company, but growth potential is only part of the investment picture. Explore 10 stocks with low debt and strong free cash flow. Corning's growth potential must justify its premium. Corning trades well above its historical average, and its growth outlook will need to justify that premium. The forward non-GAAP P/E of 44.81x is about 84% above its 5-year average of 24.31x, while the forward price-to-sales ratio of 6.57x is more than double its historical average of 3.14x. Earnings growth could help support these multiples. Analysts expect EPS to grow 30.41% in December 2026 and 33.02% in December 2027. However, slower AI spending or delayed CPO adoption could pressure the stock. In my view, Corning's existing AI networking growth and long-term CPO opportunity make the stock worth buying for investors willing to accept its premium valuation and execution risks. Hedge funds have been piling in. Funds holding GLW rose from 91 in Q1 to 99 in Q2. The value of their stakes rose much more sharply, going from $4 billion to $5.1 billion.

Corning reportedly behind $585 million Wilmington expansion proposal that could bring 414 jobs. 3 hours ago WILMINGTON, N.C. (WWAY) - Corning Inc. is reportedly the company behind a proposed $585 million expansion in Wilmington that could create more than 400 jobs. According to the Greater Wilmington Business Journal, the optical fiber manufacturer has been identified as the company associated with an economic development proposal known as Project Pearl 2. Wilmington City Council and the New Hanover County Board of Commissioners are expected to consider a combined $5 million in economic development incentives for the project next week. While Corning is not named in the public meeting agendas, documents show the proposed expansion would create 414 full-time jobs over five years, with an average annual salary of $85,080. The project would also involve $585 million in investments toward property, facilities and equipment. Under the proposal, New Hanover County would provide up to $3 million in incentives over five years, while the city of Wilmington would contribute up to $2 million. The payments would be tied to specific job creation and investment requirements, meaning the company would have to meet certain targets to receive the incentives. According to city documents, the company would need to create 16 jobs and invest $50.5 million in 2027 to qualify for that year's maximum city payment of $400,000. The jobs would have to be full-time positions based at the Wilmington facility and maintained through 2031. Corning already operates a manufacturing facility on North College Road in Wilmington, employing approximately 1,000 people. The company has recently announced major agreements with technology companies, including Amazon, Meta, NVIDIA and AT&T, as demand for optical fiber continues to grow. In a statement to the Business Journal, a Corning spokesperson declined to comment on the potential expansion, citing the ongoing government process. Public hearings on the proposed incentives are scheduled during next week's Wilmington City Council and New Hanover County Board of Commissioners meetings. Neither government has approved the incentives, and the company's involvement has not been officially confirmed in the public agenda documents.