Welcome to Episode 37 of the Preferred Shares Podcast.
This podcast is the second of two about Corning, an American business that has existed for 175 years. In this episode we interview William Kerwin, a senior equity analyst at Morningstar, covering where Corning stands today and its current prospects for shareholders and investors. We hope you enjoy.
01:25–03:39 — Intro & what Corning actually is (glass/tech/material science company spanning many end markets)
03:39–09:07 — Revenue breakdown by segment and the AI-driven acceleration in fiber demand
09:07–17:06 — Competitive moat: vertical integration, in-house equipment/IP reuse across decades, cost + technology leadership in fiber
17:06–22:54 — China competition risk, pricing power, and Corning’s shift toward “solutions” for AI data centers
22:54–32:50 — Customer co-location & co-investment model (Apple/Ceramic Shield, Amazon, Nvidia) and whether these deals de-risk growth or just pull it forward
32:50–40:29 — Capital allocation (“3-4-5” framework), the photonics opportunity (~$10B by 2030), and CEO Wendell Weeks’ leadership
40:29–48:53 — Other growth bets (solar), R&D spend vs. peers, lessons from 175 years of history, and surviving the Dot Com bust
At its May 2026 Investor Event, Corning updated its business plans. Specifically, the company thinks it can reach $20 billion of annualized sales by the end of its FY 2026 and then reach $40 billion of annualized sales by FY 2030.
Corning estimates revenues from its Photonics and Enterprise segments will carry most of the growth over the next four years, while all its other businesses will provide a stable level of support.
Below is one of Corning’s first hit products from the 1870s, a specialized durable signal glass for the railroad industry.
Additional Reading & Listening
Curious to see what else we’ve been working on? Check out some of the interesting things we’ve done recently:
Douglas Ott (Andvari Associates and @yesandnotyes)
Lawrence Hamtil (Fortune Financial and @lhamtil)
Devin LaSarre (Invariant and @DevinLaSarre)
Enjoy this episode? Share it with someone who loves business history as much as you do!
You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter.
Disclaimer
All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.
Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast.
