Episode Details

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, about 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

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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, while all other businesses will provide a stable and base level of support.

Below is one of Corning’s first hit products from the 1870s, a specialized durable signal glass for the railroad industry.

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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)

* 📖 Rollins (ROL) Full Investment Report

Lawrence Hamtil (Fortune Financial and @lhamtil)

* 📖 Industrial Staples

Devin LaSarre (Invariant and @DevinLaSarre)

* 📖 Haypp Group: Welcome to the Jungle

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.

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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.