Corning (GLW)

The sleeper story is that optical scale-up just became a 2030 story, not the 2027-2028 opportunity they pitched in May, evidenced by the photonics timeline extension and admission that timing is 'difficult to predict.' Yes, optical margins hit 21%, but carrier collapsed to 1% growth and enterprise sequential adds slowed while management hides behind YoY percentages. The binding constraint is hyperscaler digestion: they've signed the deals but customers aren't deploying as fast as expected, hence the sequential deceleration. Most revealing quote: 'We're not yet seeing scale up or photonics in our results.' My view changes if they provide ANY concrete 2027-2028 photonics revenue target or if enterprise reaccelerates to $300M+ sequential adds.