Corning (GLW)

The sleeper story is Corning has accidentally become capacity constrained in their highest-margin AI products just as demand explodes, with management admitting customers would buy everything they could produce. The Street sees 20% operating margins arriving early as pure execution, but it's actually a sign they can't invest fast enough to capture the opportunity, explaining why they're begging customers to 'derisk capital investment.' The binding constraint is manufacturing capacity in next-gen optical products, not demand, not technology, not competition, just physical production limits. Wendell's tell: 'If I could put more on my loading dock, our customers would take more.' My view changes if they announce customer-funded capacity expansion exceeding $500M in Q4.