Business & Finance
Tech shares climb after major infrastructure agreements by Qualcomm and Corning
CNBC reports that major deals involving Amazon and Verizon boosted market expectations for data center spending.
The short version
- Corning and Qualcomm announced significant artificial intelligence infrastructure partnerships with Verizon and Amazon respectively, driving a broader market rally.[CNBC]
- Amazon Web Services agreed to purchase up to $60 billion in Qualcomm server technology, with Qualcomm issuing warrants for Amazon to buy up to $4 billion in stock.[CNBC]
- Corning entered a multibillion-dollar agreement with Verizon to construct fiber-optic cabling for connectivity networks.[CNBC]
- Despite enterprise spending, a May 2026 Gallup poll cited in reporting found that 71% of Americans oppose local data center construction.[CNBC]
Key facts
- Corning entered into a multibillion-dollar deal with Verizon to manufacture fiber-optic cables for AI networks.[CNBC]
- Amazon Web Services agreed to buy up to $60 billion in server chips and tech from Qualcomm, which granted Amazon warrants for up to $4 billion in stock.[CNBC]
- Qualcomm's CFO stated revenue from producing chips for Amazon is slated to begin in the December quarter.[CNBC]
- Shares of Intel and Advanced Micro Devices increased by 9% and 6% respectively following the announcements.[CNBC]
What remains uncertain
- The timeline and community feasibility of infrastructure projects remain subject to public resistance, with a May 2026 Gallup poll showing 71% opposition to local data center construction.[CNBC]
Sources
Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.