Corning(US:GLW) 光大证券研究·2026-03-14 00:06Core Viewpoint - The article discusses the significant increase in fiber optic cable prices since early 2026, driven by demand from AI data centers, a shortage of raw materials, and the rising need for fiber optic drones [4][5]. Group 1: Price Trends - Fiber optic prices have surged unexpectedly, with G.652.D single-mode fiber rising from 18 yuan/km before New Year to 85-120 yuan/km, and G.657.A2 increasing from 35 yuan/km to 210-230 yuan/km [4]. - Successful procurement cases show a rapid increase in market prices, with a recent project in Chongqing seeing the maximum response price for a specific fiber optic cable rise to 350 yuan/km [4]. Group 2: Demand Drivers - The demand for high-end fiber optics is being driven by the need for high-speed data transmission in AI data centers [5]. - The supply of fiber preform is tight, with leading Chinese companies operating at full capacity, and the production expansion cycle is lengthy, typically taking 1.5 to 2 years [5]. - Fiber optic drones are contributing to demand, offering advantages such as anti-interference communication and high bandwidth, which further elevates fiber prices [5]. Group 3: Market Response - Companies in the overseas fiber optic industry are responding positively to the market growth driven by AI data centers, with stock prices of Corning, Furukawa Electric, Sumitomo Electric, and Fujikura increasing significantly [6]. - Corning has secured a $6 billion fiber supply agreement with Meta to support its data center expansion, indicating strong market demand [6][7]. - Major North American telecom operators like AT&T and Verizon are investing heavily in expanding their fiber networks to meet the demands of the AI era, with AT&T planning to invest over $250 billion in the next five years [7].