AT&T inks $3 billion multi-year fiber supply deal with Corning

AT&T revealed it has signed a multi-year procurement agreement with Corning valued at over $3 billion for fiber optic cable and related products. The deal comes as the company seeks to scale its network to accommodate surging demand for high-bandwidth applications, including AI workloads and cloud services. After the news, Corning’s stock gained about 3.3 percent in early trading.

AT&T highlighted that the average household on its fiber service now consumes more than 1 terabyte per month, a five-fold increase since 2016, and expects usage to keep rising. The carrier plans to reach 60 million fiber locations by the end of the decade, building on its recent $5.75 billion acquisition of Lumen’s fiber assets and a broader $250 billion five-year investment in U.S. connectivity.