Leopold Aschenbrenner’s Situational Awareness LP Takes New Put Position in Corning (GLW)]

Corning Incorporated (NYSE:GLW) has been added to the 13F portfolio of Situational Awareness LP, with the fund disclosing a new put position in the company for the first quarter of 2026. The stake consists of put options representing approximately 155,000 shares.

The company operates across optical communications, display technologies, specialty materials, automotive components, and life sciences sectors, serving markets in the United States, Canada, Mexico, Japan, Taiwan, China, South Korea, Germany, and other international regions. Corning’s stock experienced significant momentum driven by optimism around optical fiber contracts with AI hyperscalers like Meta, propelling shares to unprecedented highs and pushing its market capitalization beyond $164 billion. Over the past twelve months, the stock has climbed nearly 300%.

However, investors including Leopold Aschenbrenner have expressed concerns that Corning trades at software-like valuations despite generating physical asset-heavy cash flows. During the first quarter of 2026, while the company reported growth in core net income, it generated only $188 million in free cash flow against quarterly revenue of $4.35 billion—a cash conversion rate of roughly 4.3%. Management indicated on the Q1 earnings call that capital expenditures are ramping up to support expansion of optical fiber infrastructure, with projected CapEx for fiscal 2026 expected to reach $1.7 billion or more.

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