DALLAS (dpa-AFX) - AT&T Inc. (T) on Tuesday said it has entered into a multi-year agreement with materials science company Corning Inc. (GLW), valued at more than $3 billion, for the supply of fiber and cable to support its network expansion and growing data demand.
AT&T said the average AT&T Fiber household now uses more than 1 terabyte of data per month, compared with about one-fifth of that level in 2016. Growing use of streaming, gaming, cloud services and AI is expected to push monthly data consumption to 2 to 2.5 terabytes by 2030.
The deal supports AT&T's goal of bringing fiber connectivity to 60 million Americans by the end of 2030. Corning's fiber and cable solutions are expected to help accelerate network deployment and improve installation efficiency.
The companies' collaboration builds on their investments in U.S. connectivity infrastructure, with Corning continuing to expand its domestic fiber and cable manufacturing operations.
'Fiber's speed, reliability and capacity remain unmatched for any home or business. We deeply value our long and successful relationship with Corning and look forward to continuing our work together as we expand the nation's largest fiber network and make the long-term investments needed to keep America connected,' said John Stankey, Chairman and CEO of AT&T.
In pre-market trading, Corning shares rose about 3% after closing at $151.59 on Monday, while AT&T shares were down 0.22% from Monday's close of $24.90.
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