Jim Cramer's Mag 7 stock pick: Corning

What happened: Jim Cramer, a prominent financial analyst, has repeatedly endorsed Corning Incorporated (NYSE:GLW) in recent weeks. He highlighted the company's growth potential, particularly in data centers and optical partnerships, following a blockbuster deal with Nvidia and hints of larger agreements with unnamed hyperscalers. Cramer expects upcoming earnings to reveal more about these multi-billion dollar contracts.

Market impact: Corning's stock price has rallied on these bullish sentiments, benefiting investors who bought the stock earlier. The optical communications and glass manufacturing sectors are positively affected, with other companies in these sectors potentially seeing increased demand or competition. Cramer's endorsement also influences other investors, driving interest and potentially more investment in Corning.

What to watch next: Corning's earnings call on May 4, 2023, will provide crucial updates on the company's financial performance and progress with its major contracts. Additionally, investors should monitor any further announcements or developments regarding Corning's partnerships with hyperscalers, which could significantly impact the company's growth trajectory.