Jim Cramer's Mag 7 stock pick: Corning

What happened: Jim Cramer, a prominent investor and media personality, has recently highlighted Corning Incorporated (NYSE:GLW) as a top pick, dubbing it the "Mag 7" stock. Cramer's bullish stance is supported by several factors, including Corning's recent multi-billion dollar deals with tech giants like Nvidia, Meta, and Amazon. Corning's CEO, Wendell Weeks, revealed on "Mad Money" that the company has secured deals with two unnamed hyperscalers larger than the $6B Meta pact. Cramer also praised Corning's data center potential and recommended it over Applied Optoelectronics.

Market impact: The tech and data center sectors are significantly impacted. Corning's stock surged following these announcements, benefiting from increased demand for optical fiber and glass solutions in data centers. This trend is likely to continue, given the growing need for high-speed connectivity and cloud infrastructure. Competitors like Applied Optoelectronics may face pressure as Corning secures more lucrative deals.

What to watch next: Corning's upcoming earnings call on Wednesday, March 22, will provide more details about the company's multi-billion dollar contracts. Additionally, investors should monitor Corning's stock price action around the $40 level, a key resistance point that could signal further upside if breached. Lastly, any announcements from the two unnamed hyperscalers regarding their partnerships with Corning could drive additional momentum.