AI lifts stocks of glass makers, machinery firms and Toto
Turns out, the AI wave isn't just lifting tech giants: unexpected players like glass makers, machinery firms, and even a Japanese toilet company are seeing their stocks surge.
The S&P 500 jumped 1.5% this week as strong earnings and better global news boosted investor confidence.
As AI spreads, companies supplying the behind-the-scenes materials are suddenly in the spotlight.
Corning, Caterpillar, Toto see AI demand
Corning's shares shot up 12% after NVIDIA put $500 million into its fiber-optic business (which helps move all that AI data), plus a huge cable deal with Meta that could be worth $6 billion.
Caterpillar is getting more orders for its power equipment used in data centers and is investing $725 million to ramp up engine production.
Even Toto (the Japanese toilet maker) saw sales of its electrostatic chucks more than doubled and its stock jump 22% this month, thanks to demand from semiconductor makers riding the AI wave.