Corning shares tumbled 18 percent on July 28. Second-quarter results beat market expectations, but the revenue outlook for the current quarter fell short of Wall Street expectations.

CNBC reported that the spillover from Corning's decline pushed other optical components stocks such as Marvell, Lumentum, AXT and Coherent down by double digits.

Corning forecast core revenue of $4.9 billion to $5.0 billion for the current quarter, up 16 percent. The market estimate compiled by FactSet was $5.0 billion.

Second-quarter results were better than expected. Corning reported earnings per share of 78 cents and revenue of $4.74 billion before the market opened on July 28. The market expected 76 cents and $4.61 billion, respectively.

If the size of the decline holds, Corning would post its worst day since July 30, 2002, when it fell 21.59 percent.

Corning networking solutions and fiber optic cables are taking a bigger role in building AI data centers. The equipment is used not only to connect data centers but also for high-speed links between internal racks and chips.

Corning also signed a multi-year contract in June to supply power and connectivity equipment to data centers that Amazon is expanding. The deal is one of several multibillion-dollar contracts signed in recent months.