Corning's stock experienced a 24-hour plunge of 5.03% during Thursday's trading session, reflecting significant selling pressure on the optical networking specialist.

The sharp decline followed a report that JPMorgan placed Corning on a "negative catalyst watch" list ahead of its upcoming second-quarter earnings release. The bank cited elevated valuation as the primary reason for this action, though it maintained a neutral rating on the stock with a $200 price target.

Corning's drop was part of a broader sell-off in chip and optical networking stocks, as the artificial intelligence trade continued to lose momentum. Wall Street is questioning how long the AI spending boom can last, putting pressure on related technology sectors throughout the intraday session.