$GLW

$JPM $GLW I remain reserved about whether non-AI business risks can contribute additional upside.

Risk points: If the electric vehicle (EV) transition accelerates, the environmental technologies segment (catalytic converters) will face long-term contraction risk; and the drop performance of Gorilla Glass is already approaching the upper limit of consumers' perceived marginal effect.

$GLW's profitability is disproportionately reliant on optics and solar. While these two segments have performed excellently, the current valuation premium will be unsustainable if the May investor conference fails to deliver stronger gross margin expansion commitments.