Corning Display Monthly: Weak Consumer Demand and Memory Inflation Pressure Panel Pricing, Setting Up a Challenging 2H26

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Corning Display Monthly: Weak Consumer Demand and Memory Inflation Pressure Panel Pricing, Setting Up a Challenging 2H26

J P M O R G A N North America Equity Research

27 July 2026

Corning

Display Monthly: Weak Consumer Demand and Neutral

Memory Inflation Pressure Panel Pricing, Setting Up a GLW, GLW US

Challenging 2H26 Price (24 Jul 26):$146.65

IT Hardware/ Telecom & Networking

Following a period of stability, panel pricing declined across the board in July and Equipment

is forecast to decline further in August, as TV makers push for price reductions and Joseph Cardoso AC

Market Development Funds (MDFs) to offset memory-driven cost inflation and (1-212) 622-9036

support heavier promotions in 2H26 amid weak consumer demand. TV makers are joseph.cardoso@jpmchase.com

taking losses because they cannot pass higher supply-chain costs through to Marc Vitenzon

consumers, and they are shifting production mix toward larger sizes, where (1-212) 622-3342

marc.vitenzon@jpmchase.com

memory is a smaller share of the BOM. That said, the mix shift may not be enough

Manmohanpreet Singh

to offset weaker end market demand if panel makers respond to pricing pressure

(1-212) 622-4527

by lowering fab utilization. With some panel makers considering 3Q26 utilization manmohanpreet.singh@jpmchase.com

cuts to control supply and preserve bargaining power, and 1H26 promotions likely Akanksh Chauhan

pulling forward some 2H demand, the setup points to a more challenging 2H26 for (1-212) 622-0045

panel volumes. akanksh.chauhan@jpmorgan.com

J.P. Morgan Securities LLC

Average LCD TV panel prices for the month of July, tracked by Omdia, were

-2.1% m/m (vs. flat m/m in June), compared with an average sequential decrease

-1.4% seen historically going from the month of June to July, driven by weaker