Nvidia has paid several billion dollars to help fund new factories for glassmaker Corning, in addition to a disclosed equity stake of up to $3.2 billion, the CEOs of both companies confirmed Thursday.
Nvidia CEO Jensen Huang said the AI chip maker made a multi-billion-dollar prepayment-separate from the equity investment announced earlier this week-to support Corning’s expansion. Corning produces specialized glass used in fiber-optic cables that connect computers in massive data centers.
Speaking jointly on CNBC, Huang stated the investment will create thousands of jobs and boost U.S. production capacity by a factor of 10. Corning CEO Wendell Weeks confirmed the prepayment, without disclosing the exact amount, and noted Huang also holds an option to build a roughly $3 billion position in Corning equity.