#1 out of 6
business1d ago
Nvidia funds construction of Corning plants, in addition to equity investment
- Nvidia funds multi-billion prepayment to support new Corning glass factories in the U.S.
- The prepayment is separate from the equity investment, per Corning CEO Weeks.
- Nvidia could gain about a $3 billion stake in Corning's equity later, according to Weeks.
- Huang said the plan will raise U.S. production capacity by a factor of 10.
- The agreement centers on Corning’s glass used in fiber-optic cables for data centers.
- CNBC interview connected Huang and Weeks on the details of prepayment and equity.
- The actions are expected to support thousands of jobs in the U.S.
- The plants will be brand new facilities planned in the United States.
- The news was reported by Reuters with attribution to Nellis and Weeks.
- The collaboration is tied to Corning’s glass used in fiber optics for data centers.
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