NVIDIA and Corning's Chief Executive Officers confirmed on Thursday that, in addition to a previously disclosed equity investment of up to $3.2 billion, NVIDIA is providing billions of dollars in additional funding to support the construction of a new Corning plant.
NVIDIA CEO Jensen Huang stated that the company has already paid billions of dollars in prepayments to Corning. These prepayments were not disclosed earlier in the week when NVIDIA announced its equity investment in Corning. The glass produced by Corning is used in fiber optic cables that connect servers within large data centers. Huang and Corning CEO Wendell Weeks revealed these details during a joint interview.
"This will create thousands of jobs," Huang said. "He will build brand new factories," which will increase U.S. production capacity "tenfold."
In a subsequent interview, Weeks confirmed the prepayments but did not disclose the specific amount, clarifying that this funding is separate from the equity investment.
"He will help us invest in building these large factories in the United States, and in addition, he has the option to hold approximately $3 billion in equity in our company," Weeks stated.
