Nvidia funds construction of Corning factories with multi-billion-dollar prepayment, separate from $3.2 billion equity stake

Nvidia CEO Jensen Huang confirmed a multi-billion-dollar prepayment to fund new factories for glassmaker Corning, in addition to an equity investment of up to $3.2 billion announced earlier in the week. Corning CEO Wendell Weeks confirmed the prepayment was separate from the equity stake.

Corning's glass is used in fiber-optic cables that connect computers in data centers. The new factories will increase U.S. production capacity by a factor of 10, according to Huang.

Huang stated the investment 'is going to create thousands of jobs' through the construction of brand new factories in the U.S.