Corning and NVIDIA Announce Long-Term Partnership to Expand U.S. AI Manufacturing

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As part of the partnership, Corning plans to increase its U.S. optical connectivity manufacturing capacity by 10x and build three new manufacturing plants, creating over 3,000 high-paying American jobs. Additionally, Corning issued warrants to NVIDIA to purchase up to 18 million shares of its common stock for an aggregate purchase price of $500 million. The warrants include a traditional warrant to purchase up to 15 million shares at $180.00 per share and a pre-funded warrant for up to 3 million shares at $0.0001 per share. The issuance of the warrants was made under exemptions from registration under the Securities Act of 1933.

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About Corning Inc.

Corning Inc. is a leading manufacturer specializing in specialty glass, ceramics, and related materials. With a legacy dating back to 1851, Corning's primary function is to innovate and produce materials that enhance high-technology systems. Notably, Corning is a dominant player in industries such as telecommunications, where it provides optical fiber and cable solutions vital for data networks. In the display technologies sector, Corning’s glass substrates are crucial components in LCD screens used in smartphones, computers, and televisions. The company also makes significant contributions to life sciences, providing lab products that aid in drug discovery and diagnostics. Headquartered in Corning, New York, this company is instrumental in shaping technological advancements across multiple sectors, complemented by its commitment to research and development. Corning’s materials are integral to technological infrastructure, influencing advancements in consumer electronics, telecommunications, and beyond, demonstrating its pivotal role in the global market.